San Diego Financial Attorneys Giving You the Representation You Need for Credit Report Errors

Everyone wants to be seen as reliable and financially responsible. Being able to get and maintain a job, buy a vehicle, and own a home or rent an apartment are seen as markers of success in America. One of the ways in which we can demonstrate reliability and responsibility is through our credit scores. Businesses, banks, and landlords use credit scores to help determine if a person is responsible enough to be trusted with loans, ownership of a vehicle, or tenancy in a home.

Sometimes, our credit reports can contain errors. Errors can happen for a number of reasons from the benign to the malicious. No matter how an error ends up on a report, it can have a negative impact.

How is My Credit Score Determined?

Credit agencies monitor a number of factors to determine your credit score. These factors include:

• How Much Debt You Have
• How Long You’ve Had Debt
• If You’ve Ever Been Late on Debt Payments
• If There is a Pattern of Late Payments
• The Number of Accounts Your Debt is Spread Over

These factors also include your history as a home renter and vehicle owner if you took out a loan to pay for your automobile. Credit agencies then use this information to compile what is called a FICO score. This is a three digit number that determines your credit. The score ranges between 300-850. A score of 700 or more is considered ideal. Anyone with a score below 620 is generally considered financially unreliable and will have difficulty obtaining loans or being able to rent or buy a home or apartment.

What Are Some Errors that Can Appear on my Credit Score?

Many factors are taken into account when considering a credit score. Because of this, there are many opportunities for errors to appear. Errors can include:

• That You Have a History of Late Payments or Non-Payment
• That You Have More Open Accounts than You Really Do
• That You Are Deeper in Debt Than You Really Are
• That You Broke a Lease or Damaged a Rental Property
• That You Defaulted on Student Loan Debt

These are only a few of the errors that can appear on a credit report. Errors can appear for any number of reasons. Say for example you recently paid off a car loan and now fully own the vehicle. The right paperwork may not have been processed by the loan holder, so your credit report may show you still being in debt on a vehicle. You may also have recently closed a credit card account that might still show up as active. Another reason for an error showing up may be that your payments are not being processed correctly by your bank or a credit card.

Another example of malicious intent negatively impacting your credit score is identity theft. This is when someone obtains key information about you such as your birthdate and social security number and uses it to commit financial fraud. This could include using your name to open up new credit cards, buy or lease a vehicle, or purchase property. Often, when someone commits identity theft, they use the information to rack up a high level of debt in someone else’s name. The thief has no intention of paying back any of this money. As a result, it could appear on your credit report that you have been accruing debt irresponsibly and not making payments.

What Steps Should I Take if I Find Errors On My Credit Report?

There are several protections in place to make sure credit scores are accurate and don’t contain misleading information. If you find errors on your credit report and believe they are the result of identity theft, you can contact the Federal Trade Commission and file a report. Identity theft is considered a serious crime and the FTC will open a criminal investigation. During the investigation you may be able to have a fraud notice put on your credit score. This will notify anyone reviewing it that there has been suspicious activity on the account. This does not improve your credit score or automatically remove the negative information.

If you believe the errors are not the result of criminal activity, you can file a complaint with the appropriate credit agency. Filing a complaint will begin an investigation into the errors on your report. This investigation can take about a month. The reporting agency may not find in your favor and decide the information isn’t erroneous. In this event you have to escalate your case. The process of having an error on your credit report removed or corrected can be incredibly time consuming. Meanwhile it will continue to show up on your report. This could negatively impact your ability to buy or rent a home or obtain a vehicle while you are having the error corrected.

If you or a loved one have found errors on your credit report, contact the attorneys at Khosroabadi & Hill, APC today. We’re located at 3550 Camino Del Rio N #303, San Diego, CA 92108, three miles South of Montgomery Gibbs Executive Airport and one mile North of the San Diego Community College District building. Our attorneys are highly experienced in financial law and in correcting errors to credit reports. We understand the importance of a good credit report and how harmful inaccurate information can be. We approach every case with care and compassion. We’ll handle the stressful process of working with the credit bureau for you.

If you or a loved one are being negatively impacted by errors on your credit reports, don’t hesitate to call Khosroabadi & Hill, APC today at 858-240-2093 or email us for a free consultation. We’ll give you the peace of mind you deserve.