The most common issues identified by consumers are problems with incorrect information on their credit reports.
The Consumer Financial Protection Bureau (CFPB) reports that 76 percent of consumers who filed complaints about credit reporting stated that they had incorrect information on their credit reports. The CFPB has handled approximately 185,700 credit reporting complaints since July 21, 2011, making credit reporting the third most-complained-about product. This is important to you because it means that there is a very good change your credit reports have inaccurate information on them. Inaccurate information can lead to increased interest rates, prevent you from getting a mortgage or buying a car, landing a job, or getting a security clearance.
Mixed credit reports are more common than you may realize. Your credit file may contain information belonging to someone else, and unless you look at your credit report, you may never know. Watch this short clip to learn more ...
Equifax is being sued for violated in Fair Credit Reporting Act
Earlier this year, Cento Law filed a complaint against Equifax for mixing the credit report of the plaintiff with information belonging to the plaintiff's father.
The plaintiff was first alerted to the mixed credit file when he was eighteen years old. At the time he was living at his parents and working. The alert came when he received a letter that was attached to his paycheck. The letter was from a county auditors office and its purpose was to inform the plaintiff that his wages were going to be garnished due to unpaid property taxes. Eventually the plaintiff learned that the property taxes in question were actually taxes levied against a man that he shared the same name with, his father.
As time went by, plaintiff was able to obtain a loan for a vehicle. He paid his loan on time with the hope of creating good credit. Two years later...