Podcast- Understanding Credit Reports: Disputing Errors Made Easy

Hi there, I’m Alex Hernandez. I am your professor when it comes to everything dealing with bankruptcy, mortgages, car loans, credit cards—you name it, it’s all on my blog, Bankruptcy.blog. Today’s podcast focuses on information regarding credit reports.

Listen to this podcast.

Check Your Credit Report Regularly for Errors

This is important because this original blog post is tied to a study that found a lot of errors on credit reports, which were difficult to correct. Recently, I had to deal with the issue of getting my credit score, and the questions they ask can be seriously absurd at times.

We’re in 2024, and I had questions regarding my house from 2008, which I lost to foreclosure. Sometimes, they ask questions that go back 10-15 years, like “Is this or is this not your phone number?” I’m like, “Oh my God.” My phone numbers included business lines and cell phone lines. My business had several lines: the main line and the back lines. Sometimes they include these back lines, and I’m like, “I didn’t even know the back line when I was working there. I only knew the main number.”

That’s part of the issue with trying to get your credit report. When that happens, you cannot access it online. It is a pain. You have to write to the credit bureaus, provide the information they need, send them a letter, identification, etc., to try to get this information.

So hopefully, you get it right the first time around because you don’t want to deal with it. Guess what? This is one of the few times I was able to get all three credit reports because I didn’t get any of the information wrong. Go figure!

There are three main credit bureaus: Equifax, Experian, and TransUnion. You obtain your credit report at annualcreditreport.com. By law, you’re entitled to a free credit report every 12 months.

There have been a lot of changes with credit reports. For example, they are no longer reporting medical bills, which is great, but only if less than $500. They should do the same with student loans.

Update to Medical Bills: With the Trump Administration, the dismantling of the Consumer Financial Protection Bureau (CFPB) is occurring, which is likely to result in protection for consumers, such as medical bills being reported on credit reports.

Dispute Errors on Your Credit Report Immediately

If you see an error on your credit report, there’s a very simple way to dispute it. Once you log in, it shows you the information and gives you the option to dispute it. I had an issue that I had to dispute, but they said they don’t really dispute that, which I think was a prior address or something else. OK, whatever.

Make sure there are no issues about who you owe money to or things that don’t belong on your report. I’ve been through that before, where I had a bunch of foreclosures listed in the Florida Keys. I’ve never owned property in the Florida Keys. I was buying a car, and they said, “Hey, these five foreclosures.” That’s not mine. What do you want me to do with that?

This was way before we easily had access to the Internet, but there are still going to be errors on your credit report. So you have to check them. Here’s the reason why.

Imagine you go to buy a new car, and they tell you, “Sorry, you’re not getting a new car. Look at your credit. It’s a disaster.” Someone stole your identity. If you don’t have credit alerts, you’re at a disadvantage. My alerts are set at $5—if anyone spends $5 on my credit card, I know about it in two seconds. I get a text message, and I’ve been able to stop a lot of fraudulent charges just like that.

For example, a couple of years ago, I had fraudulent charges at a parking garage in Chicago, and I was able to resolve that issue quickly. It’s important to monitor your credit regularly. Another example is when I had a credit card with fraud on it. I tried to use it, and it was denied while I was filling up for gas.

When I checked, there were all these fraudulent charges. I was on my way to Colorado on a cross-country road trip. Luckily, I had another credit card, and it all got resolved, but I couldn’t even get a new card from the bank without going to their branch office. I wasn’t about to drive all the way there, and for a while, things got complicated. So, always make sure to check your credit regularly to ensure there are no mistakes.

Now here’s a possible problem: interest rates are going down. They went down a couple of weeks ago and might go down again in September for car loans, mortgages, credit cards, and things like that. That’s great, but what if you’re thinking, “Now’s a good time to save some money and buy a new car or get a new home”? You go to apply, and they tell you, “Look at your credit. It’s a mess. You filed for bankruptcy.” You think, “I never filed for bankruptcy.” Well, that’s what it says on your credit report. Trust me, it happens.

If you have a common name, this can be an issue, so check your credit regularly, especially if you’re thinking about buying a car or home in the next month or so. Go ahead and check your credit now—it costs nothing to do so, and it can save you a lot of money. The lender might say, “We agree this has nothing to do with you, but it’s on your credit report. So instead of 6%, you pay 7%.” What do you do then? You’re stuck. How long will it take to fix?

Be prepared. Check your credit in advance and get all that garbage off your report. When you apply for credit, your history should be nice and clean, with no issues. This way, they won’t increase the interest rates or the deposits. For example, instead of needing $2,000, you might need $3,000. If you have the money, great. If not, now you have a problem, especially if you need it for something else, like buying furniture.

If there’s anything you learn from today, it’s to review your credit report regularly. I do it about once a year because I also have alerts set up. If anyone uses my card or applies for credit in my name, I will know immediately.

By the way, there has been a massive data breach recently. I wrote about it and posted it on my YouTube channel. It included everything from emails to phone numbers and Social Security numbers. If someone starts stealing your identity, your life can get complicated quickly. So, check your credit report and look into that massive data breach. I’ll post the video link below as well as the blog post that way you can protect yourself.

• Identity Theft and Massive Data Breach

As always, if there are any paralegals using my textbook in one of your courses, feel free to ask questions or leave comments. You’re part of the YouTube family as well. Just because you’re a paralegal student doesn’t mean you can’t ask questions to your professor. And for those who are not paralegal students, likewise, any questions or comments are welcome.

If you like what you see, don’t forget to subscribe, like, and all that good stuff. You’ll see the notification pop up at the end. All right, take care, everyone. Please be safe, and more importantly, check your credit.

Colleges and universities can purchase my bankruptcy law textbook directly from Routledge Publishing. For paralegals and students buying single copies, you can do so via Amazon Books. To access my YouTube channel, click this link.

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Please note that the information on this site does not constitute legal advice and should be considered for informational purposes only.

This transcript was edited for clarity.

Updated on May 2, 2025.