Charleston Fair Credit Reporting Act Lawyer

Fair Credit Reporting Act

Our team at Traywick Law Offices handles cases involving consumer credit reporting. We’re proud of our reputation for excellence in advocacy. Call us to schedule a free case evaluation regarding a matter involving your credit report.

Credit Reports: What You Need to Know

Every American with a credit card has a credit report that fluctuates depending on how that consumer is using his or her money. Your credit report is not only a record of your credit activities, it is also an evidence of your reliability as a consumer. For example, if you are dealing with home and auto loans, your payment history and punctuality with your bills will be listed on your credit report. As well, any credit card accounts will be a part of your credit report. If you overdraft your accounts, this will count as a strike against you. Your credit report also lists information about you such as any judgments against you or tax liens that you have had to deal with. If you have borrowed a lot of money, your credit report will give you a score depending on how quickly you paid those loans back.

In some cases, individuals may receive a specialty credit report that may list his or her:

  • Employment history
  • Criminal records
  • Check writing history
  • Insurance claims

Others will use a business credit report that contains all information about a business including:

  • How much money they have borrowed
  • What debts they are dealing with
  • All expenses that are taking out

In addition to this, a business credit report typically includes predictions about how likely a business is to fail. In modern America, credit reports are very important. Without a good credit report, many Americans can’t obtain a mortgage or obtain insurance. The number generated in your credit report is often the most significant factor in allowing you to obtain a loan. Potential employers may also use this number when they are reviewing applicants.

If you have a poor credit score, it may cost you a potential job. Business credit reports are valuable because other businesses will often use this number to determine whether or not they should do business with a potential investor or business place.

Can a Credit Report Be Wrong?

Unfortunately, there are often times when a credit report bureau will misconstrue the numbers and generate false credit reports. This false report could end up affecting your ability to purchase a home or obtain car insurance, so it is essential that you sort things out immediately if you discover that you are in this situation. CBS News recently reported that nearly 80% of all credit reports contain errors. While more companies and entities are relying on credit reports than ever before, it is a saddening reality that most people are being represented by this number.

The National Association of State Public Interest Research Groups discovered that about 79% of all credit reports are not correct and about 25% of all credit reports contain errors that are so serious that an individual could be denied credit based on the mistakes in their score. About 54% of all credit reports contain inaccurate personal information such as a misspelled name or an inaccurate birth dates. Often credit reports post the wrong Social Security numbers or will contain out of date addresses and false information about a spouse. This can all affect the way that companies view your credit report, and subsequently you as a person, when they are evaluating you after an application.

30% of all credit reports list closed accounts as open accounts in the credit report. This means that if you had an account with a negative balance and closed the account in order to protect your credit score, it may not have made any difference.

Loans that may have been paid years ago may still be listed on your credit report as “outstanding.” In addition to this, about 8% of all credit reports simply don’t list major credit, loan, mortgage or other accounts that may be used to testify that a consumer if credit-worthy. 22% of all credit reports listed home loans and mortgages twice. This means that loans are serviced or sold but then listed as doubled. Third parties who choose to look at a consumer’s reports may see double the debt and be turned off from negotiating with that person.

Our Charleston Credit Report Attorney Can Help You

Most of the errors that happen in credit reporting situations are because of an employee’s negligence or lack of attention to detail. If your credit report has been miscalculated and you are suffering the consequences of a low credit score, then you need to contact an attorney to help you. Someone at a credit bureau may have messed up your information but there are also times that mistakes can be blamed on creditors. In some cases, mistakes on credit reports may even be intentional. Some banks admit that they do not furnish the credit bureau with the complete information about the customers. Whenever you are being misrepresented on a false credit report, you should take legal action to set things right.

Speak with a Charleston consumer credit reporting attorney at the Traywick Law Offices today if you need help! Call us at (843) 606-5909 now.

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