If incorrect information on your credit report has damaged your financial reputation, you may be able to sue a creditor or credit reporting agency for the mistake and the damages you’ve suffered. A study by the Federal Trade Commission (FTC) reports that one in five Americans have an error on their credit report.
In many cases, these mistakes can negatively impact a consumer’s credit score and their ability to secure financing like a mortgage or personal loan. If you’ve been affected by errors on your credit report, read on to discover whether you have a right to sue for your troubles.
Common Credit Report Errors
The big three credit bureaus, Equifax, Experian, and TransUnion, rely on information in their database to provide consumers with a credit report—a comprehensive overview of their creditworthiness. From identity theft to incorrect information reported to the credit bureaus, human or clerical errors, and more, there can be many causes of credit report mistakes. Some possible inconsistencies on your credit report include:
- Accounts or debts that don’t belong to you
- Doubled credit report entries
- Improperly reported accounts
- Incorrect deceased indicator (when a credit bureau marks you as dead)
- Misreporting (by the credit bureaus) of public records like civil judgments or tax liens
- Reporting on a disputed loan
Regardless of the cause of the mistake on your credit report, any error can have a serious impact on your financial health. It’s critical to reach out to experienced credit dispute attorneys, like the team at Boss Law, to deal with the credit bureaus and fix the error and pursue a claim in court, when applicable.
Reasons for Litigation
Consumers are protected under the Fair Credit Reporting Act (FCRA) when credit reporting agencies continue to provide false information after a person attempts to correct the error(s) on their credit report. In some cases, the consumer can sue both the creditor or credit reporting agencies involved with the error, but it’s often easier to bring a claim against the reporting agencies. Here are some of the common situations that may qualify you for compensation under the Fair Credit Reporting Act:
- You’re unable to secure a mortgage or a loan, like an auto or personal loan.
- You’ve suffered homelessness or can’t secure stable housing.
- You’ve experienced rate increases or inflated insurance premiums or other lines of credit.
- You’re unable to open new lines of credit.
Are You Entitled to Compensation for Errors on Your Credit Report?
Any error on your credit report can have significant implications for your financial future. Whether you’ve been denied housing, lines of credit, or a mortgage—or you’ve experienced any other problems due to mistakes on your credit report—you may be entitled to financial compensation.
The team of credit dispute attorneys at Boss Law is ready to help you determine if you have a claim and pursue it in court so that you can get the compensation you deserve. Call us today at (727) 877-3188 to start the process with a free consultation.