Inaccurate Credit Reporting

In an economy where financing is an essential option for many of the greater necessities in life—a home, a car, credit cards—your credit score is more important than ever. One slight misrepresentation or credit score error on your report could be detrimental to your way of living.

With free credit monitoring apps becoming more frequent, it’s easier than ever for us to be notified when a false mark comes across our report. But the unfortunate reality is that a credit score error could lead to problems for months or even years if gone unnoticed. And even when you do notice it, the erroneous mark won’t come right off of your report.

There are several steps you need to take if you see this false derogatory mark on your report. Without the proper steps, you risk not being able to buy some of the things you need in life, such as your dream home you have been saving for.

What to Do If You See A Credit Score Error

Sites such as Credit Karma and Credit Sesame are great, free options for those looking to monitor their score. These sites will notify you when a derogatory mark has hit your score and can also calculate your scores based on what sits on your report.

Once you notice a credit score error, the first thing you should do is reach out to an experienced attorney to help with the removal process. This is especially true if you are planning to make a large purchase in the near future, such as that dream home we mentioned earlier. One false, derogatory mark on your report could be the difference in approval or rejection.

The next step will be going through the dispute process, which can get quite lengthy. Unfortunately, even a credit score error on someone else’s behalf takes some time to be removed.

How Does A Credit Dispute Work?

A great resource for seeing and disputing derogatory marks on your credit score is annualcreditreport.com. This site gives you access to your true credit report for free once per year. Should you choose to have access to this more than once per year, the three major reporting companies have options for you.

On these credit reports, each derogatory mark has an area where you can file a dispute, either online or via mail. Whichever method you choose to dispute, you will need to write a full description of what you want removed and why you are disputing this mark.

Next, you will have to reach out to the lender or company responsible for placing the mark on your report since they will need to be the ones to say whether or not the listing can be removed.

Then comes the waiting game. The credit bureaus will respond within 30 days to let you know whether the lender or company who filed the report has answered and decided whether or not this is yours. If they report back that the lender claims this is yours and it truly isn’t, the cycle must begin again.

Unsure of Your Next Step?

Filing a dispute could turn out to be a lengthy and confusing process. Our experienced lawyers at Amador & Cuellar have worked with many clients to resolve credit report errors and have seen the relief on their faces when the reports are removed.

If you’re dealing with a false derogatory mark on your report, give us a call today and let us help you get your score back to where it needs to be.