Credit reporting is big business. Creditors report to credit bureaus whether you pay your account on time, pay late or make no payment. Other entities, such as the IRS and courts, also report to credit bureaus about tax issues and legal matters (bankruptcy, judgments, liens).
Credit bureaus then place all this information in your personal credit file – where it is OPEN for CREDITORS, EMPLOYERS, and INSURERS to review when deciding whether to loan you money, offer you credit, offer you a job or offer insurance coverage. Understanding the far reaching implications that this highly sensitive information can have on your life, one would assume the credit reporting system is extremely technical, efficient and involves numerous system checks and balances to ensure accuracy. Unfortunately, that is not the case.
Recent studies indicate that approximately 80% of all credit reports contain errors.
YOU have the primary responsibility for reviewing your report for accuracy, having errors corrected and generally enforcing your rights under State and Federal laws.
When you are dealing with complex credit issues, like post-bankruptcy credit reporting or identity theft, please give us a call. Additionally, where you have made repeated disputes and the credit agencies and creditors will not correct your report, your next step may be litigation. We can help.
Federal law gives you the right to know what is contained in your credit file. Additionally, you have a right to ensure that any incorrect, inaccurate and/or out-dated information be deleted from your report. If you are interested in conducting your own credit repair there are a number of resources available on the internet that are instructive. Our suggestion is that you seek out information provided by governmental sponsored entities first as your main resource. If you still have questions, please feel free to contact us.