Credit reporting error threatens family's loan

Credit score dropped more than 150 points

For years Jerry Rosen's credit hovered above 800. This business owner discovered that coveted number took a nosedive after he attempted to take out a loan.

Rosen combed over his credit reports and found an error involving Hyundai Motor Finance and a car he once owned. He followed up with Hyundai about the error on a late payment.

Rosen said Hyundai offered to notify the credit bureaus of the error but when he asked for something in writing that he could show the bank to salvage his loan — they refused.

After hearing Rosen’s story and looking over his documents, we reached out to Hyundai’s corporate offices. Within a week they mailed the Rosen’s a letter outlining the mistake and making it clear this consumer was not late on any payments and any balances had been paid in full.

By law, any company that makes an error on your credit report must report it to all three credit bureaus. Then the credit bureaus have 30 days to post the correction.

It is smart to check your credit report at least one a year to make sure there are no mistakes on your account. Just go to www.annualcreditreport.com.

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