There are few things more important to your personal financial vitality than your credit score. When your credit score is poor, it will negatively impact your ability to take out loans for buying a new home, car or other important items.
Although credit scores dip most frequently because of mistakes on the part of the consumer, there are times when false or inaccurate information on your credit report causes the score to drop. What can you do about this?
Inaccurate Credit Reporting
When reporting your credit history, it is critical that the details are reported correctly. If you have completed payment on a loan, but the report does not show this, of if the report shows lines of credit that don’t exist, it will hurt your score.
It is critical to look through your report to make sure nothing is wrong. If there are errors that arise, you need to take action to protect your financial interests. But what are your options?
What Can You Do if You See Inaccurate Reports?
The first thing you should do is talk with an experienced attorney. There are many attorneys out there, but not all of them have experience in this type of legal situation, so it is critical to make sure you work with a lawyer who knows the Fair Credit Reporting Act (FCRA) and has handled credit issues successfully in the past.
By finding and contesting the errors, the negative impact can be mitigated and you can move forward with an updated and accurate credit score.