Credit Reporting Attorneys

Consulting with a Credit Report Lawyer is the Best Way to Correct Inaccuracies in Your Credit Report and Defend Your Rights

Attorneys who handle cases involving credit reporting inaccuracies fall into an area of the law known as consumer or consumer protection law. Consumer law is a field that is crucial to safeguarding consumers’ rights against credit reporting agencies, credit card companies, and debt collectors.

How Credit Reports Are Prepared

The three largest and most commonly used credit reporting agencies (also known as credit bureaus) are Experian, TransUnion, and Equifax. These credit reporting agencies collect and compile consumer data and report information about consumers to potential creditors, employers, landlords, and other entities. The companies who provide account information such as credit card and loan payment information to the credit reporting agencies are known as data furnishers.

Because the three major credit reporting agencies report credit information on hundreds of millions of Americans, it is not uncommon for mistakes and inaccuracies to appear on consumers’ credit reports due to the sheer volume of information reported by these companies each and every day.  For example, a simple input error made by a bank while updating an account could result in false information being provided to credit bureaus.  These errors, however, can be detrimental to the credit reputations of consumers like you, as inaccurate information can cause your credit score to decrease and result in credit denials, higher interest rates, and reduced credit limits.

When a credit reporting agency reports false or inaccurate information about a consumer’s credit, that credit reporting agency may be violating the Fair Credit Reporting Act (FCRA). The FCRA is a federal statute that places certain standards and requirements on credit reporting agencies and data furnishers and, among other things, requires that these entities report accurate information about consumers’ credit. Unfortunately, most Americans are unaware of the FCRA and that they may be entitled to financial compensation from credit bureaus and data furnishers who report false or inaccurate credit information about them.

When credit reporting errors arise, FCRA lawyers can assist. Every day, consumers like you lose out on job and financial opportunities as a result of credit errors that appear on their credit reports. Indeed, according to a Consumer Reports study, over one-third of Americans have errors on their credit reports. This is a staggering number of consumers, many of whom are unaware of errors on their credit reports.

Failure to address credit reporting errors can result in credit denials, job and apartment denials, and higher interest rates. If you believe there are errors on your credit report, speak with a lawyer to discuss your options under the FCRA.

What Credit Reporting Attorneys Do

In essence, credit reporting lawyers fight credit bureaus to restore your good credit by doing a number of important things to help protect consumers who are negatively impacted by inaccurate, misleading, or false information in a credit report.

1. They are aware of the law. Both federal and state governments have strict regulations governing the consumer credit industry. Credit report lawyers are familiar with the nuances of the law, the kinds of traps that consumers run into when they dispute with consumer agencies, how to protect consumers’ rights, and how to hold data furnishers and credit bureaus responsible.  
2. They offer direction and legal advice. A consumer seeking to challenge inaccurate credit reporting can be assisted by a credit report lawyer. Unfortunately, the dispute process can be tedious and frustrating. Experienced credit reporting attorneys can help you navigate this process with confidence.
3. Sue for infractions on credit bureau reports. It may become necessary to file a lawsuit against consumer reporting agencies when credit report errors and disputes are not readily, swiftly, or satisfactorily resolved. You won’t have to wonder if and when this is necessary if your case is being handled by a credit report dispute lawyer. They will be able to determine when it is appropriate to file a lawsuit against credit bureaus due to unlawful credit reporting. A seasoned credit lawyer will fight for you in court and ensure that your damages are recovered.
4. They negotiate settlements for credit reporting errors. Legal knowledge and practical experience make a potent combination. Knowing how to handle credit bureaus, data furnishers, and other entities that generate and report false credit report information is key to negotiating settlements. Every day, credit report attorneys negotiate settlements on behalf of clients.

When Do I Need a Lawyer for Credit Reports?

As soon as you discover that your credit report contains erroneous, deceptive, or false information, you should contact a consumer lawyer. 

Inaccuracies in Credit Reports Our Attorneys Can Assist With

Numerous data sources from entities such as credit card companies, banks, lenders, auto financers, mortgage companies, courts (both civil and criminal), etc., are combined to create a consumer credit report. Errors can occur in a number of ways during the collection, examination, and reporting of specific customer data.

Fortunately, our attorneys at Raburn Kaufman are knowledgeable about the Fair Credit Reporting Act and can advise you on how to protect your rights in situations involving inaccurate credit reporting. If you are dealing with a potential FCRA case, chances are good that we have dealt with something very similar to it or exactly the same. Among the numerous credit reporting mistakes we litigate are the following:

Identity Theft: Unauthorized and fraudulent accounts and transactions serve as a marker for this. If this crime has affected you, we can assist with your financial recovery.

Inaccurate information errors: There are cases where an account is correctly recorded for a certain person, but the information is presented in such a way as to seriously harm the consumer’s creditworthiness. For example, we have dealt with situations where a credit report correctly shows that an account was created in the name of the customer but fails to make it obvious that the account has been paid off. This can affect a consumer’s credit score because it can suggest that the consumer is past due on an account that is not owing.

Input errors: These mistakes happen when a service provider, data furnisher, CRA, or other organization enters dates, names, birthdates, account numbers, social security numbers, and other information incorrectly.

Mixed files: Mixed files occur when one consumer’s credit information is erroneously reported on another consumer’s credit file. This may occur when two consumers have similar names, dates of birth, addresses, or social security numbers.

Deceased designations: A startlingly high number of individuals discover that their credit report lists them as deceased. There might be immediate and serious repercussions if your credit record erroneously contains a deceased indicator.

What You Should Know Before Contacting a Credit Reporting Attorney

Essentially, all you need to know is that a credit bureau is reporting a mistake. An experienced credit report lawyer can counsel you on what to do next.

If you have already obtained copies of your credit report from each of the three major credit reporting agencies (Experian, Equifax, and TransUnion) through AnnualCreditReport.com, thoroughly examine each report item by item and make thorough notes on any and all inaccurate information. Then, compile whatever evidence and documents you have to back up your claims.

For example, if your credit report mistakenly indicates that you owe money on an account that was paid off five years ago, get documentation proving the account was paid off in full and has no balance. Having supporting paperwork before consulting with an attorney is not required, but it will undoubtedly be helpful during your case evaluation. 

Is It Possible to Resolve a Credit Report Issue Without Counsel?

It is possible, but certainly not recommended. 

Taking on this challenge without the assistance of legal counsel from credit report attorneys raises three main concerns:

1. Credit reporting lawyers are highly experienced and know the ins and outs of the FCRA. The FCRA is a complex area of the law. Your legal rights in inaccurate credit reporting situations are further complicated by applicable state and case law. A seasoned consumer attorney will be able to guide you through the complexities of the FCRA.
2. A credit reporting attorney is able to file a lawsuit on your behalf when the credit bureaus, data furnishers, or other entities fail to correct or remove inaccurate credit information. You could be entitled to financial compensation for your damages resulting from the inaccurate credit reporting, and a credit reporting attorney is equipped to negotiate a favorable settlement on your behalf.
3. An attorney for credit report errors has seen it all. When looking into these disputes, the CRAs and data furnishers have little to no incentive to be precise, in-depth, or prompt. Lawyers who have assisted thousands of clients in similar circumstances are well-versed in what to anticipate and how to effectively pressure data furnishers and CRAs to abide by the law.

If you believe errors or inaccuracies are being reported on your credit report, reach out to Raburn Kaufman today to schedule your free case evaluation at 877-662-2455 or info@raburnkaufman.com. Our experienced consumer attorneys are prepared to fight to protect your rights as a consumer in court. If we don’t win, you don’t pay!