Dealing with creditors is difficult enough on its own, but when reporting errors show up on your credit report and hurt your credit rating, it can be very demoralizing. If this has happened to you, you know first hand that credit report errors are common and can be harmful to your credit and daily life.
Checking your credit report diligently for errors is very important as a consumer. However, if you are facing a lowered credit rating because of errors in reporting, you need a FCRA attorney who will fight for you. The Law Offices of Jibrael S. Hindi is dedicated to helping people in this situation protect their consumer rights.
5 Common Credit Report Errors
Given the importance of your credit score, it is extremely important that you keep an eye out for errors. These can create hardships for you and your family. Most mistakes occur when creditors provide inaccurate information to credit bureaus, but others can happen for a variety of different reasons. Of these, here are five to watch out for:
Errors in Personal Information
This is usually the most common error, as creditors have millions of accounts with personal information to report on. A misspelled name, wrong social security number, or mislabeled address can result in errors that reflect badly on your credit score, especially if the information attributed to you has a history of bad credit or missed payments.
Sometimes, creditors make the mistake of sending a duplicate entry on some of your accounts. If you only have a single account with that creditor, but they report two separate accounts to the credit bureaus, duplicate reporting has occurred. This can have potentially disastrous effects on your credit score, because it looks like you have more debt and more accounts than you actually do.
Accounts “Closed by Lender”
One of the more frustrating errors can occur when you do everything correctly and pay off a debt, only for the account to be listed as “closed by lender.” When an account is closed, it can remain on your credit report for up to ten years. When an account is listed as closed by lender, it appears that the account was closed for derogatory reasons. Filing a dispute to have this changed by the credit bureau may be a good idea, especially because such an action adds to what is known as “credit utilization.”
Incorrectly Listed Dates
Another common error made by creditors occurs when they incorrectly list certain dates on a credit report. Whether it be the date the account opened, the date the account closed, or the date a payment was (or wasn’t) made, these inaccuracies can make it look like you haven’t been keeping up with your credit.
Errors From Identity Theft
Not surprisingly, often the most damaging errors on a credit report come from identity theft. To make matters worse, the instance where fraudulent activity is listed on your credit report is usually the first time you will be alerted that your information has been compromised. Once this happens, you can file a dispute with your credit bureau to have the activity removed from your report. You can also file a report with the Federal Trade Commission (FTC), who will investigate and put you on a “recovery” plan. Most of the time, reporting identity theft gives you a one year grace period on your credit report alerting them that you may have been the victim of identity theft.
Let an Experienced Fort Lauderdale FCRA Attorney Fight For You
Errors on your credit report can have far-reaching implications as you try to move forward with your life. Attorney Jibrael S. Hindi has dedicated his career to helping South Florida consumers that have suffered lowered credit scores because of reporting errors made by creditors and has helped clients get back on the right track. Our firm takes cases on a contingency basis whereby the firm does not get paid unless a recovery is obtained on your behalf. If you would like to schedule a free consultation, give us a call at (954) 907-1136 or complete our contact form today.