Tampa Student Loan and Bankruptcy Lawyer Blog — March 25, 2020
Credit reports and credit scores have become common in the United States. Your credit score is involved in almost every financial transaction. If it’s wrong or lower than it should be, you can be charged additional fees and/or thousands more in interest.
Right now, there are considerable disruptions in the financial world. As you may know, student loans are undergoing drastic changes. Duplication of accounts, erroneous reports of missed or late payments are frequent and can be very damaging.
Just yesterday, we heard from a potential client who had been making his payments on time, but due to an addressing error, his loan servicer had changed and he did not receive notice of the change. His payments were sent to the old servicer. In the meantime, his credit score has been lowered by 90 days because of missed payments. You can bet that something like this can cause a score decline dramatically. This is a common reason for people to be denied a new mortgage, car or apartment. At the very least, existing costs will likely go up as other creditors perceive a risky borrower.
This can go on for awhile unless you check your credit and take action to fix it.
You can obtain free credit reports at annualcreditreport.com. You do not have to sign up to any notification service. However, you can, if you wish. We will review it free of charge. If you are right, we will dispute it and even file a Fair Credit Reporting Act lawsuit — on contingency. No fee unless we are successful.
