Credit Report Errors Can Bring You Down
Get Free Help Now to Correct Your Credit Report
The Fair Credit Reporting Act (FCRA) is a federal law that protects consumers from inaccurate credit report information and provides for monetary damages when erroneous information is not corrected in a timely fashion.
How Can Errors on Credit Reports Cost You?
- Denial of Credit or Higher Payments
- Excessive Interest Rates on Loans
- Higher Insurance Premiums
- Denial or Loss of Job Promotions
- Higher Costs of Student Loans
- Higher Mortgage Payments or Denial of Mortgage
- Denial of Rental Application
- Denial of Co-Op Application
Who Checks Your Credit Reports?
- Mortgage Companies
- Credit Card Companies
- Medical Professionals
- Military Command
Common Credit Report Errors:
- Inaccurate information
- Phantom Debt
- Paid Debts Showing as Unpaid
- Debts of Another
- Debts Wrongly Attributed and/or Showing as Joint Debt
- Mistaken Identity
- Identity Theft
Under the Fair Credit Reporting Act, you MUST take the first step to fix Credit Report errors. They do not fix themselves. Unsure what to do? Need help? Contact Kimmel & Silverman at 1 (800) NOT FAIR , that's 1 (800) 668 3247 or contact us online.
Why are credit reports so important?
Credit Reports determine whether you will be approved for something you want or need and along with your credit score, determines what you will pay. The more accurate your Credit Report the better. Inaccurate information has the opposite affect impacting your ability to purchase a home, buy or lease a car, secure or maintain credit cards, buy insurance, and/or be considered for or retain your job and more. And if you are in the military, credit report errors can block promotions or actually result in reduction in rank.
Credit Reports are regularly checked by lenders. One example is a revolving account such as a credit card. If inaccurate information appears on your Credit Report, many lenders will automatically reduce the amount of credit available to you or increase the cost in the form of interest charged for continued use of the card.
Do You Know What Your Credit Report Contains Right Now? Most people don't. When they do check, it often is after they have been denied credit. That is why maintaining an accurate Credit Report is your best way to protect yourself and your family. If you notice an error, take action immediately to fix it or face problems later, usually after it is too late.
Do You Know How To Read a Credit Report?
Credit Reports are not easy to understand without knowing how to read them. Abbreviations, codes, boxes and data spread out across page after page of entries can make the job frustrating and lead to confusion.
Do You Know That Credit Reporting Agencies Fail To Correct Errors?
It is true. Even after being notified of an error or inaccuracy in a Credit Report, the credit reporting agencies, the largest being TransUnion, Equifax and Experian, very often fail to correct or update your credit report. They may say that they have "verified" information or "found it to be accurate" even if it is clear that they have not done their job to conduct a reasonable investigation of the issue. There are many other reasons for that type of response, but the law does provide a way of helping. The Fair Credit Reporting Act provides the right to force the credit reporting agencies (and the furnisher of that inaccurate information) to fix the error(s), pay monetary damages to the consumer, and pay attorney fees and costs incurred to help the consumer deal with the issue.
What to Do.
- Get a copy of your Credit Report for free at www.annualcreditreport.com
- Review the Credit Report for any obvious errors.
- If you find something wrong, follow the specific procedure that each Credit Reporting Agency (TransUnion, Equifax and Experian) list in their websites. Do not stray at all from these the instructions of each.
- Write a separate dispute letter addressed to the furnisher of the information that makes up the error. For example, if you paid a cell phone debt that is still showing a due, write the cell phone carrier in addition to the Credit Reporting Agencies.
- Send letters by certified mail return receipt requested unless the directions specify a different procedure. Retain photocopies of everything you send out to both the three Credit Reporting Agencies and the furnisher and retain both the receipt for mailing and the "green card" that is sent back when your letter is signed for.
- Once you have submitted a dispute and properly documented the issue as specified, there is a waiting period of 30 days that is provided for investigation of your dispute. Do nothing during this waiting period.
The Fair Credit Reporting Act ("FRCA") requires your dispute to be answered in writing after a reasonable investigation is conducted by the Credit Reporting Agency, This is the case for each of the three agencies that receive your dispute.
If during the waiting period or in the written response you receive, a request is made for more information and/or documentation, it is in your best interest to provide it.
If you have provided more information or were not asked to do so, and then receive a letter stating that the Credit Reporting Agency has not removed the disputed information, you may assert your legal rights by filing an FCRA claim for correction and damages incurred, plus attorney fees and costs spent to obtain that result. Our firm is glad to speak with you about cost-free legal representation.
The FCRA is designed to protect consumers and to ensure accuracy of information in Credit Reports. The law is on your side.
If your Credit Report contains inaccurate or false information or you cannot get the agency to correct it, contact us at 1-800-NOT FAIR (1-800-668-3247) or email us We'll get to the bottom of it and get you the compensation you deserve, all without any cost to you.
Kimmel & Silverman limits legal representation to consumer claims, having become one of the most respected and largest consumer law firms in the country. Since 1991 we have provided cost-free legal help to more than 100,000 consumers. Featured in the pages of The Wall Street Journal, The New York Times, Kiplinger's, Consumer Reports, Good Morning America, The CBS Early Show and scores of TV and radio programs, our nationally-recognized experience is equipped to get clients the recovery they deserve.