The Fair Credit Reporting Act (FCRA) gives consumers specific rights when dealing with consumer reporting agencies.
Consumer reporting agencies, including Equifax, Experian, and TransUnion, document reports on how you pay your bills, lawsuits, and whether you have filed for bankruptcy. These records are frequently accessed by banks, creditors, landlords, potential employers, and banks.
Some of the most common violations are:
(1) Re-aging – reporting the date of an original delinquency later than when the delinquency actually occurred;
(2) Post Bankruptcy Collections – improperly reporting the filing and discharge of a consumer bankruptcy and its effect on the account;
(3) Multiple Reporting – reporting the same account numerous times.
Credit reporting errors can have a devastating effects on victims:
(1) consumers are unable to procure new credit
(2) existing credit terms are unfavorably changed
(3) insurance rates increase
(4) employment can be denied and a vast amount of time may be spent attempting to correct these problems.
All consumers should learn how to interpret and manage their own credit reports. If you believe your rights have been violated, contact us to schedule a consultation or submit our free online case evaluation request. Wexler Law protects consumers’ rights when credit reporting errors occur and assists consumers in recovering financial damages.
False Credit Reports
Challenging false credit information on a consumer credit report is one method of improving credit scores. There are several available strategies that can be beneficial. If you have applied for a line of credit or if information on your credit report is inaccurate, you have the right to request that consumer reporting agencies correct the inaccuracies. If this does not resolve your dispute with a consumer reporting agency, you also have the right to submit a statement to be included in your credit reporting file.
Consumer reporting agencies may report information about you for up to seven years, with some exceptions. Credit reports may be available only to those with parties who have reasonable grounds to engage in a transaction with you in which your creditworthiness is relevant. Employers must have written permission to access a consumer report.
Inaccurate reports from debt collectors can also cause substantial harm to credit history. If you believe a debt collector or debt buyer violated the Fair Debt Collection Practices Act (FDCPA) in its collection activity towards you, Wexler Law can help you exercise your legal rights to dispute a debt and possibly recover damages.
These – and other rules concerning credit reports – are intended to protect consumers legal rights. If you believe a consumer reporting agency has violated your rights under the FCRA law, contact us to schedule a consultationor submit our free online case evaluation request. In some cases, violations of the Fair Credit Reporting Act may result in awarding damages and attorneys fees. However, time is limited to file such suits.
The fraudulent use of identifying information is not new. Consumers should always be very cautious about giving out banking or credit card account numbers, and any other identifying information over the phone, internet, or even in person.
There are many places malicious individuals can obtain information about you. For example, stealing mail from mailboxes, smart device scanning applications and hardware, and even going through your garbage.
Obsolete Credit Information
In addition to false information, certain information which is deemed “obsolete” also may not be reported. Generally, credit information which is over seven years old is obsolete under the Fair Credit Reporting Act, although bankruptcy can be reported for ten years.