Every day, credit report inaccuracies preclude honest consumers from attaining their dreams. The Federal Trade Commission’s December 2012 Report to Congress stated that 26% of the participants in its recent study identified at least one potentially material error on at least one of their three credit reports. [Federal Trade Commission, Report to Congress under Section 319 of the Fair and Accurate Credit Transactions Act of 2003, December 2012]. A single inaccuracy can often have devastating consequences to our clients. The FTC reported that among those disputed reports with a potential change in credit score, a staggering 41% would experience a score increase exceeding 25 points.
The FTC further reported that of those studied participants who filed disputes regarding potentially material errors on their credit reports, 63% of those persons still had incorrect information on their reports even after their disputes were processed.
For some, continued inaccuracies can cause the consumer to be rejected when applying for certain products or services, while for others, such errors can cause the consumer to incur a higher price or interest rate, or less favorable credit terms.
Bottom line: If you want your credit report to accurately reflect your credit-worthiness, then you must be tenacious and have a long-term plan for success. Our legal team will not give up until inaccurate and unverifiable information is wiped clean from your report.