Consumer Law Center of Maryland
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Watch Out for Errors on Your Credit Report

Credit Report document

The information and score reflected on your credit report can have a major effect on nearly every aspect of your life, ranging from qualifying or disqualifying you for a line of credit, to determining whether a potential employer offers you a job, to whether you get the apartment you want. The accuracy of your credit score is especially important if you are having or have had trouble in the past with creditworthiness, such as after you complete the bankruptcy process.

Common errors on credit reports

Despite how important it is that credit reports be accurate, the Consumer Financial Protection Bureau reports that it received over 40,000 complaints from individuals who found errors on their credit reports in 2016 alone. Keep an eye on your credit report so that you catch these commonly-caught errors:

  1. Wrong person: Accounts which belong to another person, either with the same or a similar name, often show up on credit reports by mistake. Additionally, family members’ negative accounts may also show up on your credit reports.
  2. Outdated account balances: Some individuals find that, after they have already completed the bankruptcy process and eliminated certain debts, or have paid down an account balance outright, that account still appears as being unpaid on their credit report.
  3. Errors in data management: Some account balances may appear multiple times on a credit report, or, after a balance has been paid, will be reapplied by accident in subsequent reports.

What you can do about credit report errors

Errors on your credit report can harm your ability to get the credit you need or rebound after a financial setback. It’s important to keep a careful eye on your credit report in order to track changes, good or bad, and catch mistakes as soon as possible. Once a year, you’re entitled to a free copy of your credit report from each of the three major reporting agencies (Equifax, Transunion, and Experian). Make sure you take advantage of this offer. If you notice a mistake, you can contact the reporting agency directly, or contact the lending agency attached to the account. You may need to formally dispute the error. A Maryland bankruptcy attorney can assist you in disputing errors on your report and help you find a workable solution for getting out of oppressive consumer debt.

If you’re in need of assistance with crushing credit card or medical debt, get help finding a way forward by contacting a compassionate and effective Maryland consumer law attorney at Haeger Law for a consultation, in Germantown at 888-463-3520.