Credit Bureaus Make Mistakes

Credit Bureau reports have an incredible impact on the day to day life of the average consumer. You may not be aware that the information these companies are reporting about you may be wrong.

The three major bureaus have long come under scrutiny for persistent credit reporting errors, which can have a severe impact on a consumer’s ability to get a loan, rent an apartment or even secure a job offer.

The Consumer Financial Protection Bureau said in a May report that 77 percent of all consumer complaints it had received about credit bureaus were related to incorrect information on credit reports. Consumers have continued to experience long, drawn-out fights over credit report errors decades after passage of the Fair Credit Reporting Act in 1970.

Disputing and correcting a credit report error typically involves writing a letter to the bureau that made the error and providing evidence to support your case. You can take a credit bureau to court if it continues to verify the bad information — but that may not be an option if you dispute the error online.

It is unclear whether all of the issues that came to light in Mississippi exist in other states. In any case, Attorney General Hood’s comments on the matter underscore the fact that consumers still face an uphill battle when trying to rectify errors reported by the three major credit bureaus.

“These corporations were too busy making money and listing debt that they didn’t bother to take the time to delete errors or verify whether the debts were correct,” Hood said in a statement. “Even worse, consumers had to fight tooth and nail to get these significant errors corrected.”

If your credit is a problem for you, consider having a consultation with Carolyn Secor. Carolyn Secor P.A. focuses its practice in the areas of Bankruptcy and Foreclosure Defense in Clearwater, Florida. For more information, go to our web site www.BankruptcyforTampa.com
or call 727-254-1704.