Do you have an incorrect credit report?

On Behalf of | May 19, 2020 | Consumer Protection |

Many Milwaukee area residents keep a close eye on their credit report. Even if a person doesn’t pay attention, their credit rating is important when it comes to buying a house or car. When something unexpected occurs on their credit report it can cost a person their dream house, a vehicle, or anything else that requires a credit check. If a person discovers incorrect information on their credit report in Wisconsin, what are their options?

An incorrect credit report can be a really serious issue for a person. A person’s credit is used in so many things these days including applying for a loan, a mortgage, apartment, and other financial matters. If a person finds out that there is an error on their credit report, they need to contact the reporting agency and let them know of the error. The consumer may have to contact the creditor to confirm the debt is paid off and provide evidence of that to the reporting agency. The agency must reinvestigate a person’s case to correct their file. If an agency does not agree to fix a person’s report then a person should submit a summary of what they believe is wrong with their report in 100 words or less. The summary will be included in a person’s report when it is sent to creditors and those who received a copy of the report within the past 60 days.

An attorney who specializes in consumer protection can also help their client fix problems on their credit report. An attorney can help their client by contacting the credit reporting agency on their behalf. They can also contact the lending association with the documentation to prove their mistake. If necessary, an attorney can also contact the Consumer Financial Protection Bureau and file a complaint. As a final option, an attorney can file a lawsuit against the reporting agency if they fail to act.

A person’s credit report is extremely important resource. When a person needs to purchase a large item, their credit needs to be good. When there are errors on a credit report, a Wisconsin resident does have options.