Is your Credit Report Accurate?
Often when I ask this question people get defensive, and make comments like “I pay my bills.”
That’s not what I’m asking. Do you know that your credit report accurately reflects the fact that you pay your bills? Are you sure that your report is free from stale or outdated information? The statute of limitations is 7 ½ years from date of first delinquency that lead to default.
Are you sure that there are not creditors (also known as furnishers) who are intentionally reporting inaccurate information on your credit report? Are you certain that you are not the victim of identity theft?
Merged Files: A merged file is where otherwise accurate information is in the wrong place. Let’s say you have a common name like Bob Smith. You pay your bills. You should have good credit. There’s another Bob Smith out there who is delinquent on one or more accounts and his delinquencies are showing up on your credit report.
REAL WORLD EXAMPLE: I once did a Chapter 7 Bankruptcy for a client. He shared the same first and last name as his son, who also lived with him at the same address. The son worked for a bank and applied for a loan from his employer. Imagine his embarrassment when his supervisor told him he was being declined for the loan because he was currently in a bankruptcy. When I looked at his credit report sure enough it reflected the case number for his dad’s bankruptcy. This my friends is a merged file. One dispute letter on my letter head solved this problem without the need for litigation.
Would you rather find these things out now rather than when you have located the home of your dreams, or are trying to secure financing to buy a car?
How to Check Your Credit Report
Go straight to www.annualcreditreport.com and input your information.
This is a website set up through requirement by the government, and its purpose is to give you annual access to your three different credit reports, so that you can monitor your credit as often as every four months.
Download your report and check it for accuracy regarding home loans, car leases, credit cards, and the like. In this blog, I’ll be coaching you and everyone else west of Tarrant county on credit pulls, which should appear toward the bottom of the report.
However, if anything looks out of place on your credit report. Act at once! I have other information on correcting this info.
Credit Pulls
There are two kinds of credit pulls, and one of these two types is the leading cause of mistaken credit score lowering, for Weatherford, Aledo, and Mineral Wells.
1. The “Soft” Pull - NOT DAMAGING
Most companies can purchase access to your basic credit information, and when they do so, they perform what’s called a soft pull. This is where those annoying PRE-APPROVED offers come from in the mail.
You don’t need to worry about these. Although, if you read the fine print on that junk mail, there is a way to stop them.
2. The “Hard” Pull - POTENTIALLY DAMAGING
OK, this is where you need to pay attention, Weatherford.
As you’re reviewing the hard pulls, look for anything out of the ordinary. There are going to be plenty of these that are legitimate, especially if you’ve moved recently or financed a major purchase.
But there may be something that you didn’t sign up for. This is something that we at James Foley PLLC see all the time, especially with car companies!
If you see a hard pull, let’s say, for JOHN’S USED CARS, but you never negotiated with John to buy a car, that could be an unauthorized pull. The same can be true for utility services, credit cards, and more.
Let’s make it right, and give your credit score a true bump in the process.
FCRA (Fair Credit Reporting Act) Attorney Weatherford
Either you or I will begin the process by disputing the pull with the credit agency. (If you do this, use my free template. And if I do this for you, I’ll work for the price of postage.)
Under the Fair Credit Reporting Act, you’re due a correction on your credit report, with a proper dispute. However, even with a proper dispute, the credit reporting agencies that issued your credit report may not fix it. That’s where I’ve got your back.
Whether you’re in Weatherford, Brock Junction, Annetta, Cool, or Peaster, I’ll fight for your right to a fair credit score. If we’re successful, you’ll see a true bump on your credit score.
Moreover, you may be owed monetary damages for your trouble, and their potential breaking of the law. There’s no reason not to get a little bonus for doing good work to raise your credit score, right?
If everyone in our country took the time to hold businesses and credit reporting agencies accountable, we’d all be a lot safer. Until then, it’s up to you to stand up to them. And soon, maybe more will join us.