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Consumer Credit Report Complaints are Growing: Check Your Credit

  • By Credit Diva of Dallas
  • 25 Feb, 2021

When the coronavirus pandemic struck our shores, we didn’t really know how it would affect our country. Not only did the virus take the lives of many people, but it also impacted the United States economy. With the economy taking a downturn, people have struggled to make ends meet.

Fortunately, the CARES Act was passed by Congress on March 27, 2021, which provided limited relief measures. However, with the pandemic still raging, many people continue to face hardships. Now more than ever, having good credit is important.

Strong credit may help see you through this difficult time and give you the savings you need on purchases. But a recent report indicates that a record number of consumer complaints have been made about incorrect information on their credit report. According to the report, the number of complaints jumped 50% from the previous year when comparing the same five-month period. Nearly 39,000 complaints were filed. Having incorrect information on your credit report can be damaging.

Black woman reading bad news on a letterWhat Type of Incorrect Information Can Be on Your Credit Report?

There are many things that can be incorrect on your credit report. Just about all of them need to be addressed. Even an error in your name or address needs to be fixed. Otherwise, when lenders look at your credit report and history and see conflicting information, it could cause them to turn you away from a good opportunity.

There are much more serious issues that could be incorrect on your credit report, causing a drop in your score. Some of these may be:

  • Fraud
  • Duplicate accounts
  • Old debt that is still showing up
  • Incorrect payment statuses
  • Charges that don’t belong to you
  • Delinquent status when you got a deferment

Can Incorrect Information Hurt Your Credit?

When there is damaging information on your report, it can cause your score to plummet. This is especially a problem if you have false charges, fraud, or delinquent status. The problem is that much of the information people are finding in their report is not right. Often times, the information belongs to someone else. Other times, there is a simple error in reporting.

Keep in mind that with the CARES Act, deferment issues should not be showing up negatively on your credit report. As part of the deferment agreement, you were supposed to make arrangements with your lender, but even then, some are coming through as delinquent. With the proper help, you can have this corrected for you.

Stressed upset african american reading bad news in letterHow to Correct Incorrect Information on Your Credit Report

The first step in correcting false information is to find out what is on your credit report that is incorrect. You have the right to pull your credit report for free. You can check it once a year or, for a limited time, get a weekly report to make sure things are in order.

Next, get in touch with a reputable credit repair company, who can take aggressive action to repair your credit expeditiously. A credit repair company can help not only identify mistakes, but will also handle getting them repaired and removed from your account.

Get Started with a Dallas Credit Repair

If you believe your credit report has false information on it, take steps to correct it today. Don’t let your score continue the downward trend. At Credit Diva of Dallas, you’ll have an experienced financial advisor to take action on your behalf. It’s essential to have your credit repaired so that you can access the money and lower interest rates you want. Get in touch with us today for more information.

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