Your credit report plays a crucial role in your financial life. It can determine whether you’re approved for a mortgage, what interest rate you’ll get on a car loan, and even whether you land a job or apartment. Unfortunately, many people discover that their credit reports contain errors, some of which can be serious and hard to fix without legal help. At Feferman, Warren & Mattison, we help consumers dispute inaccurate account information and hold credit reporting agencies accountable when they fail to fix these mistakes. Contact our seasoned New Mexico consumer lawyers for an initial consultation today.
Credit reporting agencies (CRAs) such as Experian, Equifax, and TransUnion are required by the Fair Credit Reporting Act (FCRA) to ensure that the information they report is accurate and complete. Yet errors remain alarmingly common. Some of the most common examples of inaccurate account information that we see are as follows:
Despite federal laws in place to protect consumers, errors in credit reporting still happen at a troubling rate. These mistakes often stem from data entry errors, outdated reporting systems, and a lack of proper investigation by CRAs. For example, a lender may provide incomplete or inaccurate data to the reporting agency. In other cases, the CRA itself may merge your credit file with someone else’s—a problem that happens more frequently than many realize.
Additionally, when consumers dispute information, credit reporting agencies are legally required to conduct a reasonable investigation. However, these investigations are often automated and rely too heavily on the furnisher’s word, even when the consumer provides evidence to the contrary. As a result, even clear-cut disputes may be wrongly rejected.
The effects of incorrect credit reporting can be immediate and far-reaching. Inaccurate data may lead to a lower credit score, which can affect loan approvals, rental applications, and even job offers in industries that perform background checks. Consumers may be forced to pay higher interest rates, put down larger deposits, or face total denial of credit altogether.
In some cases, inaccurate reports can create emotional distress and lost opportunities. You may find yourself spending hours or even months trying to fix something you didn’t cause. And without legal intervention, many consumers hit a wall, repeatedly disputing the same item without results. Worse still, some victims of identity theft may see fraudulent accounts remain on their credit report even after proving the theft occurred.
At Feferman, Warren & Mattison, we have decades of experience fighting for consumer rights in New Mexico. Our firm understands both the federal FCRA and New Mexico’s consumer protection laws, and we know how to hold credit reporting agencies and furnishers accountable when they violate your rights.
We can help you prepare effective dispute letters, document your case, and take legal action if your dispute is ignored or handled improperly. When necessary, we can file lawsuits under the FCRA, which allows consumers to recover statutory damages, actual damages, attorneys’ fees, and sometimes punitive damages for willful violations. You don’t have to accept inaccurate credit information or deal with these agencies alone.
If you believe your credit report contains false or misleading account information, don’t wait. Contact Feferman, Warren & Mattison today to schedule a consultation and learn about your options. We’re here to help consumers throughout Albuquerque and across New Mexico fight back when credit reporting agencies get it wrong.
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