Common Credit Reporting Errors in Mississippi
A credit report is a collection of payment histories and loan agreements and is essential to a person’s financial wellbeing. When your credit report contains errors, that can raise doubts about your eligibility to receive a loan or job offer. These errors come in many forms and can be the result of mistakes made at varying levels.
The first step to correcting a problem is recognizing that it exists, so checking your credit report to identify any errors is critically important. Unfortunately, many Mississippi consumers who find common credit reporting errors also find that the credit bureaus are uninterested in setting things right.
In these situations, a consumer will need a skilled lawyer who is familiar with the Fair Credit Reporting Act in order to hold creditors and credit reporting agencies accountable in court. Schlanger Law Group LLP has offices in Jackson, Mississippi and litigates credit reporting error cases every day. We can help you fight for the accurate credit reporting you deserve and are entitled to under federal law.
Personal Identifying Information
Creditors rely on credit reports to verify the identities of potential loan recipients. For example, your birth date, Social Security number, and current and previous addresses are considered personal identifying information.
Credit reporting agencies get this information from lenders and creditors. If a creditor erroneously adds an address onto a loan application or does not provide a person’s birth date, this could lead to instances of misidentification.
Similar issues can also result from identity theft. For example, a bank account opened under another person’s name would raise questions about his or her identity and could impact his or her ability to take out a loan or find employment.
A credit report shows whether a consumer has made timely payments on all of his or her accounts. Specifically, it can establish how many active accounts a person has, the amount of debt on those accounts, and his or her history of paying on time.
Errors on this part of report are often the result of miscommunication between creditors and credit reporting bureaus. Credit reporting agencies are supposed to update data about payment history from creditors but do not always fulfill this obligation.
Credit reporting errors in Mississippi commonly result from of an agency’s mistake or oversight. While the Fair Credit Reporting Act requires credit reporting agencies to fix any errors, they are generally not under a legal obligation to investigate a report until a consumer brings the error to their attention.
Of course, errors can also occur on the creditor’s side. A lender who fails to provide an accurate payment ledger or who erroneously keeps an account open after a consumer asks for it to be closed could be held liable with the help of an attorney from our firm.
Finally, not all errors are the result of mistakes. Identity theft is a major problem in Mississippi and across the nation. It is a crime and can cause serious financial harm in many ways, including inaccurate credit reports, removal of cash from consumer’s accounts and collection lawsuits against victims.
Ask an Attorney about Common Credit Reporting Errors in Mississippi
Errors on your credit report could be the result of credit reporting agencies and/or creditors failing to fulfill their obligations under the Fair Credit Reporting Act.
Working with a lawyer from Schlanger Law Group LLP can make all the difference in rectifying common credit reporting errors in Mississippi and receiving the compensation you deserve. Call us today.