15 Jul How do I get this wrong item off my credit report?
Q. I paid off a mortgage. The bank reported to the credit bureaus that the mortgage has been paid off, but by mistake, also reported that I opened a new mortgage. As a result, my credit rating with Experian dropped 30 points. I contacted both the bank and Experian immediately. The bank corrected the mistake by reporting that the new mortgage has been paid off even though there is no new mortgage. Experian said the case is now closed but the rating has not changed. After many calls to Experian they first suggested I wait a cycle until the system resets itself. Nothing changed. Next time I called they said there is no way for them to correct it as it is all done “within the system.” What can I do?
A. Consumers have rights when it comes to mistakes on credit reports, which are all too common.
According to a recent Consumer Reports report, more than one-third of Americans found at least one error on their credit report.
These mistakes are important to correct, said Jeanne Kane, a certified financial planner with JFL Total Wealth Management in Boonton.
She said negative information, such as a reported, missed or late payment, can impact your credit score for approximately 7 years.
You do have protections.
The Fair Credit Reporting Act (FCRA) was created to provide consumers the ability to review their credit reports annually as well as dispute information in their report that is incorrect, Kane said.
You should file another dispute with the agency, even though it said the case was closed.
If it won’t accept it, you can file a complaint with the Consumer Financial Protection Bureau.
You can learn more about filing disputes from the Federal Trade Commission (FTC).
Email your questions to .
This story was originally published on July 15, 2021.
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