PPI and consumer credit claims are some of the concerns that face plenty of people who rely on credit. Consumer credit claims are launched when a consumer believes that a lending or insurance institution has wrongfully charged him or scammed him with the facade that they will repair his credit. But apart from these two types of claims, customers also face credit injury or damage to their credit report through the negligent acts of the lending institutions. What does credit injury entail? When a lending institution makes an error in reporting your credit status, this can amount to credit injury. A lending institution may report that you have defaulted on your mortgage payments when in fact they have made an error in recording your payments. An erroneous credit report can affect all credit transactions that you wish to undertake. This is because potential lenders will see that you have a poor credit score and that you have defaulted, even though this information is not true. Unfortunately many institutions which make these errors in credit reporting are very slow in amending the error.
How would you know about a credit injury? This often comes as a surprise to many people because they find out about credit injury when they are denied credit or they could not use their credit cards to purchase something that they need. When you are denied credit the lending institution will notify you through a credit denial letter the reasons for the denial of credit. It is advisable to always demand a letter explaining why you have been denied access to credit. If the denial is as a result of an error, you may able to pursue a claim against the lending institution which caused this injury. For you to begin your claim, start by sending a letter to a credit reporting agency to clarify the error on your credit report.