Over forty million of us in the United States have a mistake on our credit reports according to CBS News. Half of those mistakes are the serious kind, mistakes that prevent people from buying a home or a car, acquiring a good job, or receiving a security clearance. It’s often exceedingly difficult to have a mistake corrected on a credit report, but a good Dallas financial services lawyer can help. If you are experiencing problems with your credit reports and the accuracy of that information, and if your own efforts to fix those problems are going nowhere, speak at once with an experienced Dallas financial services attorney.
Three firms dominate the consumer credit reporting business: Equifax, Experian, and TransUnion. They compile credit data from – and sell it to – banks, retailers, insurance firms, and employers who use credit reports to evaluate our creditworthiness and overall trustworthiness. The problem is that the credit reporting firms themselves may not always be trustworthy. Federal Trade Commission Chairman Jon Leibowitz told CBS, “One out of five Americans has an error on their credit report. And one out of 10 has an error on their credit report that might lower their credit score.”
How can you correct a credit report mistake? First, understand what a credit report actually reports. It includes credit balances, bill payment dates, liens, and whether or not you’ve declared bankruptcy. Your credit score can range from 300 to 850. A score above 700 is considered a good credit score. If you find a mistake on a credit report, immediately notify the credit reporting agency in writing and make a copy of that letter for your records. The agency should respond in 30 to 45 days. Sometimes, however, a mistake on a credit report stays there for no apparent reason, even when you thought the matter was resolved. If you are having consistent difficulty with a credit reporting agency, and especially if that trouble is keeping you from purchasing a home or vehicle, get the help you need right away and speak with an experienced Dallas financial services attorney.