It is extremely important to check your credit report on a yearly basis.
The three major credit reporting agencies, Equifax, Experian, and TransUnion
all offer a free report once a year. You should look through your report
for any errors and take action to fix them as soon as possible. Even an
error that seems small or insignificant can have an impact on your credit
health, potentially negatively affecting your loan eligibility, ability
to obtain new credit, and more.
Examples of common errors on credit reports include:
- Name, address, and SSN confusion
- Outdated information
- Incorrect payment status
- Mixed information (caused by identity theft)
- Remedied delinquencies that have not yet been recognized
- Mixed information from an ex-spouse
Every item on a credit report must meet three standards:
The first is that the item must be reported in a timely manner, following
established time guidelines.
The second standards is that the entry must be 100 percent accurate. All
reported information on an account, from the creditor’s name to
the account’s status, balance, dates of activity, etc., must be
free from error under the Fair Credit Reporting Act.
The final standard involves the verifiability of the item. If it cannot
be proven accurate, it cannot be included in the credit report.
Any item included in a credit report that does not meet these standards
must be deleted.
If your credit report contains information that you feel violates any one
of the above standards, contact Sulaiman Law Group, LTD to speak with
a skilled Chicago consumer lawyer. We are prepared to review your case
and take action to protect your consumer rights.
Call our office today to speak with a lawyer. We can help you take action to dispute the error.