Credit reporting agencies act as arbiters of trust between businesses and consumers. Companies and lenders turn to credit reporting agencies that provide background checks and other financial information on consumers to safeguard their bottom line.

With over a third of Americans finding errors in their credit reports, the possibility that a credit reporting agency can negatively impact your finances is significant. Common credit report errors include inaccurate personal information, like your address or social security number. There can also be mistakes with your account information, such as showing a line of credit is active even after you close the account.

These problems can affect your credit score and your financial future. Disputing errors in your credit report is extremely challenging on your own. 

Mike Agruss Law can help you fix credit reporting problems and seek damages. Contact us today for a no-obligation consultation and learn how we can help you.    

What Is TransUnion?

TransUnion is one of the three major credit reporting agencies in the United States. The other two are Equifax and Experian. The agency’s headquarters are located in Chicago, Illinois, and they have many offices throughout North America and around the world.

TransUnion collects information on consumers in over 30 countries. With over one billion consumers and over 65,000 businesses in its database, TransUnion provides companies with credit information about consumers.

TransUnion creates a robust financial picture of each person, combining credit scores with public record information. This trust-based system that allows businesses and customers to transact with full confidence is what TransUnion calls Information for Good®.

TransUnion’s Rating With the Better Business Bureau

The Better Business Bureau (BBB) reports TransUnion as being a credit reporting agency in Dallas, TX. The profile says TransUnion is not BBB accredited. Another BBB profile places the organization in Chicago, IL, and has a 1.04 out of 5-star rating from over 200 customer reviews. Many customers complain of inaccurate information on their credit reports and delays in fixing problems associated with identity theft.

As the BBB profile states, the Consumer Finance Protection Bureau (CFPB) charged TransUnion with violating a law enforcement order. The CFFB states that TransUnion uses deceptive marketing techniques to sell credit-related products, including paid credit reports and services that monitor credit accounts.

What Are Common Credit Report Problems?

Unless you regularly check your credit score, you will be unable to pinpoint a credit report problem or take the necessary action to repair it.

Mixed or merged credit files/mistaken identity

A mixed credit file is a credit reporting error where the agency attributes information belonging to another consumer’s report to yours. This type of error is common when consumers have the same name or a similar address. In some cases, the credit reporting agency is fully aware of the error in your report but takes no action to repair it.

Public record mistake

A public record mistake arises when the credit reporting agency accepts information from different companies that may not exhibit care when collecting your data. Errors can include misspelling your name or listing an incorrect current address.

Inaccurate debt collection records

Entering debt collection accounts into the wrong consumer’s credit report is a common error that affects people’s credit files. This mistake can result in a collections account staying in your credit report longer than the law allows.

Identity theft

Being a victim of identity theft is a damaging credit report problem where a malicious actor fraudulently opens accounts in your name. Although you have the right to remove these fraudulent accounts from your credit report, reporting agencies often allow the record to remain on your file, warranting further action on your part.

If you believe that you are at risk of identity fraud, you can place a fraud alert with credit reporting agencies. A fraud alert is a notification that your social security number will generate if someone attempts to open credit accounts under your name. You can also take out theft insurance to protect yourself from fraud in the future.

The Impact of a Credit Report Error

An error in your credit report can lower your credit score, negatively impacting your applications for credit cards, mortgages, insurance, employment, and more. Without repairing the damage to your credit report, you may face higher interest rates on loans or have your loan, employment, or rental applications denied.

Requesting a free credit report from TransUnion can help you identify any mistakes. If you find problems, a consumer law attorney at our law firm will assist you in fixing errors and disputing claims. 

You should also share your issues with TransUnion, so consumers like you don’t have inaccurate credit reports that can prevent them from enjoying their best life.   

The Fair Credit Reporting Act Protects Consumers

The Fair Credit Reporting Act (FCRA) is a federal law that governs the collection and use of consumers’ credit information. First passed in 1970, this law aims to safeguard the privacy of personal information while ensuring credit reporting is done fairly and accurately.

Under FCRA, you have the right to dispute incorrect or missing information in your report. The law also allows you to sue a credit reporting agency for willful noncompliance or negligence if they do not work with you to fix the errors. You must act within two years of discovering the harm to your credit report or within five years of the harmful behavior occurring, whichever is sooner.

You may be entitled to statutory damages up to $1,000 if TransUnion violates its obligations under FCRA. Due to the FCRA fee-shift provision, TransUnion also pays your attorney fees and costs if they violate your rights.     

Seek Legal Help for Credit Report Errors

If you find an error in your TransUnion, Equifax, or Experian credit report, contact a consumer lawyer at Mike Agruss Law. Our attorneys can help you dispute mistakes and seek restitution from credit report agencies that violate your federally protected rights. 

Contact our law firm today at (888) 572-0176 for a free consultation and learn how we can help you repair your credit.