The details included on a credit report have a direct impact on an individual’s financial circumstances. Lenders and even employers look at people’s credit reports to determine what opportunities to offer that individual.
Sometimes there are errors in a credit report that can drag down a person’s credit score and reduce their chances of securing a promotion or competitive terms for a mortgage. Those trying to address issues on their credit reports may want to partner with attorneys who specialize in credit reporting errors and other forms of consumer protection.
How can a lawyer help someone deal with inaccurate information on their credit report?
1. Identifying and documenting errors
Most people have a hard time making sense of credit reports. The need to compare the details on the report with personal financial records can make it difficult for people to feel confident about whether certain information is accurate.
Even when they know that certain details are incorrect, they may not be sure how to prove the inaccuracy. A lawyer can review a credit report and other financial records to establish which details are inaccurate. They can then help gather the necessary documentation to prove that certain entries on the credit report are inaccurate and correct those mistakes.
2. Communicating with the credit bureaus
Dealing with TransUnion, Equifax or Experian can be a challenge. Each of the major credit reporting companies has its own policies and practices. Trying to deal with the red tape of correcting their internal records can be very frustrating for busy adults with careers and families.
Lawyers who handle credit reporting issues can take responsibility for communicating with the credit bureaus to quickly and effectively remove inaccurate information. Their knowledge of the system can streamline the process of updating an inaccurate credit report.
3. Negotiating with creditors
Occasionally, there may be discrepancies in the financial records that an individual has versus internal records maintained by a creditor. Other times, there could be accounts sent to collections or recorded as being in bad standing because of inaccurate information. Lawyers representing consumers with inaccurate credit reports can handle the process of communicating with creditors to correct their internal records.
Instead of giving up on the pursuit of career advancement or accepting substandard lending terms, individuals may need to prepare to take assertive action so that they can correct mistakes on their credit reports. Having the right assistance during the error-correcting process can help people obtain the best outcome.