Are Errors On Your Credit Report Holding You Back?

by DeLadurantey Law Office, LLC on July 7, 2014

creditscoreThe consumer credit reporting industry collects financial data about individuals and distributes it to banks, mortgage lenders, credit card companies, employers and other interested parties. Your credit score plays a crucial role in your financial life. Thus, any mistakes in your credit report can have serious consequences. For example, you may not be able to finance the purchase of a home or vehicle. In fact, in 2013 the Federal Trade Commission found that five percent of consumers had a mistake on one of their credit reports that could have resulted in higher borrowing costs. To add insult to injury, getting an error on your credit report can be a timely and frustrating process.

The credit-reporting bureaus have been sued repeatedly by consumers and even the regulators, resulting in the bureaus paying millions of dollars in fines and settlements. Sadly, the inaccuracies on credit reports continue. This leave one left to wonder if the reporting bureaus view these payments as part of their cost of doing business.

By way of example, let’s say you file a bankruptcy case and discharge (eliminate) a $50,000 second mortgage. If that mortgage continues to appear on your credit report without a notation of it being discharged, it will severely impact your ability to obtain new credit and move forward after your fresh financial start. You may even supply the credit bureau with your bankruptcy pleadings and discharge order, but they refuse to correct your report. What can you do? Call us for help.

Under the Fair Credit Reporting Act (FCRA) the reporting agencies are required to implement procedures that assure “maximum possible accuracy” of your information. The bureaus are supposed to provide your creditors with information related to the mistakes in your report so they can be corrected. While this is the law, the reality of what occurs is often very different.

Some of the largest credit reporting agencies have paid millions of dollars in judgments and settlements to consumers who have taken action and pursued their rights under FCRA. Yet, these companies continue to violate the law. If you have an error on your credit report and your efforts to have it corrected have failed, contact us to get the help you need.

The “defender of the little guy,” DeLadurantey Law Office, LLC. handles student loan debt and bankruptcy matters (Chapter 7 and Chapter 13) in Milwaukee, South Milwaukee, West Milwaukee, and Milwaukee County, including the municipalities of Bayside, Brown Deer, Cudahy, Fox Point, Franklin, Glendale, Greendale, Greenfield, Hales Corners, Oak Creek, River Hills, Shorewood, St. Francis, Wauwatosa, West Allis, and Whitefish Bay. The firm also can handle your debt negotiations, debt relief, and mortgage loan modifications.   Contact DeLadurantey Law Office, LLC by phone: (414) 377-0518. Like us on Facebook.

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