Why Credit Bureaus Get It Wrong
And what you can do about it
Finding an error on your credit report can be frustrating — and not just because you want a credit score that’s a few points higher or because you simply want it noted that you DID pay that account on time. Errors on your credit report can have real consequences when you try to get a mortgage or rent an apartment or buy car.
In short, major financial transactions can be significantly impacted by a mistake on your credit report. Further, absent enforcement by regulatory bodies, there is little incentive for the credit reporting agencies (Experian, Equifax, and TransUnion) to get things right.
That’s why it’s encouraging to see the Consumer Financial Protection Bureau (CFPB) beginning to take action to ensure credit reporting agencies follow the Fair Credit Reporting Act (FCRA).
The consumer protection attorneys at Finn Law Group offer more information on what you need to know when disputing an error on your credit report.
