Dealing With a Card That Is Not Yours on Credit Report

Checking your credit report card at least once a year—more frequently if you ’ re planning to apply for a major loan—is authoritative. These regular check-ins will help you spot any errors that might be hurting your credit. One thing to watch for are accounts that don ’ thyroxine belong to you but are appearing on your report. When you do find an report that isn ’ metric ton yours, how you handle it is all-important. If the report has a high counterweight or minus status, your credit score could be affected by it .

How Did the Wrong Account Get on Your Credit Report ?

sometimes a homo error is to blame for the wrong accounts showing up on your credit report. person may have transposed the numbers in your Social Security issue, or there may be person with a similar appoint whose credit profile got mix up with yours. early times, these accounts are the resultant role of fraud or identity larceny ; person may have intentionally opened a recognition calling card account in your name. That is specially likely if there are multiple accounts on your recognition report that don ’ deoxythymidine monophosphate belong to you.

How to Remove False Accounts

fortunately, there ’ s a reasonably square procedure for clearing your citation report of accounts that are n’t yours. sometimes the process works the first gear time, but in early cases, you may have to repeat or take another run of military action to clean up your credit report wholly. You can keep a close eye on your credit with a credit monitoring service so you can spot any errors sooner preferably than subsequently .

  1. Start by ordering your credit reports from the three major credit bureaus—Equifax, Experian, and TransUnion. If you’ve already ordered one, pull the other two to see whether they contain fraudulent accounts, too.
  2. Dispute the account with the company that listed the account on your credit report. You’ll want to have the account closed to prevent any future billings made to the account in your name. Having the company flag the account as fraud will help to get it removed from your credit report.
  3. Dispute the account with the credit bureau(s) that have the account listed on your credit report. You can do this online, by phone, or via mail. Sending your dispute via (certified) mail gives you a paper trail that can be beneficial if the credit bureau doesn’t resolve the dispute in your favor.
  4. Credit bureaus are legally required to investigate your claim within 30 days, as long as it isn’t frivolous. Federal law gives you the right to file a lawsuit against a credit bureau that doesn’t stick to the law. If you have any proof supporting your claim, you can mail, fax, or upload it. Make sure you send a copy and not your original documents.
  5. Ideally, the credit bureau’s investigation will return in your favor, and the account will be removed from your credit report. You can add a fraud alert to your credit report if you think identity theft was the cause and that there’s a chance the thief could open more accounts in your name. One additional step would be to place a “freeze” on your credit report, making it difficult for any additional fraudulent accounts to be opened in your name. The Federal Trade Commission (FTC) offers a handy online guide to establishing a credit freeze.

What to Do if the Account Is n’t Removed

If your quarrel is abortive, it ’ s probably because the commercial enterprise confirmed to the credit chest of drawers that the report does belong to you. Working with the business to prove that the account is deceitful is the best future step. Speak with a director, a supervisor, or even a vice president or president at the company, providing tell that the bill does not belong to you .

Complaining to the Consumer Financial Protection Bureau ( CFPB ) may help you get the account marked as deceitful and removed from your credit report. While the CFPB won ’ t military unit a company to take any carry through in your party favor, having a politics means involved may inspire the credit chest of drawers and the company that furnished the information to take a closer look at your history. Companies with a history of complaints can face penalties from the CFPB .

You have the right to sue a credit agency that doesn ’ thymine remove a deceitful score from your citation report after you ’ ve raise that it ‘s not yours. That is why it ’ south significant to keep copies of all your agreement with the credit chest of drawers. If nothing else works, contact a consumer rights lawyer who practices in your state to discuss suing the credit chest of drawers for damages under the Fair Credit Reporting Act .

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Category : Finance

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