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Credit Report Audit Attorney in Chicago, IL

Have you ever taken a look at your credit report? Figuring out what everything means can be complicated. It can get even more complex if you see a notation about something you don’t recognize or believe is wrong. A credit report audit attorney in Chicago can help you decipher the information on the report and help you get your credit in order – this could help raise your credit score!

What is a Credit Report?

A credit report is a statement that contains information about your current credit situation, credit activity and status of your credit accounts. Creditors, such as credit card companies, lenders and other financial companies, submit your financial data to credit bureaus, also called consumer reporting agencies.

Lenders use the information collected and stored by these organizations to help them decide if they will loan you money and what interest rates they’ll offer. They may also use the reports to determine if you still meet the requirements of an existing credit account.

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 Other businesses may use your credit report when deciding if they will offer you insurance and accept you as a customer for internet, utilities, or cellphone service. Potential employers may want access to your credit report to make employment decisions about you.

Credit bureaus collect a broad range of personal and financial data about you, such as:

  • Current address
  • Birthdate
  • Social security number
  • Current and historical credit accounts, with balance information
  • Bankruptcies, foreclosures, and liens
  • Civil suits and judgments

If your credit report contains incorrect information, it can affect your ability to get a loan, qualify for a mortgage or get the job you want.

What are the Most Common Credit Report Errors?

According to the Federal Trade Commission, one in five people have errors on their credit reports. Some of the most common mistakes on credit reports include:

  • Outdated balance or credit limit information
  • Notices of past due accounts that are not past due
  • False entries
  • Duplicate accounts
  • Closed accounts reported as open
  • Accounts that don’t’ belong to you
  • Incorrect personal information
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The errors often result in lower credit scores, preventing you from getting the credit you need, making the credit terms more expensive, and affecting your buying power. If you are coming out of bankruptcy in Chicago, you’re likely trying to rebuild your credit. To do this, you must reduce your debt. When your debt-to-income ratio falls, you become more attractive to potential lenders. The first step is making sure the data used by lenders to decide is accurate.

What is a Credit Report Audit?

There are three credit bureaus that issue credit reports: Equifax, Experian, and Transunion. The audit involves checking the reports from each of these organizations. This can identify discrepancies. It also includes items that are still affecting your credit after the statute of limitations.

The post-bankruptcy attorneys at Benjamin Brand, LLP have earned a reputation for quality representation regarding creditor law. We are among the few firms in the U.S. that can interface directly with Transunion’s software. This allows us to investigate credit reporting irregularities.

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Our lawyers can help track down the parties responsible for errors on your credit report. We employ aggressive tactics, including litigation, to enforce proper reporting.

Begin Rebuilding Your Credit Today

If you are struggling to make monthly payments and your credit prevents you from getting loans, bankruptcy may help you take control of your finances and get back on track. We offer our bankruptcy clients a credit report audit at no additional charge.

Contact us or call 312.853.3100 today and let us help ensure the accuracy of your credit report.

A credit report audit is available for current clients AND as a standalone service for clients we haven’t helped with bankruptcy in Chicago, IL.

Bankruptcy is a last resort. There may be alternatives that can help you deal with the financial burden. Call us at 312.853.3100 for more information about our areas of expertise and to find out which option is best for you.

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