If you have ever struggled to repay a creditor, you are not alone. It can be tough to understand how to get your credit score back up to a healthy level without the advice of a credit lawyer in Ashburn, especially if you have habitual credit report problems. Fortunately, as an experienced debt attorney will tell you, the law is on your side.
The first step to dealing with long-term credit problems is understanding your rights. Federal, state, and local laws protect consumers from harassment and deceptive lending practices. That means debt collectors are required to stop calling when you ask. In addition, there are steps that you can take to manage your debt and repair your credit. If you find that there are mistakes on your credit report, a credit report attorney can work with the credit reporting agencies to remove them from your credit report through a credit dispute process.
Your credit reports from TransUnion, Experian, and Equifax play an important role in determining whether you can obtain a mortgage, other loan, or credit card account. If identity theft causes your credit score to unfairly plummet, you probably know that calling a credit report lawyer in Reston is essential to restoring your financial wellbeing. However, some consumers never truly learn about credit reports until their scores have been adversely affected. Before you buy a car or invest in real estate, it is essential to understand your credit report. Contact your credit report attorney and read this guide to better understand how to read your credit report—and what lenders can learn from your credit score.
It’s important to review your credit reports regularly. If you notice any abnormalities, you can contact an identity theft lawyer in Leesburg for help with a credit report dispute. When reviewing your credit reports, you’ll notice that they have multiple sections for your personal information, account details, inquiries by creditors, and public information such as court judgments and liens.
Your credit score tells lenders how good you are about repaying debt. When it comes to credit reports and your credit score, there are three companies you need to know: Equifax, Experian, and TransUnion. These three agencies compile the reports that determine your credit score. For example, each credit agency will have access to your name, Social Security number, the names of people who request your credit report, and comprehensive information about your finances.
Your credit score is compiled based on several kinds of information. First, your payment history makes up 35% of your score. If you pay bills late, your score will decrease. Your debt-to-credit ratio makes up 30% of your score. Your credit history comprises 15% of your score, and it shows how you have managed your finances in the past. New credit accounts, or inquiries from companies where you have applied for credit, make up 10% of your credit score. Finally, diversity of credit, or how many different kinds of credit you have, is responsible for 10% of your score.
The best way to understand your credit report is to keep tabs on your credit reports and numbers. Experts recommend checking with each of the three central agencies named above once per year to make sure that there are no inaccuracies in your report and that your credit score reflects your true financial history. If you do find a credit report error, contact a credit lawyer to begin the credit report dispute process.
You can hear more tips for understanding your credit report by watching this video or consulting a credit lawyer. This expert explains how you can include a consumer statement in your credit report, which will provide additional information to anyone who views the report. For example, you might wish to convey that you had to retain the services of an identity theft lawyer.
Identity theft occurs when someone gains access to your Social Security number and uses that information to pretend they are you. Identity thieves may open new credit cards, obtain loans, and even get a driver’s license—all in your name. If you are worried about identity theft, contact an identity theft lawyer in Ashburn and watch the following video clip.
Many consumers do not realize that their identity has been stolen and take action by contacting an identity theft attorney until months after the fact. During that time, an identity thief can inflict untold damage, racking up thousands of dollars in debt or even earning a criminal record. This can destroy a person’s credit, leading to the need for credit disputes, and affect the victim’s personal and professional lives. Today, many services help consumers proactively protect themselves against this type of fraud. If your identity is stolen, an experienced consumer protection law firm can help indemnify you, restoring your reputation and good credit.
In a world where more and more financial transactions are conducted online, identity theft is an ever-present danger. If you are like most Americans, you may not fully understand how identity theft works—or how it can throw your life off track. However, if someone manages to steal your identity, an identity theft attorney near Ashburn can help you repair your credit and restore order to your everyday life. Continue reading for a look at why identity theft can be so dangerous.
One of the major reasons identity theft is so dangerous is that a consumer’s identity can now be stolen in more and more ways. While the most prevalent form of credit-destroying identity theft was once simply stealing personal financial information out of consumers’ mailboxes, thieves are now adept at gaining access to credit card information through ATM skimming and computer hacking. Your credit report lawyer can help you identify ways that your identity is at risk.
Taking over someone’s identity can involve more than just accessing his or her finances. Medical identity theft allows a criminal to access your health insurance and obtain prescriptions in your name—and for ailments, you may or may not have. Unfortunately, competing prescriptions may not be filled by pharmacists, meaning that it may be impossible for you to obtain the medication you need. Therefore, it is essential to contact an identity theft attorney if you suspect that your personal information is being used by another person.
Identity theft can leave exhausted consumers waging too many battles at once. For example, one victim of identity theft discovered that her identity had been stolen by an illegal immigrant, who used her personal identifying information to unlawfully gain employment. The victim and her attorney had to begin fraud claims with both the IRS and the Social Security Administration. Moreover, the thief also obtained a driver’s license—and earned two DUIs. The victim then had to contend with a criminal record and numerous traffic tickets. Your identity theft lawyer can help you contend with these types of issues.