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How Common Are Errors on Consumer Credit Reports?

A consumer may need to provide a copy of their credit report to obtain a mortgage, pay for a car, or cover other large expenses. However, credit report mistakes can occur at any time and without notice. 

Consumer Reports research indicates 34% of consumers have at least one error on their credit report. Even a single credit report mistake can cause serious problems. A credit report error can prevent a consumer from getting the financing he or she needs. If left undetected, the error can damage a consumer’s credit score long into the future. 

What Can I Find Out If There Are Errors on My Credit Report?

A consumer can obtain a copy of their credit report. To do so, a consumer must submit a request with any of the following credit reporting companies:

  • Experian
  • Equifax
  • TransUnion

Consumers can request a free copy of their credit report from each of the aforementioned companies once a year. The request can be submitted online or over the phone. From here, a consumer can review their credit report. 

A credit report includes a wide range of personal information about a consumer, such as:

  • Social Security number
  • Address
  • Phone number
  • Payment history
  • Credit accounts

If a consumer finds an error on their credit report, notify the company that provided the report immediately. This ensures a consumer can correct the mistake before it causes long-lasting damage. 

How Can I Correct Credit Report Errors?

A consumer can dispute an error on their credit report. To do so, he or she must notify both the credit reporting agency and the party that provided the inaccurate information. 

When a consumer contacts a credit reporting company regarding an error, he or she should write a dispute letter that includes the following information:

  • The consumer’s contact information
  • Details about the mistake
  • An explanation of why he or she is disputing the mistake
  • A formal request that the mistake be corrected
  • A copy of the portion of the credit report that contains the disputed information

The consumer should also share the dispute letter with the party that provides the incorrect information included in the credit report. 

How Long Does It Take to Correct Credit Report Errors?

A credit reporting company must investigate a credit report error within 30 days of receiving information about it. The company has 45 days to investigate a credit report mistake. After an investigation is completed, the company has five days to notify the affected consumer about the results. 

If a credit report error is discovered and corrected, a consumer can receive an updated report. Or, if the error goes unaddressed, a consumer may be able to pursue legal action. 

Contact Our Florida Credit Report Error Attorneys Today

There is no telling when a consumer credit report error will happen. Regardless, any credit report mistake can be costly. Fortunately, a qualified Florida credit report error lawyer can help a consumer address any credit report mistakes right away. 

Sharmin & Sharmin P.A. has experienced credit report error attorneys on staff. We can help you get a credit report mistake fixed at any time. Contact us online or call us at 1-844-Sharmin to request a free consultation. 

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