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Were you denied a home loan because of something on your credit that does not belong to you? First of all, that's terrible. I hope that it doesn't cost you to lose a particular home you wanted to get.
Now, if you want to move forward, you are going to want to consider using the Fair Credit Reporting Act as the way to do this. Removing identity theft from your credit report is simple for you to do and costly for them if they don't listen.
If you only have wrong information on one credit report, then you may want to read this post on why you may have a mixed file or combining two people together instead. If this is the case, you do not need to get a police report, and the importance and value of your case may increased dramatically.
If you have not already, consider going to get a police report at your local police station. For best results, include in the report the account number and name of the creditor that is not yours.
Send this police report to Equifax, Trans Union, and Experian.
Keep a record.
Under the credit reporting law, if you were damaged by the reporting, you can make them pay your damages. So, if you were denied a loan after you told them, then you can force them to compensate you for your damages of not getting the house, the embarrassment of being turned down, humiliation, and other distress if if relates to the credit reporting.
Basics of the Fair Credit Reporting Act:
The credit reporting agencies are required to keep accurate credit files. 15 U.S.C. § 1681i(a)
When a consumer disputes information with a credit reporting agency, the agency must “conduct a reasonable reinvestigation to determine whether the disputed information is inaccurate.” 15 U.S.C. § 1681i(a)(1)(A).
The FCRA requires CRAs and entities that furnish information to CRAs (“furnishers” or “furnishers of information”) to investigate disputed information.
The furnisher of information must: (1) “conduct an investigation with respect to the disputed information”; (2) “review all relevant information provided by the consumer reporting agency” in connection with the dispute; and (3) “report the results of the investigation to the credit reporting agency.” Id. § 1681s-2(b)(1)(A)–(C).
Damage to Credit Score
+100 points off your score
+240 points off your score
We understand at our Law Firm that credit reporting problems are the worst. They can keep you from the job you want and the credit you want.
The law is on your side, but you may need to take certain steps. If you have already attempted to resolve this issue yourself by disputing the inaccuracies on your credit report, please contact our office today. If the incorrect information is still on your credit report after you have notified the proper people, you may be entitled to compensation under the law.
We have experience helping clients fight against the broken Credit Reporting System. If you'd like to reach out please complete the contact form on this page or call me directly at 770-775-0938. Thank you.
Did You Know?
Did you know that one bank alone can make well over $50,000 more in profit off of your mortgage if you have an error on your credit report AND at the exact same time, they are the ones paying the credit reporting agencies tons of money?
Can you now see why the system is broken?
Joseph McClelland is a husband and trial lawyer. Graduate of Loyola University New Orleans School of Law. He currently practices Fair Credit Reporting Act, Telephone Consumer Act, and the Fair Debt Collection Practices Act litigation. Earned the designation of Advocate by the National Institute of Trial Advocacy. Recently quoted by Martha Stewart, Newsday, and Investopedia.