Picture this: you found your dream home and have decided to make an offer on it. However, after meeting with a loan officer to apply for a mortgage, you discover that your credit scores are insufficient to qualify for financing. Is this something that has happened to you? If so, the information we’ve outlined below can help you navigate through these difficult times.
You may be in shock after hearing this news. After all, you’re meticulous about paying your bills on time. You haven’t missed a payment to a creditor in years, if not ever. You were under the impression that your credit scores were in good shape.
When you reviewed your credit reports from Equifax, TransUnion, and Experian, you noticed some concerning information. Your credit reports contain some accounts that do not belong to you. And those accounts are chock-full of bad news.
It’s not because of anything you’ve done wrong that you can’t get a loan. It’s because your credit reports contain errors or fraudulent information. Daniel Ciment, a recognized consumer advocate and debt resolution attorney with over 16 years of experience in debt collection defense provides insight to your options if this has happened to you.
Examining Your Credit Reports for Errors
Experian, Equifax, and TransUnion are the three major credit bureaus that handle the information that goes into your credit report. Credit report errors can lower your credit score, limiting your ability to obtain new lines of credit or increasing the cost of credit terms. Finally, these errors may cost you money.
What is the good news? AnnualCreditReport.com allows you to obtain a free copy of your credit report every month from each of the three major credit reporting agencies listed above. You can order all three reports at once or one every few months to keep an eye on your data throughout the year. And if you discover inaccuracies, you can dispute them for free with both the credit reporting company and the company that supplied the incorrect information.
The Most Common Errors in Credit Reports
Once you receive your credit reports, you should carefully review them to ensure accuracy. Each credit reporting company may have slightly different information on your credit report, so you should request your report from each of them. Here are some common errors to look for:
- Errors in your personal information, such as an incorrect name, phone number, or address
- Accounts held by someone with the same or a similar name to you
- Accounts that are incorrect as a result of identity theft
- Accounts that have been closed are now reported as open
- You are reported as the account’s owner when you are merely an authorized user
- Accounts incorrectly classified as delinquent or late
- Incorrect date of the last payment, the date the account opened, or the date of the first delinquency
- Multiple instances of the same debt accounts with an incorrect current balance
- Credit accounts with an erroneous credit limit
- Errors in data management
- Reintroduction of incorrect data after correction
- Multiple accounts with multiple creditors listed
How Do I Dispute Errors I’ve Found on My Credit Report?
You should dispute the error with each credit bureau that made it. Explain in writing what you believe is incorrect, include a copy of the credit bureau’s dispute form (if they have one), and keep track of everything you send. If you send your dispute via mail, you may use the address listed on your credit report or the address for disputes maintained by a credit bureau.
For information about the Experian dispute process, go here.
For information about the Equifax dispute process, go here.
For information about the TransUnion dispute process, go here.
What Does the Ciment Law Firm, PLLC’s 3-Step Process Mean for You?
When you’re financially in over your head, one of the most common emotions is a sense of loss of control. To reclaim control of your life and put it back on track, you may need to pursue legal help and enlist the assistance of the dedicated debt resolution attorneys at Ciment Law Firm, PLLC. We have experience in debt collection defense and consumer protection. When the time comes to seek assistance, you need a Texas debt resolution law firm with years of experience. You want to know that the lawyer you’ve chosen has a strategy in mind for you.
There’s where our 3-step process assists you. That process includes:
Step 1: Resolving your debts:
- Debt lawsuit defense
- Bankruptcy Protection
- Debt Protection Program
- Debt Assistance Program
- Bank Garnishment
- Student Loan Assistance
- Student Loan FAQs
- Judgment Lien Release
Step 2: Protecting your rights:
- Fair Debt Collection Practices Act
- Texas Debt Collection Practices Act
- Telephone Consumer Protection Act
Step 3: Rebuilding your credit:
- 7 Steps to a 720 Credit Score
As you can see, we do not view bankruptcy as a last resort and wish you the best of luck on your journey. We want to assist you in obtaining the fresh financial start you require, and our 3-step process is critical to achieving that goal.
FREE CONSULTATIONS! Contact Ciment Law Firm, PLLC If You Still Need Help Removing Errors from Your Credit Report
Even if you have corrected all errors in your report, adverse events and factors may remain listed. If this is the case, speak with experienced Texas consumer advocate and debt resolution attorney Daniel Ciment, founder of Ciment Law Firm, PLLC. To schedule a free consultation with Ciment Law Firm, PLLC, call us at (281) 937-3949 or fill out our contact form.
Experian has been on the scene for over 125 years and is now one of the largest credit bureaus globally, serving clients in more than 65 countries. The company actively manages the credit history and repayment data of 1.3 billion people and 166 million businesses. Experian focuses on ensuring they continue to have the best datasets available, alongside the best products to help their clients make sense of their data. They offer credit monitoring, free credit scores, and additional tools for consumers.
After first opening its doors in 1899, Equifax has become one of the three major credit bureaus in the United States and operates or has investments in 25 countries. Equifax compiles and assesses consumer credit information and provides identity monitoring and credit services for consumers who want to improve or build credit or place a credit freeze on their file.
TransUnion has a sizable global footprint and manages the credit information of hundreds of millions of people in 30 countries since its founding more than 50 years ago. TransUnion provides identity and credit monitoring and information about your legal rights under the Fair Credit Reporting Act.
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Disclaimer: The information in this document is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information contained in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in, or accessible through, this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.