Give Me Some Credit–And Get it Right
This credit report stuff is serious business. This week the Federal Trade Commission released a report based on a 10-year study on the accuracy of credit reports….and you will be surprised at the number of errors that were found. The study found one out of every 20 credit reports contained an error that would result in higher cost for a mortgage, car loan, credit card, or other financial product. While this may not seem like a large number what if you were that one in 20? Would it matter just a little bit more to you at that point?
The relatively new federal consumer watchdog agency, the Consumer Financial Protection Bureau is charged with, among many other things, helping consumers address errors on their credit reports. If you find an error upon reviewing your report you can file a complaint with the CFPB and monitor the progress online. However given available resources the CFPB may be unable to resolve your issue in the time and manner you wish. The CFPB may not be able to represent you in a civil claim for damages against the entity which submitted the problematic information on your credit report.
With the number of ways your credit is now used–decisions regarding employment, housing, insurance—–it pays to make sure the information on your credit report is correct. If you need assistance addressing errors on your credit report you should consult an experienced attorney.