When lenders make mistakes on loans, the errors can affect a consumer’s credit report and credit score. The lawyers at Doucet & Associates Co LPA help consumers in Ohio fix errors on their credit report and identify and correct lenders mistakes on mortgage loans, student loans, credit cards, medical debt, car loans and much more. Please read our article We Helped Our Clients Correct a Mortgage Error to learn more about how we have helped fix a loan error for homeowners in Ohio. What type of errors could you find on your credit report?
- A lender may apply your payment wrong.
- Your payment may be credited to the wrong account.
- The lender never received a payment set on auto pay.
- Interest rates are calculated wrong.
- Loan and interest rates are changed when the loan is transferred to a new lender.
How can errors on a loan effect your Credit report and you?
Loan errors can affect your credit report when a lender is not handling your loan correctly. Your credit report is made up of your credit history, and then your credit score is determined using your credit report. As your credit score rises then your credit history has good results. If your credit score goes down, then something negative is recorded on your credit history and credit report.
Negative aspects of a credit report include missed payments on loans, missed payments on bills, not making payments in full, bankruptcy, foreclosure, and much more. If a lender is not applying your payments to your loan correctly or miscalculating important information such as the interest rate, your lender could be hurting your credit score if they are labeling your payments as missed, not paid in full, or late.
How to fix errors on your credit report?
The Fair Credit Reporting Act (FCRA) requires credit reporting agencies to provide accurate information to lenders. Therefore, if you are finding errors on your credit report you have the right to have the errors corrected. First write a letter to the credit report agency asking for the errors to be corrected. It is important to include as much evidence as possible along with the letter to help prove the error is actually an error. Also keep a copy of the letter and evidence for yourself.
After receiving the letter, the credit reporting agency will investigate the error on your credit report. The credit reporting agency must then reply back to you saying whether the error was corrected or not. If the credit reporting agency refuses to fix an error, then you should seek out a consumer lawyer at Doucet & Associates Co LPA to help you get the inaccurate information off of your credit report.
To learn more about how to fix a credit reporting error and your rights please read our article Fair Credit Reporting Act. You can also find more information about the FCRA by reading 23 Legal Defense to Foreclosure: How to Beat the Bank by Troy Doucet. If you are in Ohio and need help writing a letter to a credit reporting agency about an error or was refused the right to have an error corrected please contact us at (614)944-5219 or send us a message online for help. The consumer lawyers at Doucet & Associates Co LPA have experience handling lawsuits involving the FCRA and helping consumers fix credit report errors and loan errors in Ohio.