Credit Reporting and Identity Theft

You can force a credit bureau to fix its mistakes and, in some cases, recover money for those mistakes

From home mortgages to auto loans, student loans, and credit cards, credit reports are the basis for a person’s “credit score” and thus are the key ingredient in today’s credit-driven economy. An inaccurate credit report can prevent you from qualifying for credit, or from being able to obtain credit on favorable terms. The inaccuracy of credit reports has increased as the number of credit transactions and instances of identity theft have exploded in recent years.

Federal and state laws provide ways for consumers to verify their credit history and to have problems corrected. For example:

  • You have the right to receive a copy of your credit report every year at no cost.
  • If you are denied credit, you are entitled to receive a free copy of the credit report used in that decision.
  • If a creditor is informed that you dispute a particular charge or bill, it must report it to the credit bureaus as “disputed.”
  • Upon request, a credit reporting agency must conduct a reasonable investigation to verify a disputed item.
  • A creditor which fails to verify a disputed item, or who wrongfully verifies it, can be held liable to you for damages, along with costs and attorney’s fees.
  • A company that acquires a defaulted debt may not report it to the credit bureaus as a new debt.

 

These are only a few of the many rights that consumers enjoy under federal and state law. We have successfully handled many cases involving credit reporting errors and claims of identity theft.

If you believe that any aspect of your credit report is inaccurate or incomplete, we advise that you contact us.

Credit Reports and Identity Theft Links