What Happens After You Dispute an Error on Your Credit Report?
If there is an error on your credit report, it can lead to serious consequences. These include higher interest rates, lost job opportunities, denied housing, and loan disqualification. While you have the right to dispute the error, the outcome may not rectify the problem. If this is the case, you’re protected by the Fair Credit Reporting Act (FCRA), and our experienced South Carolina fair credit reporting attorney at Hays Cauley, P.C., can help right the wrong you’ve suffered.
The Parties Involved
The parties involved in credit report disputes include the following:
- The credit bureaus, including Equifax, Experian, and TransUnion
- The credit furnishers, such as credit card companies, collectors, and lenders, that report data
- Data aggregators, which compile credit-related data and pass it to credit reporting agencies and lenders, that act as an intermediary
Both credit bureaus and credit furnishers have specific legal obligations regarding data reporting and data reporting disputes.
Verified Information Doesn’t Make It True
Often, filing a credit dispute results in the information being verified. Verified here means the credit bureau contacted the furnisher, and the furnisher confirmed the information was correct. In such a case, the information in question remains unchanged on the consumer’s credit report.
Verified does not, however, mean that the information is necessarily accurate. Instead, it signals that the furnisher is standing by their data.
FCRA requires that the consumer information reported be accurate and complete. In addition, the credit bureaus must make reasonable efforts in credit disputes. If the bureau or lender continues to report inaccurate information after you’ve provided clear evidence to the contrary, it can lead to considerable hardship for you. Working closely with a trusted fair credit reporting lawyer is always advised.
Building a Strong Dispute
Simply notifying the credit bureau or furnisher that a specific item isn’t yours is unlikely to get results. A far better approach is to be specific about exactly why the item is incorrect and which information is wrong. Your dispute should also be supported by attached documentation, and the whole thing should be trackable, so you can prove you sent it when you say you did.
Common Credit Reporting Errors
Some of the most common credit reporting errors include the following:
- Incorrect personal information that may signal a mixed file or the merging of your credit with someone else’s
- Accounts that don’t belong to you
- Incorrect balances
- Incorrect payment statuses
- Timely payments that are reported as late
- Duplicate collection efforts for the same debt
Our Experienced South Carolina Fair Credit Reporting Lawyer Can Help
Penny Hays Cauley is our dedicated South Carolina fair credit reporting attorney at Hays Cauley, P.C. She has reserves of impressive experience successfully resolving credit reporting disputes for our valued clients, and she’s here for you, too. Learn more about how we can help by contacting us online or calling our firm at 843-665-1717 today.