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Credit Report Balance Errors

A balance error on your credit report is an inaccurate reporting of the amount you owe a creditor. The balance error may be lower or higher than the correct amount owed, affecting your credit rating. Updating a Florida credit report supports your credit health and gives you purchasing power.

Credit Report Balance Errors

Common Reasons for Credit Report Balance Errors

Addressing errors in your credit report balance is vital. While some mistakes are simple to correct, others may indicate identity theft. In that case, a Florida identity theft lawyer can help. Common causes of credit report balance errors may include:

  • A creditor’s slow reporting of your most current account balances
  • Clerical mistakes during data entry
  • A creditor’s failure to record and report timely payments
  • Associating account information to you that belongs to another consumer
  • Identity theft leading to accounts being established in your name

Immediately contacting a creditor may clarify their reporting to the major credit bureaus. Correcting errors after an additional reporting cycle may occur, keeping your balance current. However, discussing more challenging errors with a Florida credit report attorney can help you take the necessary steps after spotting a credit report error.

Addressing Credit Report Balance Errors

Gather documentation for any creditors you currently owe. Locate the following information on your credit report:

  • Accounts on your credit report and ensure they belong to you
  • The payment history
  • Accounts that are in collection 
  • Hard inquiries into your credit 

Contact the creditor to discuss the disputed information. Have supporting payment information available. Creditors supplying incorrect information to a credit bureau are responsible for correcting their errors with the bureau. If the error is unidentifiable by contacting a creditor or the creditor disagrees with the information you provide, contacting the credit bureau reporting the error is next. 

Report a Credit Report Balance Error to the Credit Bureau

File a report by mail or online with the bureau reporting the error. Work with an experienced Florida credit report lawyer for a comprehensive look at balance errors and work toward addressing your credit balance issues in the most direct avenues available to you. A reporting credit bureau may be responsible for the inaccuracies in your report. 

When filing by mail, send copies of your documentation and retain the originals. Additionally, you will want to track your mailed correspondence. There are three credit reporting agencies. You may request free annual reports. Credit bureaus have strict time limits on investing a disputed credit report balance. 

Monitor Your Credit Report for Balance Errors

After addressing errors in your credit report, it is essential to monitor it for balance errors continually. Monitoring allows you to address and correct other errors swiftly. Report continual errors in your credit report balance by a creditor to the credit bureau to protect your credit.

Maintain Your Florida Credit Report Balance Health

Like physical health, maintaining your financial health requires you to take action. Credit report balance errors can pose significant challenges. Whether you plan to buy a new home or secure a personal loan, errors in your credit report can be considerable roadblocks in securing a loan and cost you more in interest. 

Credit report balance errors reported by credit bureaus impact you. Filing a claim for inaccuracies in your credit report may be possible.

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