More Consumers Complain About Errors on Their Credit Reports
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More Consumers Complain About Errors on Their Credit Reports

Lenders use the score as a snapshot of whether you are likely to repay the loan. Scores can also be checked when you apply for a job or apartment lease. The higher the score, the better. Paying bills on time and keeping credit cards balanced helps boost low scores.

Due to the complexity of the credit reporting system, consumers may feel stunned when they feel the error and try to correct it.

For example, a student borrower in California complained about a 200-point credit score drop in December because “incorrect” information was given by a student loan server. The servant said that it is not revealing the flawed information and the borrower has been referred to the credit bureau. The credit score decline prevented the borrower from stepping in and buying the car, but “no one helps fix it,” the borrower wrote. “I have continued to drop my credit score even after working so hard to recreate it.”

A similar situation is a subject court caseCiting consumer reports, that a woman from New Jersey filed against Equifax, TransUnion, and Vantagecore in Federal District Court last summer. The complaint states that his student lender, Navarion, accidentally reported his payments late, even though he should have been reported as current under the federal relief program. The complaint states that his credit score fell by almost 100 points due to the error.

The suit says Navient, who is not a defendant in the suit, rectified the mistake, but the credit bureau did not update its credit score to reflect the change.

The complaint claims that “thousands” of borrowers are in a similar position, although an attorney for the borrower, Philip L. The Fratata of Bursore and Fisher in New York stated that the number was an estimate.

A spokesman for Navian, Paul Hartwick, declined to comment on the lawsuit.

During the epidemic, Navient is reporting the student loan payment status as directed by the federal Department of Education. “If you have questions about a specific credit score, please contact the company issuing it,” Navient advises borrowers.



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