Q. Creditors are reporting that there is a bankruptcy on my credit report. Though my credit rating is low, I’ve never filed for bankruptcy. What steps do I need to take to get this corrected?— StumpedA. Credit report errors are not uncommon, but this one is a whopper.It’s one thing to find a name misspelled, but serious items like phantom bankruptcies need to be corrected.According to the federal Fair Credit Reporting Act (FCRA), both the credit reporting agency and the organization that provided the information are responsible for correcting inaccuracies in credit reports, said Deva Panambur, a certified financial planner with Sarsi, LLC in West New York. and adjunct professor of personal finance at Montclair State University. However, the consumer is often the one who needs to initiate the process.First, contact the credit report agency to alert them of the error, Panambur said.You can do this online or by sending a letter. Here's how to contact the credit … [Read more...] about My credit report shows a bankruptcy I never filed. What do I do?
Correct error on credit report
Susan Tompor Detroit Free Press Published 8:04 AM EDT May 15, 2019 The Equifax data breach came to light back in September 2017 — and consumers are still fuming. Complaints about credit reporting, credit repair services and issues such as errors on individual consumer credit reports, made up 43% of all the complaints made to the Consumer Financial Protection Bureau, according to an analysis by the U.S. PIRG Education Fund. That's up from 23% of total complaints back in 2016, before the Equifax breach. The analysis looked at data from 2011, when the CFPB began collecting complaints, to Jan. 14, which is when PIRG downloaded the data to review. CFPB, a federal consumer watchdog agency, published a record 257,000 consumer complaints in 2018 — including all complaints, according to the PIRG analysis. That brings the total complaints to nearly 1.2 million in seven years. Complaints might include issues with a payday lender who won't stop … [Read more...] about Equifax data breach still causing problems for credit reports
More than a million young people have been refused credit more than five times, figures from uSwitch show. Overall, one person in three has been told “no” when asking for credit, but a bad credit score can affect so much more than just getting a loan . Worse, some 15 million people have never even looked at their credit report – the tool lenders use when deciding whether or not to lend money to you. And it's not just lenders. Landlords, potential employers, mobile phone companies, insurers, energy companies and more all look at your credit report before deciding to accept or refuse you. But what exactly are they, what's in them, who uses them, what for and how can you check yours to get a better chance of being accepted – we explain all. poll loading Have you ever been turned down for credit? 500+ VOTES SO FAR YES NO What is a credit report? A credit report is a record of all your borrowing, current accounts and a lot of other financial and public record … [Read more...] about Credit reports: How to check yours free, what’s in them and what do they affect
Errors on credit reports are so common, they’re the number one complaint on the Consumer Financial Protection Bureau’s website, according to a 2017 analysis by LendEU, a student loan refinancing company. And though you may just think of them as a nuisance, these errors can have serious consequences in your financial life. One example: More than 70 percent of people denied a mortgage are turned down because of poor credit, according to a recent study by Lexington Law, and those low scores are often the result of an error on someone’s report. According to the Federal Reserve Bank of New York, just nine percent of mortgages were issued to borrowers with subprime credit scores in the second quarter of 2017. In other words, if errors on your report are dragging down your score, good luck getting approved for a mortgage. But there are ways to remove negative marks, as inconvenient as they are. Check the age Most negative information will stay on your credit report for … [Read more...] about How to Get Rid of Bad Marks on Your Credit Report
Jimmie E. Gates Mississippi Clarion Ledger Published 2:07 PM EST Jan 4, 2019 Equifax, in duplicating two delinquent bills on a credit report, is making a Byram woman look like a deadbeat debtor, a lawsuit filed Thursday against the credit reporting giant says. Attorney Curtis Hussey of Fairhope, Alabama, filed the lawsuit in federal court in Jackson on behalf of Cynthia Walker of Byram. The suit asks U.S. District Judge Carlton Reeves to declare that Equifax Information Service's actions violate the Federal Credit Reporting Act. Walker's suit says Equifax has four negative trade lines on her report for the same two delinquent payments and that the company "failed to conduct a reasonable investigation into plaintiff’s dispute and failed to maintain reasonable procedures to prevent duplicate accounts from repeatedly hurting the credit scores of consumers." It's the second lawsuit filed against Equifax by a Mississippi resident in two months. In November, … [Read more...] about Byram woman sues Equifax over credit report