New Year, New Financial Goals: Start by Checking Your Credit Report
The start of a new year is when many people set financial resolutions—paying down debt, buying a home, improving credit scores, or simply getting their finances back on track.
If that’s you, the best place to start is your credit report.
Before you can improve your financial health, you need to make sure the information being used to judge you is accurate—especially after a year filled with major financial data breaches.
You’re Entitled to a Free Credit Report Every Year
Many consumers don’t realize this, but federal law gives you the right to free credit reports every year from the three largest credit reporting agencies:
- Equifax
- Experian
- TransUnion
The only official website to access these free reports is:
This system exists because credit reports affect nearly every major financial decision: loans, credit cards, housing, insurance, and even employment in some cases.
Why Checking Your Credit Report Matters More Than Ever
In 2025 alone, millions of consumers were notified that their personal and financial information may have been exposed in data breaches involving banks, lenders, retailers, background check companies, and data brokers.
Even if you haven’t experienced obvious identity theft, data exposure increases the risk of errors appearing on your credit report months or even yearslater.
Your credit report may contain information that is:
- Incorrect
- Outdated
- Belonging to someone else entirely
And most people don’t find out until they’re denied credit, housing, or a financial opportunity.
The Most Common Credit Report Errors We See
At Francis Mailman Soumilas, P.C., we represent consumers nationwide whose financial lives were damaged by credit reporting mistakes. Some of the most common problems we see include:
Mixed Files
Information from another person—often with a similar name or Social Security number—appears on your report. This can include:
- Accounts you never opened
- Collections that don’t belong to you
- Someone else’s late payments or defaults
Outdated Information
Negative information that should have been removed remains on your report past the legal reporting period.
Incorrect Account Status
Accounts reported as:
- Delinquent when they were paid
- Charged off when they were settled
- Open when they were closed
- Duplicate accounts
Identity Theft-Related Accounts
Fraudulent accounts or inquiries appear after your personal information was exposed—even if you never approved them.
Credit Reports Aren’t the Only Consumer Reports That Matter
Many people assume only the big three credit bureaus matter. In reality, your data lives in many consumer reporting agency databases.
These companies collect and sell information used for:
- Employment background checks
- Tenant screening
- Insurance underwriting
- Financial risk assessments
Errors in any of these reports can impact your financial and personal life. That’s why accuracy is critical.
What to Do If You Find an Error on Your Credit Report
If you spot something wrong, you do have the right to dispute it.
- Identifying the inaccurate information
- Submitting a dispute to the credit bureau(s) reporting it
- The credit bureau has 30 days to investigate and respond
However, disputes are not always handled properly. Credit bureaus frequently:
- Verify inaccurate information without a real investigation
- Ignore key documentation
- Fail to correct or remove clearly wrong data
When that happens, your rights under federal law may be violated.
You Have Rights Under the Fair Credit Reporting Act (FCRA)
The Fair Credit Reporting Act (FCRA) requires credit reporting agencies to:
- Follow reasonable procedures to ensure accuracy
- Conduct meaningful investigations when consumers dispute errors
- Correct or delete inaccurate or unverifiable information
When they fail to do so, and consumers are financially harmed, legal action may be appropriate.
How Francis Mailman Soumilas, P.C. Helps Consumers Nationwide
Francis Mailman Soumilas, P.C. focuses exclusively on consumer protection law. We don’t dabble in it; we litigate it every day.
Our firm has:
- Decades of experience holding credit bureaus accountable
- Represented thousands of consumers nationwide
- Taken on Equifax, Experian, TransUnion, and other reporting agencies
- Recovered compensation for clients harmed by reporting errors
If a credit reporting agency refuses to fix clear mistakes, we know how to take the next step.
Make This the Year You Protect Your Financial Future
Financial resolutions are about progress, but progress starts with accurate information.
- Get your free credit reports
- Review them carefully
- Take action if something doesn’t look right
And if your dispute is ignored, mishandled, or dismissed, you don’t have to fight alone.
Francis Mailman Soumilas, P.C. is here to help protect your rights and your financial future.