In recent weeks, a number of consumers across the country began alerting the Better Business Bureau to incidents of sudden credit damage due to long-standing movie rental fees.
While many experts were skeptical of these claims, as many as 2 million Americans could be affected and need to fix bad credit, according to National Credit Solutions.
NCS, the company who received old debts from Hollywood Video after it entered into bankruptcy last year, now says it has initiated collection efforts on nearly 500,000 of these accounts, Nasdaq reports. This means many consumers could see their credit scores suffer due to transactions they made not have made.
So far, there are investigations pending in at least six states, the news source says. One Seattle, Washington, resident even reported having his credit line reduced from $8,700 to $600 after the charge was recorded by the major credit bureaus.
Since many of these debts are more than a decade old, consumers may have a case to investigate and dispute these claims with a credit lawyer. Individuals who find their credit has been affected may benefit from speaking with a credit repair company to learn more information.