Your credit report is used for many purposes, and it should be an accurate record of your financial history. Unfortunately, companies might report wrong information that can adversely impact your life in many ways. The following are some issues that can arise due to an inaccurate credit report.
It takes time to build a strong credit score, though a single negative mark can cause your score to plummet. Incorrect defaults, collections, or other seriously delinquent accounts can result in a low score shockingly quickly. A low score can prevent you from obtaining credit, insurance, and much more.
Landlords usually check your credit to determine whether you will reliably pay rent, and negative payment information on your credit report can result in the denial of rental housing. If you have a current lease, your landlord might even recheck your credit before renewing it, and you might lose your housing as a result and have a difficult time finding a new place to live.
While consumer protection laws in California limit when a potential employer can check your credit, companies can check for certain positions, including financial or managerial jobs. If you apply for a job and the company receives wrongfully negative information about you, they could opt not to hire you, causing you to lose out on significant income.
Disputing incorrect information on your credit report can be a challenging and uphill battle. The law office of Martin & Bontrager, APC, represents the rights of consumers against companies and credit bureaus. We are here to protect your rights under California law, so please contact us online or call 323.940.1700 to speak with a Los Angeles consumer rights attorney today.