Mistakes on Your Credit Report Can Tank Your Score

By Pat Geddie | Leave a Comment

As harsh as it may sound, you are what your credit score says you are when you are seeking capital. You may not even get a chance to explain when lenders see a low credit score. Therefore, it is essential for you to be vigilant about your credit report and frequently check what is on it.

The credit bureaus rate you and give you a score based on information that is provided to them. Your credit report is the sum of many reports from companies with whom you do business, including lenders, credit cards, landlords, and utilities. When they say that you have missed a payment, it will drop your score. Certain credit opportunities are off-limits to those with a score below a certain number. The credit bureaus will rate you based on what they see. If the information is inaccurate, you will be the one who suffers unless you take steps to correct the situation.

There are some protections given to you by the law. There is a federal law called the Fair Credit Reporting Act. You have the right to both know what is in your credit report and to dispute inaccurate information. A credit bureau has 30 days to remove inaccurate information. You can file a lawsuit against someone who puts inaccurate information in your credit report or a credit bureau that will not remove it. However, it is up to you to remain vigilant by frequently checking your credit report and challenging anything that is wrong.

Contact a Los Angeles Consumer Rights Attorney

The attorneys at Martin & Bontrager stand up for the rights of consumers, and we take on large and small corporations on your behalf. You can discuss your case by sending us a message online or calling us at 323.940.1700.