Woman wins Lawsuit against Equifax – awarded $18.6 MILLION

One in four credit reports has incorrect information. Is that one, yours? As the woman in the news video, you may not find out until you are trying to buy something – like a home in the Cedar Rapids Area, and your applications gets rejected. But it isn’t just applying for a home mortgage, but your new employer may look at your credit report or insurance company may be looking at your credit report as well.

How do you find out what is on your credit report?

equifaxGet your Credit Report

The site for the free once per year credit report is https://www.annualcreditreport.com/cra/index .

Earlier, I ran through the process real quick to see how it worked. On the most part, it worked well, only when it came to Equifax the page didn’t want to take me back to go to the 3rd report for TransUnion. I wasn’t too worried as the other two turned out pretty good. But if this happens to you, you will need to get back in, so SAVE your codes and print-outs!

Review your credit report

Once your credit report is printed out – review it. It isn’t the easiest to interpret, but it should list and detail the loans and credit cards you have – even if the credit cards may have a zero balance. Old credit will show you had the account and that it’s paid off or closed.

You will also want to see if the information is current. Many companies don’t report as often as they should, so any corrections don’t show up immediately. Frustrating, especially when you’re going for a home loan and need your report to show the corrections.

Are there any just out and out mistakes on your credit report? Not only check for accounts that are not yours, but misdated account closings.

Correct your Credit Report

If you find mistakes on your credit report, contact the respective credit bureau in writing. According to the National Association of REALTORS®, “If you find any factual mistakes or out-of-date information in any of your credit reports, you should contact the particular credit bureau immediately, in writing, using certified mail with a return receipt requested to show when you sent the letter and when it was received. Under the Fair Credit Reporting Act, the credit bureau must investigate your dispute within 30 days. Once the agency receives your inquiry, it will check with the creditor whose information you are questioning. You should receive a written notice telling you the results of the examination within five days of its completion, as well as a copy of your corrected credit report if it has been changed because of your complaint. If you win your case, the creditor is required to notify the other credit agencies so they can correct their records.”

Most times you will need to prove why there is an error – payment made and not reported or merchandise not received, yet billed. So the more detailed you are, the more you’re able to prove your case.

If you are not sure to how go about getting your credit report or how to correct it, there is help. But STAY AWAY from private “credit repair” companies. They promise to get rid of your bad credit, but bad credit cannot just be wiped away. It may take some time and frustration, but it needs to all be accounted for.

Have questions? Do not hesitate to contact me– I’m here to help you!

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