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If the information on your credit report is inaccurate, incomplete, or misleading, contacting the creditor directly does not necessarily help you to resolve the inaccuracy. Creditors can ignore your letters disputing the account because they face no threat of a lawsuit unless you follow the correct procedure. If they ignore your letters, you could have significant problems obtaining financing for a home, car, credit card, or other financial necessities.
Our firm recently settled a case for $77,500.00 in which a credit bureau and two furnishers of credit information failed to correct inaccurate credit information despite repeated requests by our client.
An inaccurate credit report can quickly destabilize many aspects of your life. These mistakes could mean higher interest rates on loans or even mortgage denials. The Fair Credit Reporting Act (FCRA) aims to promote consumer information’s accuracy, fairness, and privacy. The legislation requires credit reporting agencies to adhere to specific procedures when addressing credit report inaccuracies.
To reinsert credit information on your report, the reporting agency must first verify the information through an investigation. After authenticating the claims and reinserting the information, the reporting agency must send you a written notice within five business days. The notice should affirm the report update and provide contact information for the company that furnished the information.
The FCRA stipulates the only way to file a lawsuit is to first dispute the claim with a consumer reporting agency such as Equifax, TransUnion, or Experian. You can dispute a claim online through their websites. Still, online disputes do not allow you to explain the problem thoroughly, nor do they generally allow you to submit documentation. Keep copies of whatever you submit, even if it’s the online form.
Next, the consumer reporting agency will inform the creditor who reported the debt of your dispute. That creditor must investigate the dispute reasonably and report any inaccuracies. The credit reporters will then provide you with information regarding the investigation, and hopefully, they will correct the inaccuracy. If they fail to fix the problem, then you can file a claim against the creditor.
If you believe your credit report dispute was mishandled, we may be able to help. Our firm handles FCRA cases on a contingency basis, meaning you don’t owe attorneys fees unless we recover compensation. Maginnis Howard handles FCRA cases across North Carolina.
At Maginnis Howard, we are committed to protecting the rights of individuals affected by data breaches. Our team of experienced consumer law attorneys can provide you with the legal support you need to navigate the aftermath of an inaccurate credit report. Contact us for a consultation to discuss your case and learn more about how we can assist you. We represent clients across North and South Carolina from our offices in Raleigh, Charlotte, and Fayetteville.
