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Your Credit Reporting Rights
Your Chicago Credit Reporting Rights Attorneys
Illinois Credit Report Repair Lawyers
Many types of inaccurate information can show up on credit reports. The credit bureaus sometimes misreport information from public court records, such as reporting a judgment in your favor as a judgment against you. It may mistakenly report that a debt remains unpaid or was paid late, or that a debt was included in a bankruptcy when you did not file bankruptcy.
If there is inaccurate information in your credit report, it’s vitally important to get it fixed. Accurate credit reports are more important than ever now that lenders are requiring higher credit scores for loans.
If you have unsuccessfully tried to get errors on your credit report fixed, the Chicago credit reporting rights attorneys at Edelman, Combs, Latturner & Goodwin, LLC, may be able to help. Contact us to learn more about your credit reporting rights in a free initial consultation.
Your Credit Reporting Rights Under the Fair Credit Reporting Act
The Fair Credit Reporting Act allows consumers to sue the credit bureaus and companies who supplied inaccurate information to the credit bureaus if they do not correct mistakes after receiving a dispute from the consumer.
Consumers can obtain damages of up to $1000, as well as actual and punitive damages in some cases. Actual damages can include extra interest you paid if other creditors increased the interest rates on your credit cards, denials of loan applications, and medical expenses that resulted from stress-related illnesses.
How to Get Copies of Your Credit Report
If you are having credit reporting problems, it is important to save all copies of your credit reports and all correspondence with them as evidence. The credit reporting agencies do not always save copies of the reports they issue. The major credit bureaus (TransUnion, Experian and Equifax) are required to provide you with one free copy of your credit report each year.
How to Dispute Errors on Your Credit Report
The first step is to send a letter to each credit bureau explaining exactly why the information is inaccurate along with any proof you have to support your dispute. You should send the letter to the address listed on each credit report by certified mail. Most bureaus also allow online disputes, but if you use those methods, we recommend printing a hard copy and keeping a log of when the disputes were submitted. You should also keep a log of any telephone conversations you have with the credit bureaus.
Once your dispute is submitted, the credit bureaus are required to notify the furnisher of your dispute and request verification of the information you are disputing. If the credit bureau requests additional information in response to your letter, you should attempt to supply it.
If all goes well, this will result in the errors being removed from your credit report. If it does not, save all your records and contact an Illinois credit report lawyer at Edelman, Combs, Latturner & Goodwin, LLC.
The consumer protection and class action lawyers of Edelman, Combs, Latturner & Goodwin, LLC, represent clients throughout Illinois, and in federal courts in Illinois, Wisconsin, Indiana, and Michigan, and will consider substantial cases in other jurisdictions.