Consumers today have many reasons to dispute items on credit report. There are many things that can negatively affect consumers’ credit report, such as:
- Crooked people who like to prey upon consumers’ credit information.
- Wrong or bad information appearing on the consumer’s credit report.
- Businesses or creditors that pull your credit without consumer’s authorization.
Whenever detrimental events like these occur, it increases the chance of your credit score being lowered and jeopardizing the chances of you getting a loan or job. Read on to learn about each of the reasons for disputing your credit report and why it’s important to do so.
Victim of Identity Fraud
A victim of identity fraud is someone who had a piece of their personal information stolen and had it used for malicious reasons. For example, an identity thief might have stolen your Social Security Number (SSN) to open an account in your name. The thief can start borrowing money with your name without you knowing.
Once the thief acquires a crucial piece of information from you, they can cause heavy damages to your finances and credit. There are numerous other ways that identity fraud can occur.
To save yourself the trouble of dealing with this kind of issue, make sure to check your credit report occasionally to see if there is anything suspicious. If you have been attacked by an identity thief, dispute the fraudulent activities in your credit report immediately so they won’t affect your credit score.
Wrong Information on Credit Report
Sometimes, people with same or similar names may see wrong information on their credit report. When a lender checks your credit report to see if how much of a risk you are, they may see someone else’s report that unfairly represents your credit. Or the address could be mismatched and may cause your rates to increase.
Whatever the issue is, your credit report should represent who you are. If you see anything out of the ordinary, check your credit report to see if there’s anything that seems off. Dispute the mixed information with your credit reporting agencies to get them sorted out.
Unauthorized Credit Inquiry
Whenever someone pulls your credit without your permission, it is considered an unauthorized credit inquiry. An unauthorized credit inquiry usually harms the consumer’s credit score because it’s hinting that the consumer managing his credit poorly.
This is why organizations and companies must receive your authorization before making a hard pull on your credit. However, some go ahead and do it anyway, which is a violation of the Fair Credit Reporting Act (FCRA).
If you do see some credit inquiries that you have not given permission for, dispute the item immediately. It may hurt your credit score and the possibility of you getting a loan or renting an apartment in the future.
Disputing Your Credit Report For Inaccurate Information
Inaccurate information on your credit report can lead to a drop to your credit score and your reputation. It is important that you check your credit report occasionally so nothing false appears on your credit report.
If anything suspicious or damaging appear on your credit report, you can dispute items to fix or remove them. If you would like to talk to an experienced credit dispute lawyer, call (818) 254-8413. The consultation is free!