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Woman Wins Lawsuit Against Equifax

homeI am not a big fan of frivolous lawsuits, but it is about time that someone point the finger at credit reporting agencies, and make them more accountable.  Errors on your credit report can make obtaining loans, credit cards and even employment difficult, if not impossible.  An Oregon woman won an important battle in the war,after finding discrepancies on her credit report, and contacting the reporting agencies to correct the information, after two years Equifax still had not changed the incorrect information. She was awarded 18.4 million dollars for punitive damages.  It is my hope that this will begin reform in the credit reporting system.

Mistakes on Your Credit Report

Have you checked your credit report this year?  If the answer is no, you need to right away.  You can visit www.annualcreditreport.com, and get a free copy of your credit report from all three of the major credit reporting agencies.  You need to order and print these reports, and go over them with a fine toothed comb.  Start with the basics, check the spelling of your name, the accuracy of your address history, birth date, social security number and employment history.  If you find issues with any of this basic information, it should raise a red flag, and you need to contact the agency reporting the incorrect information immediately!   Next, check on all of the accounts reported and make sure that their information is correct.  It is important to not only contact the agencies to correct this information, but FOLLOW UP to be sure the corrections are made.

Other Fixes Needed in the Credit Reporting System

Many consumers are getting frustrated with the credit reporting system.  Another major issue is that once a debt is purchased by a collection agency, they issue the debt an account number.  The new account number does not match the original account number.  This makes it confusing for the consumer, and for companies trying to extend the consumer new credit.  These numbers should not change, and should only be reported with the original number.

Educated Consumers

Unfortunately credit reports can be confusing and difficult to read.  Educate yourself! There are websites that will help you figure out how to read your credit report, such as bankrate.com.  Your credit score can mean the difference between getting a good interest rate on loans, or getting that dream job you have been hoping to land.  Don’t let their mistakes cost you!

To Your Future~ Lori Town