When consumers review their credit reports, they are often amazed by the inaccuracies being reported yet confused by what should be disputed. At first glance, people may become horrified to notice misspelled names, outdated addresses or strange inquiries to view their information. Many of these inaccuracies are harmless with no impact on your credit rating. So, which issues are worth spending the time to dispute?

Issues worth Pursuing a Credit Report Dispute:

  • Payments timely made by you can sometimes be reported as late.
  • Short sales misreported foreclosures. Credit bureaus sometimes misreport home modification loans or short sales as foreclosures.
  • Credit cards you have canceled are being reported as “closed by grantor.”
  • Incorrect account balance on an account you paid off months prior.
  • An unidentifiable source viewed your credit report that was not for marketing purposes or for credit in which you were applying.
  • Discharged debts showing unpaid balances or discharged debts more than 7 years old.
  • Accounts reported on your credit report that don’t belong to you.

Mismerged Information or Identity Theft?

Mismerged account activity occurs when the information from someone is put on another’s credit report.  This happens frequently between persons with the same name such as juniors and seniors.

Identity theft victims may discover items on their credit report that don’t belong to them.  This happens when the identity thief applies for credit using the victim’s name.  Many times, victims receive debt collection calls for debts they do not owe or are denied credit due to delinquent fraudulent accounts. If strange trade line activity appears on your credit report it may be worth contacting the creditor and verifying that you were the applicant.

Regardless of the issues being disputed, credit bureaus are required to return a written response to your disputes within 30 days. If you feel your inquiry is being ignored or are not satisfied with the credit bureaus response, call or email Attorney Gary Nitzkin at (248) 353-2882.   He is an attorney with Michigan Consumer Credit Lawyers.  For more information, visit our website at www.micreditlawyer.com