A Quick Guide on Disputing Inaccurate Information on Your Credit File

As an attorney with years of experience, I understand the importance of maintaining accurate credit information. In this guide, I'll walk you through the steps to dispute any inaccuracies you may find on your credit file. It's crucial for your financial well-being to ensure that your credit report is as precise as possible. Let's get started!

**Step 1: Review Your Credit Report**

The first step in this process is obtaining a copy of your credit report. You're entitled to one free report annually from each of the three major consumer reporting agencies: Equifax, Experian, and TransUnion. Just so you know, for public records, obtain your report from LexisNexis.

**Step 2: Identify Inaccuracies**

With your credit report in hand, carefully go through it. Look for any discrepancies, such as incorrect account balances, late payments, or accounts that you don't recognize. Make a note of each item that needs correction.

**Step 3: Gather Supporting Documents**

Having supporting evidence is crucial in the dispute process. Gather any relevant documents that prove the information is inaccurate. This might include receipts, letters, or other paperwork that strengthens your case.

**Step 4: Contact the Consumer Reporting Agencies**

Contact the consumer reporting agencies that issued the report with inaccurate information. You can do this online, by mail, or over the phone. However, we recommend you send your disputes by mail, if possible. Clearly state the errors and provide them with the supporting documents you've gathered.

**Step 5: Dispute with the Creditor**

Simultaneously, contact the creditor associated with the inaccurate information. Explain the situation and provide them with the supporting documents you sent to the consumer reporting agencies.

**Step 6: Keep Records**

It's essential for you to document all communications. Note the date, time, and the names of the individuals you spoke with. This information can be invaluable if the dispute process takes longer than expected.

**Step 7: Be Patient and Persistent**

Resolving credit report inaccuracies can be a time-consuming process. Stay patient and, if necessary, follow up with both the consumer reporting agencies and the creditor.

Conclusion:

Remember, it's your right to have accurate credit information. Stay vigilant and keep track of your progress. If you're in a situation where you need more advice, please don't hesitate to consult a legal professional. If you have any questions, feel free to reach out. Thank you for reading!

Protecting Your Credit Score Act

On June 29th, 2020, the Protecting Your Credit Score Act (H.R. 5332) was passed by the United States House of Representatives. This act will amend the federal FCRA to guarantee that consumer reporting agencies, such as Transunion, Experian, and Equifax, are giving fair and accurate information in consumer reports. The act will be making changes to strengthen the rights of consumers and increase the consumer data protection guidelines that reporting agencies must follow. This will increase the accountability of the agencies. 

A study of the Frederal Trade Commission shows that approximately 21% of consumers had errors in their credit reports, 13% of those errors affected the consumers credit score, and 5% had errors that were serious enough to cause a credit denial. For the consumer, fixing this errors can be complicated and a full blown nightmare. The reporting agencies favor the side of the creditor and/or debt collector. 

This new act takes a number of steps that will make it easier for consumers to fix the credit errors. It will also be easier to force the credit bureaus to reinvestigate the errors and fix the mistakes. 

A few notes from the act include: 

• Establishing an online consumer portal landing page

  • This is a single online consumer portal that has free and unlimited access to their reports and credit scores. 

• It will increase credit report accuracy and transparency. 

  • This will require Experian, Equifax, and Transunion to conduct preventative audits by matching ALL digits of the consumers social security number or the full legal name, date of birth, current address, and one previous address. The credit bureaus are known for only matching 7 of the 9 digits of the consumers social security number, which often results in a case of a mixed file. 

• It establishes a CFPB ombudsperson, or a public advocate to resolve these common errors made by reporting agencies. 

Be sure to check your credit report frequently. Many people do not realize that they have an error in their credit report until they are trying to apply for credit. This can effect your ability to get a credit card, get a loan, buy a car, a home, and more. 

If you have errors in your credit report, contact us for help. We can give you step by step guidance and let you know if you have a case! 

Protect Your Credit Score Act

Mistaken For Dead

Mistakenly Placed on Death Master File

Each year more than thousands of people are wrongly placed on the Death Master File. The Death Master File is a document that accounts for every American that has died since the year 1936. People usually do not realize that they have been placed on the Death Master File until they are informed by their bank or are trying to apply for credit. One woman from Philadelphia received an email from American Express in January of 2019 stating that they express their condolences on her passing. She was immediately set into full panic but thought that this was a minor mistake. She was wrong. She soon realized that she was financially powerless. Her AMEX was closed, and her bank account were frozen. (See next blog for the difference between frozen and locked accounts) Her job was not even able to deposit any of her pay into her account. This would eventually ruin or paralyze her insurance as well as her 401k.

Another woman in the state of Utah realized that something was wrong when her credit card was denied on a date night with her husband at a restaurant. She contacted her bank as soon as she returned home, and her credit card company informed her that she has been dead for two years. Since her accounts have been unfrozen, the Social Security Administration is trying to recoup 2 years of payments of tens of thousands of dollars that they believe should not have been paid out.

Funeral directors are the largest source for reporting deaths to the Social Security Administration. There has only recently been a change to switch from paper to electronically filed records. It is an easy mistake to mistype or write a social security number incorrectly. Even one number off can cause serious issues. The Electronic Death or EDR allows states to automatically verify the accuracy of a persons Social Security Number before it is sent to the SSA. Even with this system implemented, it is far from perfect.

The Social Security Administration has estimated that around 12,000 people are wrongfully marked as dead in their system each year. Once a person is in the Death Master File, it is not an easy fix, especially once the credit agencies have the death in their files. If you have become aware of being placed on the Death Master File, it is recommended that you immediately visit your local SSA office and to make sure to bring at least one current form of ID such as a driver’s license and/or passport. If they still have not removed the file, seek a lawyer to see what else you can do to make this right and possible receive compensation.

http://cancelthesefunerals.com/

Problems persist with Credit Bureaus

Problems persist with Credit Bureaus

Have you experienced issues with credit bureau’s? It seems to be a running theme. The three major credit-reporting bureau’s – Equifax, Experian, and TransUnion, have had the most complaints for four consecutive years. These complaints involve inaccurate information on credit reports. Fighting with these bureaus can be a hassle because the bureaus have more power than the consumer.

            Lawmakers have only begun to pay attention since the enormous data breach from Equifax just two years ago. This led to being able to freeze your reports for no fee but didn’t provide any new ways to protect the consumer. There have been a few reforms in the past few years, such as bureaus being required to inform the other bureaus when a credit file is found to be mixed with another person and that a report can no longer include debts outside of an agreement or contract. For example, The reports are not allowed to include medical records that are 180 days old or less or medical debts that have been paid by an insurer.

            Problems have been persistent, and it seems that reform is not happening fast enough. The disputes are converted into codes that summarize the complaints for the data furnishers, which can be thought of as computers talking to computers. This can be frustrating when you have a dispute that is more complex and you need to talk to a real person.

            During the data breach of 2017, Equifax had a settlement of $700 million, which is comparable to a parking ticket in their eyes. It is just the cost of doing business and easier than changing their business practices to be fair and partial to consumers. It is imperative as a consumer to check your credit report regularly, or you may find yourself unexpectedly rejected for credit when it is most crucial. annualcreditreport.com is a site where you can check your credit report for free annually. As a consumer, it is your job to identify that your accounts are in good standing and have all the correct information. If your personal information is wrong, it could potentially be a mixed file or identity theft. It isn’t uncommon for a credit file to be mixed with someone who has similarities to your identifying information. It is most likely to happen if you have a common first and last name or if you have a family member with a similar or the same name. Credit bureaus may even consider only 7 of the 9 digits of your social security number when matching your information. You have the right to dispute these errors and have them corrected and/or deleted. An error in your file could prevent you from getting credit, renting a home, or getting a job.

            If you come across an error, you should take action from both sides. You should contact the furnisher that provided data to the bureaus and to contact the bureau(s) reporting the error. It may even be best to write a formal letter by mail so that a person and not a computer will receive the information. It also provides you with a paper trail if you were to make a claim.  Being persistent is key, it is not easy to get a furnisher to immediately admit their wrongs. Filing a dispute with the credit bureaus as you communicate with the furnisher will help preserve your right to make a legal claim if the error fails to be corrected. You can find dispute information and mailing addresses through these links: equifax.com/disputes, experian.com/disputes and transunion.com/disputes Contact us today with any questions you may have regarding your credit report.

How does Trans Union process consumer disputes?

In general, when Trans Union receives a dispute from a consumer, Trans Union investigates the dispute using one of two systems developed for the purpose of processing and tracking disputes, the Consumer Dispute Verification process (“CDV”) and the Automated Consumer Dispute Verification process (“ACDV”).  Through the ACDV process, Trans Union contacts the furnisher of the disputed credit information and, via an automated process, asks the furnisher to verify that the indicative (e.g., name, social security number, address, date of birth, etc.) information on the consumer matches the indicative information maintained in the furnisher’s records and is associated with the particular account being disputed.  Trans Union also asks the furnisher to verify the accuracy of the account information, e.g. account balance, payment history, credit limit, etc., being reported to Trans Union by the furnisher.

If the furnisher verifies that the reported information is correct, Trans Union updates the information on the consumer's credit file and notifies the consumer of that fact. If the furnisher reports that the information is inaccurate or can no longer be verified, or if the creditor does not respond within the required time, Trans Union deletes the information from the consumer's credit file and notifies the consumer that the information has been deleted.  Trans Union may employ additional procedures depending on the precise dispute involved and the circumstances of the case.