DISPUTING ERRORS ON YOUR CREDIT REPORT
Nov. 4, 2021
In a 2013 study, the Federal Trade Commission found that about 21% of consumers had confirmed errors on their credit reports. When a business reports incorrect information to a credit bureau, the results can be disastrous for your credit score — and your ability to borrow funds.
At Pytte Law, I want to help you have the best financial life possible. That means that if there are any mistakes on your credit report, we want to help you get them fixed. I’m proud that my firm is a friendly team committed to making your financial problems as stress-free as possible. I help clients in Savannah and Hinesville, as well as nearby areas in Georgia.
Disputing Errors on Your Credit Report
Your credit score is an important part of your financial life. The items on your credit report reveal key facts about your financial history. In fact, your credit report may determine whether you can get a mortgage, a credit card, loans, and possibly even insurance or a job.
If there are any errors on your credit report, it’s essential that you dispute them so that your credit score can accurately reflect how you handle your finances – and so that you have the best chance possible of obtaining the credit you need.
Remember that your credit score affects not only whether or not you can borrow money, but also how much you’ll pay in interest when you borrow. It’s extremely important that you dispute any errors on your credit report for your financial health.
Which Errors Can You Dispute?
If there’s a mistake on your credit report, then you can dispute it. The credit bureau and the business that supplied the information to the credit bureau must correct it if it’s incomplete or wrong. In general, it’s possible to dispute credit report items that are out of date, incomplete, inaccurate, or that you believe can’t be verified. While bankruptcy can remain on your credit report for 10 years, other negative items should only appear for seven years. Additionally, you can dispute accounts that aren’t yours and payments that were reported as late but were actually on time.
You can also dispute:
an inaccurate creditor
an inaccurate credit limit/loan amount or account balance
an inaccurate account status
It’s possible to dispute anything that’s listed on your credit report, but don’t waste your time on disputing items that are legitimate. The credit bureau will only remove items that the law requires it to remove.
You will want to check with each credit bureau regarding their process for disputing a mistake, and a bankruptcy attorney can help you with this process. Partnering with a professional will give you a good chance of correcting the errors on your credit report.
What To Do if Your Dispute Is Denied
If your dispute is denied, then there are several different routes you can take:
You can simply ask that a statement of the dispute be included in your file and in future reports.
You can also ask that the credit bureau give your statement to anyone who received a copy of your report in the recent past; however, be prepared to pay a fee for that service.
You, or your attorney, should follow up with the credit bureau that denied your dispute. It’s important to know that if the business does not respond to your dispute, then the credit bureau is legally required to delete the disputed information from your credit report.
You potentially have a legal claim if your dispute is denied unfairly, but you must file the dispute with the credit bureau to be able to pursue legal action.
Your life is busy, but it’s important that you take the time to dispute any errors on your credit report. A bankruptcy attorney can help you with the legal process, which can be stressful and time-consuming. From finding the inaccuracies to sending dispute letters, an attorney can help you every step of the way.
Hiring Experienced Legal Counsel
I want to help you fix any errors on your credit report so that your credit score is accurate. My team and I value an understanding and honest approach to law, and I will work hard to help you find a solution so you can move forward. My firm is proud to serve clients in Savannah, Hinesville, Statesboro, Richmond Hill, and Ludowici, Georgia, as well as nearby counties. Contact me today to schedule a free consultation.