Prior to financing a purchase, the typical California business will check one’s credit rating. Purchasers usually have a fairly good idea of what their credit looks like. They should know if they have been late on payments and approximately how much they already have in outstanding debt. For some, however, the credit report process can yield some unpleasant surprises such as errors and/or possible identity theft. These surprises can have a negative effect on one’s credit and can be a consumer protection concern.
Most errors on one’s credit report are fairly minor. These often include an incorrect address or account details such as the credit limit. These errors should be relatively easy to fix with a certified letter or two. One will want to contact the credit reporting agencies as well as the creditor to make sure that the errors are corrected.
Unfortunately, not all credit report issues are easily corrected. In some cases, the unpleasant surprise points to possible identity theft. Accounts listed on the report that were not opened by the individual can be especially concerning. It is possible that someone else has opening these accounts and is using the unsuspecting individual’s credit for his or her own purposes.
Many times, correcting errors on a credit report is time consuming but a relatively easy process. However, in other cases such as with identity theft, the damage is extensive and professional help is needed. For the California resident who finds that working through the process of correcting errors on his is her credit reports has become a daunting task, it may be time to seek the assistance of an attorney experienced in consumer protection issues.
Source: consumer.findlaw.com, “How to Fix a Credit Report Error“, Accessed on Dec. 24, 2016