4 Most Common Credit Reporting Errors

4 Common Errors On Credit Reports – Check Yours!

Credit-Report-investigation

Credit report mistakes happen more often than you may think. Nearly a quarter of Americans say they've discovered problems with their credit reports and found errors that could affect their ability to get credit or a better interest rate.  If you already have a copy of your credit report, this article will outline some of the most common errors on credit reports. 

If you haven't gotten your credit reports yet, here's how to get a copy of your credit report using our free forms!

Outdated or Incorrect Personal Information

Each of the major credit reports contains a section for personal information that can be used to identify you.  This information includes

  • Name
  • Address
  • Former addresses
  • Phone Numbers
  • Social Security Number
  • Date of Birth
  • Employer

Depending on which report you are looking at, this section may include more or less information.  The most important thing is that the information in this section is accurate and current!

  • When reviewing your credit reports from each of the three major credit bureaus, compare your information. Make sure your name is spelled correctly and the right middle initial is used.
  • Update your information if you've recently moved or have had your name changed. If you're getting divorced, remove your name from any joint accounts so you won't be liable for future debts and check your credit report after you're divorced to make sure no new debts from your ex are added to your record.
  • Check for correct address and phone numbers. Review your employment information and Social Security number. 

Incorrect or outdated information in this section can lead to credit denials, identity theft, and being locked out of your own report.  So pay attention to the details.

You can find instructions on disputing "reaged" accounts here.  Or, if you need the help of a credit report attorney, you can call us for help at (888) 400-CREDIT | (888) 400-2733 or send us a message through this web site.

Duplicate Accounts

One of the most common credit report errors is the duplicate appearance of the same account.  Each of the accounts on your credit report should appear only once as active and with a balance.  If a creditor or debt collector transfers your account, they should mark the account as having been transferred and reflect a zero ($0.00) current balance for the account.  When reviewing your report,

  • Check to make sure that you recognize each company that claims to have held the debt.
  • Make sure you recognize each account and mark those that have been transferred.
  • Verify that only the current holder of the account is reporting the current balance of the account and past holders have zeroed their balance. 
  • Make sure that any prior holders of the account show the status as having been transferred. 

You can find more information about duplicate accounts in our practice areas. Or, if you need the help reading your report or identifying duplicate entries on your credit reports, you can call us for help at (888) 400-CREDIT | (888) 400-2733 or send us a message through this web site.

Accounts You Don't Recognize

One of the most damaging types of errors on a credit report is the appearance of accounts that the consumer does not recognize.  Unfamiliar accounts can be a sign of an identity theft or a mixed credit file.

  • Review your reports for unfamiliar accounts. Unfamiliar accounts are not necessarily to product of fraud, but are something that requires additional investigation.

  • For each unfamiliar account, check with any people who lives at the same address and find out if the account belongs to them.

  • If the account belongs to someone you know, dispute the account and provide the name of the true account holder.  If possible, include a statement from the account holder that the account belongs to them.  If the account doesn't belong to you or anyone you know, reach out to the creditor and ask for copies of all the account information.  Once you receive that information, you can use the new documents to dispute the information with the credit bureaus. 

  • If you believe fraudulent activity has been involved in errors made on your report, consult and attorney to see what legal remedies may be available.

If you need help getting account information from creditors or would like help with your credit report dispute, you can call our office at (888) 400-CREDIT or simply send us an email through this site.  If you prefer, you can visit our resource page for credit report request letters and sample disputes

Old Accounts

The Fair Credit Reporting Act (known as the FCRA) limits the age of information that can appear in your credit report.  With only a few exceptions, the FCRA prohibits credit reporting agencies from publishing derogatory account information that is more that seven years past the date of first delinquency.  

Many debt collectors and less reputable creditors manipulate the date of first delinquency to illegally extend the time that accounts stay on consumers' reports.  This practice -- known as "reaging" -- can lead to an artificially depressed credit score.

In reviewing your credit reports, check each account for the date of first delinquency.  If the same debt appears on all your reports (Experian, Equifax, Trans Union, and Innovis) make sure that these dates match and comport with your records.  If the date on any of these reports is false, you should dispute that information. 

You can find instructions on disputing "reaged" accounts here.  Or, if you need the help of a credit report attorney, you can call us for help at (888) 400-CREDIT | (888) 400-2733 or send us a message through this web site.

Credit Restoration, Compensation, and Your Fees Paid

If you have completed the dispute process and you still can't get the credit bureaus to correct your report, the FCRA allows you to sue agencies and we can help.  In most cases we are able to help remove the false credit, get compensation for the consumer, and have the other side pay all the fees and costs.

Our experienced identity theft and credit reporting lawyers can let you know if you are ready to sue the credit bureaus and banks who have ruined your credit.

How We Can Help You

No matter where you are in the dispute process and how much help you need, Lyngklip & Associates is ready.  If you need help drafting your own dispute, you can use our self help resources or you can call us to help coach you through the process. If you have already finished your disputes, you may be ready to file a lawsuit.  Lyngklip & Associates, Michigan consumer law attorneys, offer free consultations to those who are struggling to have credit bureaus fix incorrect information on their credit reports. Call us  at (248) 208-8864 or complete our online form to schedule a consultation.

Help with Your Dispute

If you would like help with your credit report dispute, you can call our office at (888) 400-CREDIT or simply send us an email through this site.  If you prefer, you can visit our resource page for credit report request letters and sample disputes

What A Michigan Credit Report Attorney Can Do For You

From challenging the disputed items to seeking damages for your losses, we work with consumers throughout the dispute and process and litigation get consumers the remedy they need. We offer free initial consultations, and won't charge a fee unless we get money for you.  There is no fee to help with a dispute unless we file a suit and recovery for you.

Our law firm sues the companies that refuse to correct credit reporting errors. In most cases we get our client's reports correct along with compensation for harm to their credit, damage to their reputation, and the frustration caused by false reporting.

Follow Up and Monitoring

Our staff is here to help you review and understand your credit report.  Even if you don't have a case yet, we can schedule a free credit review with you.  If we file a case for you, we will help you to regularly check and monitor your credit report, with free annual review of your credit reports to insure that you stay free of credit report errors.

How Much Are Your Fees?

If you win your credit reporting lawsuit, the other side must pay your attorneys' fees. This means that the credit bureaus and financial institutions that damaged your credit report must pay your lawyer to help fix the problem.  Lyngklip & Associates, only charges consumers if we are able to recover  for them, and our fees are paid for out of the recovery.  Consumers never pay up front fees and there is no charge for your initial consultation.  Call (888) 400-CREDIT | (888) 400-2733. today review your case or contact us through this site for a call back.

“BUT WHAT IF I DON’T THINK I HAVE A CASE?”

Many people think that they don’t have a case. We can help you find out if you have one. By answering a few simple questions, our attorneys can get you pointed in the right direction.

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