Credit reporting lawyers can help consumers fix errors on their credit reports. Identity theft, unpaid debts, civil court judgments, liens, and criminal records can cause errors.
A credit report attorney can negotiate substantial settlements for harmed consumers who are owed compensation to make them whole again. This includes compensation for lost employment opportunities, missed rental payments, and mortgage approvals.
Dispute the Inaccuracies
Inaccurate information on a credit report can originate with creditors and agencies that compile and sell that data. Having a consumer protection lawyer on your side is essential to dispute those errors and win compensation if you are harmed.
Your credit reporting lawyer will help you send a credit dispute letter to the agency that compiled your inaccurate report and the creditor that reported that erroneous information. The law requires that the disputed item be corrected or removed from your report within 30 days.
Suppose the credit bureau does not correct the disputed information, and you have been harmed. In that case, federal law empowers you to sue it for punitive damages, statutory damages, and reasonable attorney fees. A consumer protection lawyer can also help you pursue these remedies. To schedule your initial consultation, visit website. It’s free and confidential.
Identify the Source of the Problem
Many people don’t realize they have been victimized by identity theft until they apply for a loan or another event exposes the damage. Criminals who steal your identity may also commit fraud on your credit cards or bank accounts, and their actions can result in negative information appearing on your credit report.
If you are a victim of fraud, contact the companies and credit bureaus that have inaccurate information about you immediately. You must provide a police report, an identity theft affidavit, and other supporting documentation to the credit reporting companies.
You should also contact any company where a criminal used your identity to open an account and request they close the fraudulent account. You should also change your logins, passwords, and PINs for all of your accounts. Place a fraud alert with the three credit bureaus, requiring businesses to verify your identity before granting new credit. It can also limit your liability for fraudulent charges on existing accounts.
Negotiate with the Creditors
Credit reporting lawyers can use their legal skills and advocacy to work with creditors and CRAs to diminish or eliminate negative information on your credit report legally. This is based on the laws dealing with consumer protection, debt collection practices, and disputing entries based on alleged identity theft.
After identity theft, the first step in restoring your credit is getting in touch with the businesses where the fraud happened and freezing or closing any accounts the thieves opened with your personal information. Also, change those accounts’ login information, passwords, and security features.
Next, call the credit bureaus and dispute any fraudulent charges on your account. The law requires them to investigate and remove the charges if they are found to be fraudulent. Finally, check the public record to find out what liens and judgments criminals have filed using your identity.
Take Legal Action
Often, thieves will open new credit cards in your name to use fraudulently. This can significantly reduce your length of credit history, a key factor lenders look at to determine your ability to pay back debt. Criminals may also change your account information to steal recurring payments you make on bills and loans. This can also lower your credit score as it causes a negative mark on your record.
The first step in repairing your credit after identity theft is to dispute the errors with all three credit reporting agencies. Send the agencies a letter with your ID theft affidavit and ask them to remove any accounts opened or charged in your name.