Credit Report Errors and How To Deal With Them
Your credit report impacts your life in ways large and small. Negative information in your credit report can mean the difference between being hired or passed over, renting an apartment or scrambling to find housing, and obtaining an insurance policy or being denied. Obviously, it can also determine whether or not you can obtain credit, whether in the form of a credit card, personal loan, or mortgage.
What you may not realize is that, even if you are able to obtain credit, your credit report largely determines the interest rate you’ll pay. That may not seem like a big deal for something like a credit card, but for something like a mortgage, negative information on your credit report can cost you tens of thousands of dollars over the lifetime of your loan. Research estimates that between 70% and 80% of credit reports contain errors, 25% to 30% of which are serious enough to influence a person’s ability to get credit or get decent interest rates.
When a debt collection agency, creditor, or other information furnisher messes with your credit report, it can undermine your financial future. That’s why it’s important to fight back. With the help of a fair debt and fair credit attorney, you can file a federal lawsuit for violations of the Fair Credit Reporting Act (FCRA). You can receive actual damages, or between $100 and $1,000 – whichever is more. In addition, you can receive punitive damages and attorney fees.
If you believe you’re credit has been damaged due to violations of the Fair Credit Reporting Act, complete the form to the right. The legal team at Lemberg Law will provide you with a free case evaluation, and will represent you for free if your rights have been violated.
In addition to the Fair Credit Reporting Act, you have rights under the Equal Credit Opportunity Act. This law mandates that creditors tell you why you were denied for credit – but only if you ask. Once you know the reason, you’re entitled to give the creditor additional information – and the creditor is required to consider it.
If you or someone you know is the victim of credit report issues, complete our online form or call 475-277-2200. Lemberg Law’s legal team will evaluate your case at no cost to you, and will help you get the justice you deserve.