Incorrect credit reporting occurs when information on your credit report is incomplete, inaccurate, or out-of-date. This can include errors in payment history, credit balances, and credit accounts, as well as errors in personal information such as an incorrect address, incorrect spelling of your name, or incorrect phone number.
You can open a dispute with the credit reporting agency if you notice an error in your credit report. If the agency does not correct the error, you can sue them for violating the Fair Credit Reporting Act (FCRA).
Keep reading to learn more.
Credit Reporting Errors
When reviewing your credit report, look for incomplete, incorrect, and unverifiable information.
The most common errors in credit reports include the following:
1: Identity Errors
- Wrong name
- Wrong address
- Wrong phone number
- Wrong social security number
- Incorrect accounts due to identity theft
2: Balance Errors
- Accounts with an inaccurate credit limit
- Accounts with an inaccurate current balance
3: Fraudulent Accounts
- Unknown accounts in your name
- Unknown transactions in your name
4: Incorrect Reporting of Account Status
- Your closed account is reported as open
- Your account is incorrectly reported as delinquent or late
- The same debt is listed multiple times under different names
What To Do If You Find an Error on Your Credit Report
The first thing you should do when you find an error on your credit report is dispute the error with a large credit reporting agency. In case you dispute an error with a credit reporting agency, they must investigate by checking with your creditors and delete or correct incomplete, incorrect, or outdated information.
The credit reporting agency will contact the data furnisher (typically a bank,
credit card issuers, or collection agencies) to verify the validity of their report. It has 30 days to share the results of its investigation with you.
If the furnisher discovers that it made an error, it must notify the credit reporting agency to correct your report. If the agency does not fix the error, you can sue it in federal or state court under the FCRA.
You Can Sue Experian, TransUnion, or Equifax if They do Not Correct Credit Reporting Errors
You can sue Experian, TransUnion, or Equifax if you have notified them about an error and they have failed to investigate the error or have investigated and discovered an error but failed to correct the incomplete, incorrect, or unverifiable information.
If you decide to sue a credit reporting agency, you should consider hiring an experienced consumer class action attorney. A consumer class action attorney can help you determine whether you can sue an agency for incorrect credit reporting.
If you have legal standing, the attorney can help you argue your case in court and sue for damages, the value of which depends on the harm you have suffered.
Don’t Hesitate To Sue for Incorrect Credit Reporting
Incorrect credit reporting can affect you in various ways, such as losing job opportunities or being denied credit. The damages you have suffered may be a reasonable forecast for compensation. But before you sue for damages, you should consult with a consumer class attorney who can advise you on the best action to take and help you navigate the complex and sometimes drawn-out legal battle. You can sue Experian, Transunion, or Equifax today and get what belongs to you. Get in touch with a legal expert to get started.
