Q: What rights do I have if there are errors on my credit report?

You have several important rights under the Fair Credit Reporting Act (FCRA), including:

Right to Access: Obtain one free credit report weekly from each major bureau (Experian, Equifax, TransUnion).

Right to Accuracy: Expect all information on your credit report to be accurate and complete.

Right to Dispute: Challenge inaccuracies directly with the credit bureaus and the companies reporting the incorrect information.

Right to Investigation: Credit bureaus must investigate disputes within 30 days.

Right to Corrections: Errors must be corrected or deleted if unverifiable within the investigation period.

Right to Notification: Receive written results of the dispute investigation from the bureaus.

Q: How can I dispute an error on my credit report?

Follow these clear steps:

Identify Errors: Carefully review each credit report for inaccuracies.

Prepare Dispute Letter: Clearly state each error and provide supporting evidence (e.g., payment records, identity documents). Contact us for free assistance to prepare the dispute letter.

Submit Dispute: Send the dispute via certified mail to each credit agency address.

Follow Up: Monitor your email or mail for responses from bureaus within 30 days.

Q: Can I sue for credit reporting errors?

Yes, you may be entitled to monetary compensation if errors result in:

Drop in credit score

Denial of credit or loans

Increased interest rates

Lost employment opportunities

Emotional distress, wasted time, or financial losses

Under the FCRA, successful claims can result in monetary compensation, including coverage of legal fees.

Q: What types of errors commonly occur on credit reports?

Common errors include:

Incorrect personal information (e.g., name, address, social security number)

Accounts that don't belong to you (identity theft)

Accounts incorrectly marked as late or delinquent

Duplicate accounts

Incorrect balances and credit limits

Debts listed multiple times or reported beyond legal time limits

Someone else’s information appearing on your credit report

Q: What if the credit bureau doesn't fix the error?

If errors remain unresolved, you can:

Submit a complaint to the Consumer Financial Protection Bureau (CFPB).

Add a statement of dispute directly to your credit report.

Contact Newhart Legal, P.A. to explore potential legal remedies.

Q: How long do negative items remain on my credit report?

Negative items typically remain on your credit report for the following durations:

Late payments: 7 years

Charge-offs: 7 years

Collection accounts: 7 years from the original delinquency date

Bankruptcies: 7 to 10 years, depending on the type

Foreclosures: 7 years

Tax liens: 7 years from the date paid, indefinitely if unpaid