 Suing
if your credit score is bad
|
 Dear
Dr. Don,
I recently got my credit score from the three credit report companies
and was shocked to learn that my credit score has plummeted recently.
I could go into all the bogus reasons that TransUnion gave me, but
none of it comes close to explaining why my credit score doesn't
actually reflect my creditworthiness. Besides trying to reason with
these people via e-mail, what recourse does the consumer have when
their credit score is truly unrepresentative of their creditworthiness?
Can they be sued?
-- Troubled Tony
 Dear
Tony,
A credit score is completely based on the information in your credit
report. You received copies of your credit report when you purchased
your credit scores. Review the credit reports and you'll find the
problem or problems.
Consumer reporting agencies, like the credit bureaus,
have to abide by the provisions of the Fair Credit Reporting Act.
Your right to dispute the information in your credit report and
receive a timely decision on that dispute is spelled out in the
act.
The Federal Trade Commission's Facts for Consumers
guide, "How
to Dispute Credit Report Errors," provides a solid overview
of what you need to do to correct your credit report, as does the
Bankrate feature, "7
steps to fixing your credit report." Trading e-mails with
the credit bureaus isn't the answer, as you've found out.
You do have legal recourse if you can't get things
straightened out, but that should be a last resort. The first step
is to make it through the dispute process. While the credit provider
and the credit bureaus have the responsibility to respond to your
complaint, the ball is in your court to show that you're in the
right about it. If you don't get satisfaction through the dispute
process, you have the right to put a statement on your credit report
explaining your point of view, but that statement isn't likely to
be considered in your credit score.
The FTC provides a summary
of your rights under the Fair Credit Reporting Act, including your
ability to file suit over inaccuracies in your credit report, but
you should consult with an attorney to discuss the merits of your
case.
To ask a question of Dr. Don, go to the "Ask
the Experts" page, and select one of these topics: "financing
a home," "saving & investing" or "money."
|
