We Make The Fair Credit Reporting Act Work For You
An Experienced Attorney Protecting Your Interests
The Fair Credit Reporting Act (FCRA) was passed to protect consumers’ financial and credit history and reputation in a standardized manner. The act regulates how credit information is collected, stored and distributed, allowing access by the consumer to his or her own information, as well as to potential employers and financial institutions.
Let us help. Call our consumer protection lawyer today at 800-254-3497 or contact us online.
Credit Reporting, Mistakes And Identity Theft
There are three major credit reporting agencies (CRAs) that handle most credit reporting in the United States: Experian, Equifax and TransUnion. These companies are large and impersonal, not dealing with the consumer directly, but rather with subsidiaries that provide them with the credit information. They simply distribute it.
Because of this, there can be a wide range of inaccuracies on a person’s credit report. It is important to carefully review your credit report and history on a routine basis to ensure that all information is accurate. For instance, after a move, your credit report might show a mistake or infraction by another person who you don’t know, but who had your address at one point.
Identity theft is also a big source of credit score inaccuracies. This is a growing problem in our country, and your identity is vulnerable anytime you even use your credit card. If that information is stolen and used to open another account, you could have significant credit damage and never know it.
Frequently Asked Questions About The FCRA
Fair credit reporting rules affect how long information appears on your file and how disputes are handled. The following information can help you better understand your situation under FCRA.
How long can negative marks legally remain on my credit report?
Most negative information may be reported for no more than seven years under FCRA. This time limit applies to late payments, collection accounts, charge-offs, foreclosures and many civil judgments. Certain information, including data about bankruptcies, may be reported for up to 10 years from filing.
Unpaid tax liens are no longer included in reports by the nationwide consumer reporting agencies, although other public record data may appear. Positive information, such as timely payments, can remain on your record longer because the act does not require removal after a specific period.
What is the exact legal timeline for a credit bureau to investigate a dispute?
After you file a written dispute, the credit bureau generally must investigate and resolve it within 30 days. If you provide additional information during that period, the investigation window may extend to 45 days. Within five business days of receiving your dispute, the bureau must notify the creditor or furnisher that supplied the challenged information.
In turn, the furnisher must review records, report back to the bureau, and correct or delete inaccurate data when appropriate. When the investigation ends, the bureau must send you written results and a free updated copy of your report if changes occur. If it fails to follow timelines or procedures, that failure may support a claim under FCRA.
What financial damages can I recover if my FCRA rights are violated?
Available damages depend on whether the violation is negligent or willful under FCRA. For negligent violations, you may seek compensation for actual losses such as denied credit, higher interest costs or emotional distress. Willful violations allow recovery of either actual damages or statutory damages ranging from $100 to $1,000 per violation.
Courts may also award punitive damages for willful misconduct, along with reasonable attorney fees and litigation costs. Injunctive or corrective relief, such as orders requiring the deletion of inaccurate information, can accompany awards in many cases.
You Can Challenge The Information On Your Credit Report
Consumers have the right to contest anything on their report that they do not feel is accurate or well-represented. If you find inaccuracies on your credit report, you need immediate assistance in correcting those errors and clearing your name.
At Bensley Law Offices, we help consumers who are fighting to have their credit reports corrected. The CRAs and their subsidiaries will do little if anything to actually investigate your claim. We will do the research and find the evidence needed to clear your name and correct your credit score.
We also represent individuals who have been turned down for jobs after the employer pulled their credit report without notifying them. This is illegal, and we can help to hold that company accountable.
To learn more about how a lawyer can advocate on your behalf after an abuse of fair credit reporting, please contact our Philadelphia law firm today toll free at 800-254-3497.