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Credit Report Related Questions

How to dispute erroneous records affecting your credit report? Or, what can be done if there is a judgment on a person’s credit? People with credit issues and trouble, can feel harrowed and stressed out because it negatively impacts their credit report. This report is important to sustain a person’s credit standing in the market as well as it affects various other aspects of a person’s dealings. To understand more about this, verified Experts can be of assistance. Read below a few questions answered by Experts about credit reports.

How can a late payment record be removed from the credit bureaus to prevent the credit report from being negatively affected?

Case Details: The creditor is willing to provide a letter which can be used at the credit bureaus.

The creditor preparing the report can remove the negative entry from the credit report by informing the credit reporting agencies or CRAs that the entry was a result of a clerical error (if that was the case). The creditor can also send a letter about this error which in turn can be sent to the CRA to dispute the credit report. Based on this, the CRAs can take action to remove the negative entry. Another alternative to obtain relief is to sue the creditor in court for declaratory relief and for violation of the federal Fair Credit Reporting Act (FCRA). Though this can work out to be expensive, it may be possible to recover attorney's fees if you win.

Can one sue their bank if they are erroneously reporting mortgage payments and removing money without consent?

It is possible to file a suit against the bank under the Fair Credit Reporting Act for inaccurately reporting missed mortgage payments which could end up reflecting on the credit report thereby having a negative impact.

Can a bank be sued for making a credit application in a person’s name without permission?

It would be possible to sue if the credit score drops drastically but it would first make sense to monitor the situation and ensure that the record is removed from the credit report. However, even if the bank were to remove an item from the credit report, it would be difficult to know how the score is influenced or whether it goes back up. Moreover, checking credit scores may detrimentally affect the score itself.

What action can be taken if there is a judgment on the credit of a person and they would like to have it removed from the credit report?

Case Details: There is a disagreement on the amount and the company has gone bankrupt and untraceable.

It is possible to report this error to the three major credit bureaus which are the Transunion, Experian, and Equifax. These credit bureaus can determine the accuracy of the information from the creditor. If there is merit in the claim, they will investigate the issue further and revert within approximately 30 days. Under such circumstances there may be a possibility of erasing the judgment off the credit report since the company may not be able to provide the necessary information to confirm the accuracy of the claim made against one’s credit. It would also be possible to sue the credit bureau under the Fair Credit Reporting Act claiming that the report is erroneous. In order for the court to take action, one can sue the bankrupt company to delete negative information on the credit report. Most probably, the company is unlikely to contest this complaint and in all likelihood, a default judgment is an option. This should be presented to the credit bureau after which it may be possible to delete such information.

What can be done to counteract a credit report which states there have been too many enquiries and varying accounts within the last 12 months?

Case Details: The equity line of credit was not provided and overall credit history has been good over the recent past.

Typically, a credit report stating that there are ‘too many enquiries,’ implies that for consumers with similar credit profiles as the one above, there is a maximum number of enquiries one can have while still receiving the maximum points for the factor which covers the number of enquiries on your credit report. However, the actual number can vary, therefore it is possible that people in a particular or similar credit category applied lesser, on an average, as compared to you did in the past year. Though this is not necessarily bad, it can affect the decision to extend credit. Paying off debts can help with the overall credit rating or standing, but it does not change the inquiry component. The main way to make that better is to refrain from seeking credit for some time.

Is it possible to use a quit claim and deed back to the bank or to one of the owners on a title, two weeks prior to foreclosure?

Case Details: 5% of property is owned by one person while two other people own 95%.

If you forego ownership of the property it does not free you from foreclosure if you are a co-signer on the loan. The lender would foreclose on the defaulted loan and not the person who owns the property. So for example: if A, B and C signed a mortgage agreeing to pay a debt and none of them are able to pay, the bank will file to foreclose against A, B and C since they are liable for the debt. Therefore, it does not matter who owns the house but it is more important who agrees to pay for it. Missing monthly mortgage payments can drop a credit score a little but foreclosure can drop credit rating or score a lot thereby affecting the credit report.

Above are some of the examples or questions people have had with regard to credit reports. However, this information provides a general overview, your scenario can be different, which is why directing your personal question to Experts online can be useful and necessary. You can get answers quickly, economically and confidentially from the comfort of your home, allowing you to have the inputs to make the right decision in your particular situation.

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