Problems with your credit score after an error by Experian credit bureau? Contact the Ohio investment fraud attorneys today.

On April 4, thousands of consumers who pay for credit monitoring services received alerts that their credit scores dropped after the credit bureau, Experian, erroneously reported HSBC credit card customers’ balances. Experian reported HSBC customers as having credit balances that exceeded their credit limits, causing their scores to drop significantly. According to an MSN report, one consumer’s score dropped nearly 60 points.

HSBC is one of the largest banking and financial services organizations in the world, with headquarters in London. HSBC provides a comprehensive range of financial services to around 100 million customers through four customer groups and global businesses. Credit Bureau Experian is a global leader in helping organizations and consumers manage the risk and reward of commercial and financial decisions.

If you’re one of the thousands whose credit score was impacted by the Experian error, contact the Ohio investment fraud attorneys today. Elk & Elk’s Ohio attorneys have the experience and resources to help you get the compensation you deserve after an agency used your credit score inappropriately.

It’s reported that Experian dropped the last two digits of the HSBC cardholders’ credit limits. For instance, the Ohio lawyers at Elk & Elk learned that a consumer with a $1,200 credit limit would be reported as having as $12 limit. As a result, the consumer appears to have a balance much larger than the actual limit, thereby affecting his or her credit utilization. This ultimately destroys the consumer’s credit score.

HSBC told consumers the agency is working on the problem and scores will return to normal. HSBC referred all questions to Experian who said the error has already been fixed.

"On April 1, 2011, Experian loaded data from a single data furnisher and made an isolated administrative error in coding this data," an Experian statement said. "This error was detected on Monday, April 4, which Experian quickly corrected and the data was immediately suppressed. Since that point, the information has now been reloaded accurately and the file reflects the most updated information provided by the lender.”

Despite that Experian claims consumers’ credit scores are back to normal, some HSBC customers are saying their credit monitoring services still indicate that their accounts are over the limit.

At Elk & Elk, our Ohio investment fraud attorneys know your credit score affects whether you can do things like buy a home, purchase a car or take out a loan. When a credit bureau uses your financial information incorrectly it can have a domino effect on other areas of your financial situation like your credit card interest rates and mortgage.

That’s why, if you’re an HSBC customer whose credit has plummeted as a result of this error, let the Ohio attorneys at Elk & Elk help you get the compensation you deserve. We have lawyers, economists, analysts, accountants, financial planners and a virtual army of professionals who will study your case, ensure your rights are protected and get your credit back on track.

Contact Elk & Elk. We’re always here.

Elk & Elk is able to provide its clients with reliable legal help without having to ask for a dime up front. In fact, if we take your case and do not have a successful outcome, you don’t owe us a dime. So let us put our resources to work for you and find out whether bad investment decisions have ruined your financial well-being. Just call us at 1-800-ELK-OHIO for a free phone consultation or fill out our online case evaluation form by clicking here.