Credit Report Mistakes on the Rise During the Pandemic

Mistakes are an unfortunate, yet natural occurrence. For instance, you may have asked for a side of teriyaki sauce in your takeout order but instead got honey mustard. More often than not, that is an excusable mishap. Mistakes relating to your credit report, however, are inexcusable. A news segment featured on NBC Nightly News revealed a steep increase in complaints filed for credit report errors. In 2019, there were 90,712 complaints. In 2020, an astounding 196,073 complaints were filed, more than double the total from 2019. Error-ridden credit reports exhibit some of the following mistakes:

 

  • Incorrectly reported late payments when individuals qualified for up to six months late through the CARES Act.
  • Loans counted twice against the individual 
  • Other people’s information may appear on the individual’s credit report
  • Fraud-related errors

 

To get access to your credit report, visit annualcreditreport.com. Pay attention to any comments in your credit report. If you spot an error in any element of your credit report, file a complaint/dispute with all three certified credit bureaus (Equifax, TransUnion, Experian) through certified mail. If your request is denied, you may need to take legal action. 

 

If you would like to know the address to mail the disputes to each of the three credit bureaus, click here. To view a sample dispute letter, click here. Want to know how to ask for more details about a particular debt on your credit report? View a sample verification letter you can send to the debt collector, available here.

 

Hopefully your credit report isn’t subject to any mistakes. If it is, we hope these resources will be helpful! 

 

As a MoCaFi Mobility Bank Account holder, you can monitor VantageScore for free in the MoCaFi app.  Learn more at mocafi.com