Out of Date Records in Pascagoula

An accurate credit report provides a personal snapshot of an individual’s current financial situation. This allows lenders to determine the level of risk involved in granting a person a loan, or a landlord to evaluate whether they can expect to receive rent payments.

One essential aspect of an accurate credit report is timeliness. Many changes can occur in a person’s financial situation, especially when they have taken recent steps to clear delinquent accounts or have changed their name or address. While credit reporting agencies have a duty to produce an accurate report, it falls to consumers to notice any apparent errors.

Out of date records in Pascagoula can have a detrimental effect on a person’s credit score. Working with a skilled credit denial attorney to recognize these errors and to demand a remedy are parts of successful financial planning.

Why Might a Credit Report Contain Out of Date Information?

Ideally, a credit report will provide accurate and timely information concerning the risk involved in issuing a consumer a new line of credit. Lenders, landlords, and even employers rely on the accuracy of these reports to make essential decisions. A person’s credit report may change daily as they make payments, open new accounts, and close old lines of credit.

Unfortunately, the lenders involved in providing information to the credit agencies may not be sufficiently quick. They may not provide new information as often as they should or take proper notice of major new changes in a person’s life. Examples can include:

  • A customer making payments to take an account out of arrears
  • Individuals who act to close credit card accounts or personal loans
  • People who change their names after marriage or divorce
  • Moving to a new home

The lenders and financial institutions that control the accounts should immediately report these changes to the credit bureaus. Sadly, this may not occur as quickly as people may want.

Potential Consequences of Out of Date Credit Records

As mentioned above, lenders rely on credit reports to make snap decisions on whether to take on a new customer. If those credit reports contain out of date information, this could influence the lender’s decisions. For example, if a credit report states that a customer has an account in arrears, when in fact, the account is now up to date, this could dissuade a lender from offering a new loan. It may also convince the lender to issue a loan at a higher interest rate.

Out of date records could also lead to potential legal trouble for consumers. Taking out a loan in another person’s name is illegal. While a borrower may not intend to commit a crime, if they try to open a loan with their current name, but their credit report has an old one, this could lead to suspicions of identity theft. Fixing out of date records in Pascagoula is essential to a person’s financial wellbeing.

Act Today to Fix Out of Date Records in Pascagoula

Every person owes it to themselves to stay aware of the data contained in their credit report. This includes not just their payment history, but also their addresses, lines of credit, and name. Often, creditors and credit agencies are not as quick as they should be when updating information. This could lead to erroneous statements of poor credit or allegations of identity theft.

Fixing out of date records may require contacting the lender as well as filing a formal complaint with the credit reporting bureaus. While inconvenient, the stress of seeking a remedy now is far less than that which may occur if an out of date record leads to trouble down the road. Schedule a consultation today to learn about out of date records in Pascagoula.