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Credit Attorney in Mountlake Terrace

One’s credit report impacts many aspects of his or her life. We use our credit reports to obtain motor vehicles, credit cards, home loans, appliances, store credit cards, time shares, business loans, apartments, and rental homes. One’s credit report is, therefore, extremely important. It contains personal identifying information, including about where we live, how we pay our bills, and whether we have ever been sued or arrested.

As such, credit report errors can also ruin many aspects of our lives. They can cost us a better score, which can open many doors. They can ruin our hopes for obtaining a certain loan. They can affect our ability to get decent insurance rates. They can also affect our ability to get a job. Mistakes on credit reports affect millions.

In The United States, We Use Three Major Credit Reporting Agencies:

  • Transunion
  • Experian
  • Equifax

Although each of these credit reporting agencies differ slightly, all three generally contain the same basic information. Between them, it is said that they have files on more than 200 million people in the United States. They collect financial information about people from businesses that have extended them credit, such as banks, credit card companies, or mortgage providers. They then sell this information to creditors, insurers, and employers who use it to evaluate applications for credit, insurance, employment, and even renting an apartment or home.

In a study from the U.S. Public Interest Research Group, nearly 80% of the credit reports contained inaccuracies. Making things worse, a quarter of them contained mistakes that could trigger a denial of credit. If a credit reporting agency fails to remove inaccurate information from one’s credit report, he or she may have legal recourse against the credit reporting agency for damages.

Civil Liability: Negligent Noncompliance

If a credit reporting agency fails to comply with the law, it is liable to the consumer for:

  • The actual damages sustained by the consumer as a result of the failure; and
  • In the case of a successful action, the consumer shall be awarded the costs of the action, along with reasonable attorney’s fees as determined by the court.

Contact a Lynwood, Washington Credit Report Lawyer

To learn more about your legal options, contact our office for a free, no obligation consultation.