Credit repair companies promise the world: fast results, clean reports, peace of mind. But promises don’t always equal protection. You spot errors on your credit report, or worse—you’re being chased by collection agencies for debts that aren’t even yours. In moments like these, it’s tempting to look for a quick fix. Here’s the truth: many […]
Category Archives: Credit Report Errors
Mistakes on your credit report aren’t just annoying—they can cost you real money. Whether it’s a loan denial, a surprise drop in your credit score, or bills from accounts you didn’t open, these errors can leave you dealing with long-term financial consequences. In many cases, the root cause is identity theft—or a simple mistake that […]
Credit reports are essential tools lenders, employers, landlords, and insurers use to assess an individual’s financial reliability. They compile data on credit accounts, payment histories, and public records to generate a comprehensive profile of a person’s creditworthiness. However, inaccuracies—known as credit report errors—can infiltrate these reports, potentially leading to adverse financial consequences. Understanding Credit Report […]
Maintaining an accurate credit report is crucial for securing loans, mortgages, and employment opportunities in today’s financial landscape. However, errors and inaccuracies can occur, potentially jeopardizing one’s economic standing. This is where a credit report attorney becomes invaluable. Focusing on consumer protection laws, these legal professionals assist clients in navigating the complexities of credit reporting, […]
In 2016, Wells Fargo made headlines when it paid $110 million to settle a class action lawsuit and another $185 million in fines relating to allegations that the bank had created as many as 2 million accounts for customers without getting their permission to do so. Then, in December 2022, it paid a whopping $3.7 […]
On August 28, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it had reached a $2.7 billion settlement with Lexington Law and CreditRepair.com to resolve allegations that the companies have been violating federal law with their telemarketing practices. As the nation’s two largest “credit repair” companies, the companies earned approximately $388 million in revenue […]
As many as 40 million Americans have errors on their credit reports—and errors on credit reports can cause havoc on someone’s financial well-being, leading them to have potentially higher interest rates on credit cards, mortgages, and car loans. It can even impact their ability to rent an apartment or get a job. Meanwhile, despite the […]
In June 2023, the New York Times Sunday Magazine looked inside the chaotic world of “credit repair” companies. The feature tells the story-after-story of how bad credit can ruin people’s financial lives—pushing them to the brink, financially and psychologically. It reveals how credit scores have ties to serious racial and sociological inequity. It explores how […]
There’s no law or policy that establishes that children must reach a minimum age before the national credit bureaus begin compiling a credit file on them. (That’s why children can be the victims of identity theft—because fraudsters can use their identities to open bank accounts and credit cards in their names.) So what if a […]
Having debt on your credit report is a fact of American financial life. But what happens if the same debt is listed multiple times on your report? As the Consumer Finance Protection Bureau (CFPB) has explained, this is not a “harmless error.” That’s because credit bureaus don’t recognize all these entries as duplicates showing the […]