Common Credit Report Errors

Credit report errors are all too common. Studies have found that inaccurate reports are a serious problem:

  • Between 46% and 70% of all consumer credit reports contain mistakes.
  • 40% of all credit reports contain public record information that belongs to someone else, a credit account that does not belong to the consumer or accounts incorrectly reported as delinquent.
  • 26% of credit report errors are serious enough to result in a denied application for credit, employment or housing.

Some mistakes are more common than others, and it is important for consumers to be aware of these errors when reviewing their credit files.

Common Credit Report Error: Mixed or Merged Credit Files/Mistaken Identity

A mixed file is a credit report mistake in which the credit bureau puts information belonging to one consumer into another consumer’s report. This problem occurs most often when two consumers have similar addresses or names, but this is not always the case. Our firm has found that in some cases, the credit bureau has known of the issue for several years and could prevent it, but does not always take steps to fix the problem.

Common Credit Report Error: Public Record Mistake

Public records include bankruptcies, tax liens, lawsuits and judgments, and all are reported on consumers’ credit reports.

Public records can be very damaging to a consumer’s credit rating and cause a denial for a mortgage, job, credit card or apartment rental. This mistake typically occurs when the credit bureau obtains information from separate companies who are sloppy in gathering information, do not check court records and do not take the time to determine who the record belongs to.

Common Credit Report Error: Inaccurate or Stale Collection Accounts

Debt collection accounts make up a significant share of credit report errors, and these mistakes may occur in many ways. Most often, the debt collector fails to obtain sufficient information from the creditor to properly identify the right consumer, or get the right account status.

As a result of this mistake, collection accounts may end up on the wrong consumer’s credit file, or on the right file with the wrong information.

Many debt collectors also “re-age” the accounts, which makes them appear to be recent delinquencies. This means the accounts may stay on the consumer’s credit report longer than allowed by law.

Even when the account is accurate, most negative credit information can remain on a credit report for only 7 years in most cases, and sometimes up to 10 years.

Common Credit Report Error: Identity Theft

Another common form of credit report mistakes is accounts that have been fraudulently opened or used by an identity theft.

Victims have the legal right to have these accounts removed from their credit reports. Despite this, even after a consumer disputes the inaccurate or fraudulent information, it may remain on the file because the credit bureau or bank does not take the necessary steps to check their records and investigate the dispute.

Common Credit Report Error: Inaccurate Employment Records

Consumers often lose out on employment due to inaccurate credit reports pulled by employers. Employment records do not impact a credit score, but they may impact a consumer’s ability to get a new job.

Do You Have Errors On Your Credit Report?

Do not let these mistakes remain on our credit report. Contact us today for a free case review. We will see if we can help you resolve the mistakes on your credit report. It is crucial that you check your credit report at least once a year to correct errors and to detect unauthorized activity.

Once again, the information in your credit report affects whether or not you get a loan, and it determines your interest rate when you do get a loan. The information also affects insurance, renting a home, and even getting a job. Therefore, you want to make sure the information in your credit report is accurate, complete, and up-to-date before you apply for a loan or a credit card, before you apply for a job, before you apply for insurance, and before you submit a rental application. Finally, monitoring your credit report will help guard against identity theft.

Contact Agruss Law Firm, LLC, for help disputing inaccurate information in your credit report. We have settled thousands of consumer law cases, and we would like to help you, too. Under the law, we can help you fix the inaccurate information in your credit report, and get you money damages. Plus, the credit reporting agency will be responsible for our attorney’s fees. You won’t owe us a dime for our services.

Comments - Common Credit Report Errors

  1. LaRhonda

    I have an issue to try and see if you guys could might help me. I had a debt where I was taken to court. It was for a repo. I got a judgment against me. I did not pay it all but they must have sold the account to another attorney and then when they did contact me it was almost double in what the original total amount was for. I did a validation letter to them to explain to me where all this extra money was coming from and did it ceritified mail. Well they never responded to the certified letter. They signed for the letter august 26 and as of today’s date I have not received anything certified or regular mail from them the letter stated that they had the 30 days or they needed to remove it from my credit. my issue is i know i owe some but no double ofthe original amount. i want it off my credit but they will be able to put it back on there, right? the originating creditor was Capitol One and the account went to Farrell and Zeldin (sp) in colorado!

  2. Kathy

    I am being harassed by debt collection they said they don’t care if I file bankruptcy and they are calling my wife’s family telling them I owe them money etc. They call and say I have a fraudulent check and to call them back at a number they never answer they have been told about the bankruptcy won’t provide an address or anything. The number was listed on the comments in your website when I googled it that is what came up!

  3. Kathy

    I recieve letters from MRS. All the time. The lettersa are about a collection. A collection for chase Bank for $4800.00. Although, I do owe them money, I do not owe them that much, so I suppose it’s late fees and such. They don’t have my # because I had it changed. I got a letter today. they are sending it to the IRS and suing me. I have 3 chices. pay $1872 in a week or $1176 in 2 weeks or monthly payments. I lost my son who was 18 4 yrs ago. I admit I owe the $$, but since then I guess I just lost it. I let go of everything. I just really didn’t care. I lost my job, I am now only working 12 hrs a week as my Dr. doesn’t think I need to have a lot of stress. I know I owe them, but I don’t have it!

  4. Jessica

    I came across this website while trying to figure out how to get rent a center top so harassing me and my family. We have been customers of rent a center for 4 years and have even paid off for items that we now own We are still renting from them which includes 2 tv’s that we have been consecutively paying on for a year. We have run into some financial hardships recently and paid them over 300 dollars last week and they keep showing up to my house threating legal action if we do not return the tvs. We get anywhere between six to ten phone calls a day and at least 2 to 3 harassing notices a day. We told them we will be making our payments starting next week but they won’t even work with us. We have 4 children as well and they start pounding on the door early in the morning sounding like the swat team and scarring or kids…we don’t even answer the door any more…they swear at us, threaten to file criminal theft charges and garnish or wages. They are calling right now as we speak…they call back to back. I can’t think of anything else besides ask the calls and showing up on the doorstep harassing and threatening us in front of our children!

  5. Frank

    I am being sued by a junk debt collector, Atlantic Credit & Finance, and was served papers today. This is a debt that I originally incurred with a capital one credit card. I tried to settle with them through a debt counseling agency, but they refused. Then the charges were sold off to Atlantic in July!

  6. Lana

    I am LanaI have a default student loan and the company. The company that has my loan is charging interest so high the interest rate is almost the balance of the loan. My original loan amount was 22,000, now the Loan amount is 31,000. Can you help me with that!

  7. Mark

    Hi I am here on behalf of a letter threatening incarceration for a debt that is in the hands of GC Services. I read an article on the company and there was a directive to contact your organization if I was threatened by GC Services. Well I received a letter saying If I dont pay the debt I can be arrested. I called their number and told them they are not allowed to make those types of threats under the fair debt collection act and then a manager got on the phone and said yes they are and the letters they send out are approved by the state. The attorney generals office in the state of texas wants me to file complaints!

  8. Teena

    Do you take clients who have a new substitute trustee (debt collector firm) who have sent me 65 notices of Trustee sale in one day. They violated quite a few provisions of the fdcpa and Rosenthal act what more explanation, it is hard to type so much info, easier to speak over the phone!

  9. Margaret

    i will liked to sue my mortgage service co. Bank of America sold our mortgage to Greentree 6/1/13. since that time we have been lied to,misinformed, payments have been misapplied, forced property tax escrow, after we had paid our property taxes, forced flood insurance, harrassed by phone calls, fees, charges, and misapplied payments, with no explanation. We have been disrespected, and we continue to make our mortgage payments. they are to the point the have forced us to do a loan modification. I cannot believe that our government allows a mortgage company to treat people this way. we have filed complaints with the better business bureau with the banking commission and now we have being to file complaints to our local congressman, senator and more. better business bureau originally had their ratings as :”F” and now you cannot find a rating on them. We have read so many blogs of people complaining, and now many lawsuits are been settled. there is a couple that won over 1 million in Tampa Florida for harrassment. something has to be done. Tampa Florida, and we called the attorney in that case, and he represents customer rights regarding phone call harrassments. since our calls have stopped, they said they could not represent us!

  10. Dana

    I found your site online last week – looking for some way to stop the dratted Direct tv robo calls – now today I rec’d the VERY nice christmas note and update… VERY well done… The robo calls have stopped as of last week – however they may start again… My main concern this week is how to find an atty here in Santa Fe NM to help my disabled Vietnam vet brother… he is showing signs of Alzheimer’s and I need an atty to get his records which VA says they cannot find… How do I find an atty here to work with me on his behalf? any advice appreciated… very sincerely, Dana Chwan, military widow… I have a website – which will verify my military widow status… or google my name provides a lot of info also… I just want to help my brother and don’t know how to get an atty here in Santa Fe!

  11. Geraldine

    I received a call from Diversified Consultants at work today. I saw that there is a possibility I could sue for harrassment!

  12. Courtney

    I am in search of information on a debt I am being contacted by from Bank Of America. I received a letter from a Debt recovery agency about an old credit card from Bank of America. I first contact Bank Of America to find out the last date of activity for the card and when it was charged off. I found out the credit card has been charged off since Feb. 2003. The amount the gentleman is saying I owe on the card is totally an incorrect!

  13. Louvene

    Hi, I would like to know if you can stop Portfolio from calling. I just don’t know what it could be. I started receiving calls almost 2 month almost everyday sometime more than once. That’s all I know. The asked me what my s.s. and phone number was but I would not disclose this information to someone I never heard of!

  14. Jody

    I need some assistance on how to handle an old judgement that has popped back up. It’s not a large amount, but I would like to settle it without it affecting my credit. Thanks

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