When inaccuracies appear in your credit report, it can be disconcerting and confusing. Your fair credit reporting lawyers in Louisville, KY understand the importance of accurate credit reports and the potential impact of any discrepancies. Rectifying inaccuracies on your credit report is a crucial step in safeguarding your financial health.
How To Discover Errors on Your Credit Report
Begin by obtaining a copy of your credit report from each of the three major credit bureaus: Equifax, Experian, and TransUnion. As consumers, we’re entitled to a free copy from each bureau once every twelve months. By examining these reports, we can uncover any discrepancies that may exist and proceed to address them accordingly.
What To Do If There’s a Problem
After identifying an error, your next task is to gather the necessary evidence to support your claim. This may include bank statements, payment records, or correspondence from a creditor. The goal here is to build a compelling case that clearly demonstrates the inaccuracy in the credit report. Your lawyer can help you identify where this information is and how to access it.
Contact the Credit Reporting Agency
With your evidence at hand, you would then reach out to the credit reporting agency that has the inaccurate information. You’re much more likely to get a fast and acceptable response with a lawyer on your side. We would begin by drafting a dispute letter outlining the error and providing copies of your supporting documents. It’s important to remember to keep copies of all correspondence for future reference.
Involve the Information Provider
In addition to the credit reporting agency, it’s also important to contact the company or organization that provided the erroneous information, known as the information provider. Just as with the credit reporting agency, we will write a letter detailing the error, backed by your supporting evidence.
Await Response and Verification
After submitting your dispute, we wait. The credit reporting agency is required by law to investigate your claim within 30 days. They’ll contact the information provider and review the evidence. If they find that the information is indeed inaccurate, they must update your credit report accordingly.
What About Fraud?
When you discover inaccuracies on your credit reports that are the result of identity theft or credit card fraud, you must take additional measures to protect your financial well-being.
Once you realize that your identity has been stolen, immediate action is necessary. This includes contacting the affected creditors to inform them of the fraudulent activity. Most credit card companies have departments dedicated to dealing with such situations, and they can guide you on the appropriate next steps with their particular card.
File a Fraud Alert
The next step you take is to place a fraud alert on your credit reports. This is done by contacting one of the three credit bureaus and requesting the alert. Once a fraud alert is in place, any attempts to open new accounts in your name will require additional verification, thereby protecting you from further fraudulent activity.
Report the Identity Theft
It’s crucial that you report the identity theft to the Federal Trade Commission (FTC). The FTC provides you with an identity theft report, which you can then use when disputing fraudulent entries on your credit report.
Talk to Fair Credit Reporting Lawyers in Louisville, KY
Addressing inaccuracies in our credit reports may feel like a waste of time, but it’s essential to preserve your good credit and financial health. If you need help, reach out to us at Winton & Hiestand Law Group PLLC today.