Checking your credit report doesn’t have to be a chore, Arlington! You could find a gold nugget in doing so.
While scanning a credit report might not be as entertaining as an afternoon at WinStar, you may be saving yourself a jackpot-caliber amount of money. Start by requesting one of the three reports from www.annualcreditreport.com, and scan for anything that looks suspicious.
While choosing the right report depends on your last credit report check, I would suggest starting with Equifax, as they’ll be most likely to have something concerning, since they allowed information to be stolen by hackers two years ago.
In this blog, I’ll be talking about hard and soft credit pulls, the most common type of fraudulent activity that can happen right under your nose. However, if you find anything suspicious at all, give me a call and we’ll discuss next steps.
TYPES OF CREDIT PULLS
There are two sections at the bottom of a credit report: hard and soft credit pulls.
A “pull” occurs when a company requests information about you, and downloads it from the record.
Your list of soft credit pulls are probably long, and full of companies with names like HONDA and CHASE BANK. While these pulls lead to spam mail, they don’t lead to any negative credit results. They cannot affect your credit score, because you did not take action to allow them to occur.
However, what will harm your credit score are “hard” credit pulls. These are checks of credit performed when you give permission to someone to perform a check. They indicate that you are preparing to borrow, rent, or begin a new job.
Hard pulls aren’t fraudulent in and of themselves, but they are the most common place to find fraudulent entries.
CHECK THOSE HARD PULLS
The average list of hard pulls includes entries from the following:
**A credit card company that reviewed your application for a new travel card.
**An apartment company who judged your application for a new lease.
**An employer who checked your credit as part of a background check when you joined the company.
If these entries appear, and you recall each event, they’re credible. However, if you see a hard pull from a utility company, or you see a duplicate pull from a credit card you currently own, or if you find a pull from a debt that has been resolved previously, you may be victim to fraud.
You have rights, and I will fight for them. Like many others across Arlington, Irving, and Grand Prairie, call me and take advantage of a free consultation so we can tackle this pervasive problem.
YOU MENTION A GOLD NUGGET
While every case has its individual qualities, many more consumers are eligible to receive compensation than take advantage of their legal right.
Like many large companies, credit reporting agencies have found it costly and time consuming to perform proper oversight. As a result, they choose not to in many cases, putting themselves at legal risk. But if no one knows their rights, no one will sue, and the practice will go unnoticed.
Well it’s time to wake up and force them to do their jobs, as required by Congress’s Fair Credit Reporting Act.
WHERE TO START
Dispute the fraudulent credit report by mail, and secure certified mail with a return receipt. I’m even happy to do this for you, only at the price of postage.
If you are the victim of an unauthorized credit pull you may be entitled to sue under the fair credit reporting act, especially if your mailed dispute goes ignored or the fraud goes uncorrected. If successful you could collect statutory damages of up to $1,000.00, actual and punitive damages, as well as attorney fees and costs.
Call me from your side of town, or visit my Fort Worth offices for a free consultation, to determine the potential of your case. I serve clients all over Tarrant County, including Arlington, Grapevine, Grand Prairie, Irving, and around the DFW airport.
If every citizen did their duty to stand up for their rights, this might not be such a pervasive problem. Unfortunately, most citizens aren’t aware of their rights are being violated, so spread the word.
James Foley PLLC, at your service.