One of every five American consumers has an error on his or her credit report and 5 percent of us endure errors so serious that we likely are being overcharged for credit card debts, auto loans, insurance policies and other financial obligations, according to a comprehensive study issued Monday by federal regulators.
The report by the Federal Trade Commission, completed in December but just released, found that 21 percent of a representative group of American consumers discovered a "confirmed material error" in at least one of the credit reports issued by the Big Three credit reporting bureaus -- Experian, Equifax and TransUnion. A "confirmed material error" involves information that, when corrected, changed the consumer's credit report.
Credit reporting lawyers at Max Hunter Story, P.A. help individuals who have suffered damages due to credit reporting issues. We can help you resolve these disputes.
The Fair Credit Reporting Act was enacted to protect the rights of consumers when dealing with credit reporting agencies.Over half of Americans have significant errors on their credit reports. These credit report errors can stop you from getting the financing that you need for a home or automobile. If you have been the victim of a credit reporting error, we can help make sure your rights are protected.
We can handle credit reporting error cases, including claims involving:
- Inaccurate entries – These include errors associated with misreported information, such as a listing a judgment in your favor as a judgment against you, reporting a settled debt as unpaid, incorrectly including a debt as part of a bankruptcy proceeding, listing a debt paid on time as late, listing the wrong amount for an outstanding debt, or listing a creditor who you do not have.
- Mixed credit files – This occurs when your credit file is mixed with the file of a person with a similar name or Social Security number. This creates a false record which can negatively impact your credit score if the other person has damaging information on their credit report.
- Out-of-date entries – Most negative entries on your credit report must be removed after 7 years.
Call us today at 904-372-4109 if your credit report is unfairly impacting you.