Fair Credit Reporting Act

Credit Reporting Errors Can Hurt

If your credit report isn’t entirely accurate, you’re not alone. One large study found errors on about 25% of consumer credit reports. Inaccuracies can trigger credit application denials or higher interest rates and fees. Many people never know those errors or false reports are there until they apply for credit and are denied or are offered unfavorable terms.

We Fight Credit Reporting Inaccuracies Nationwide

The Federal Fair Credit Reporting Act (FCRA) protects your rights. If you’re having trouble resolving credit reporting issues, find out how we can help.
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All About Credit Reporting Errors

Credit reporting errors and false entries happen in many different ways, including:
• You were a victim of identity theft and someone else opened accounts using your name or Social Security number
• A creditor or debt collector made a mistake and reported the wrong balance, or reported a debt as outstanding after you paid it off or discharged it in bankruptcy
• Your credit file is mixed, meaning that it contains some of your information and some information from a family member (or occasionally a stranger) with a similar name
• A creditor, debt collector or debt buyer falsely “re-aged” a debt to keep reporting it for longer than the law allows

Disputing Inaccurate Items

You can dispute inaccurate items on your credit report. When you do, the federal Fair Credit Reporting Act (FCRA) and state laws in some states require credit reporting agencies and the business that provided the information to the credit bureau to investigate and remove or correct any inaccurate information. Unfortunately, that doesn’t always happen.
• Sometimes, the credit reporting agency is sloppy in its investigation
• Sometimes, shady debt buyers or collection agencies lie, or just don’t bother to investigate
• Sometimes, the company that furnished the false information has an error in its records and confirms that the information is correct
• Sometimes, the inaccurate entry is corrected, only to reappear on your credit report a few months later

You Can Fight Back

Your Rights Under the FCRA

When credit reporting agencies or furnishers of information don’t fulfill their obligations under the FCRA, the law protects you in two ways.

Correcting Inaccuracies on Your Credit Report

A court can order the credit reporting agency or furnisher of information to take specific action to correct the problem. Because the credit bureaus and furnishers know that they may face more serious consequences if they violate the court order, they usually fix the problem right away. If they don’t, they can be found in contempt of court and face additional penalties.

Money Damages for FCRA Violations

Depending on the circumstances, you may also be entitled to money damages from the agency or furnisher that violated the law.

There is no limit on actual damages in an FCRA case. So, if you suffered serious harm, like losing out on an employment opportunity or being denied the loan you needed to buy your dream house, you may be entitled to significant compensation.

If you didn’t suffer any actual harm, you may still be entitled to a small monetary award, known as statutory damages. These damages are available only if the court finds that the agency or furnisher willfully violated the law. In extreme cases, punitive damages may also be available.

Attorney Fees in FCRA Cases

The FCRA has a fee shifting provision. That means that if the court finds that the credit bureau or the furnisher of information violated the law, they can be ordered to pay your attorney fees and other costs associated with the case. Federal legislators included this provision to make sure people whose rights are violated under the FCRA can get the relief they need, even if the amount of money involved is small.

Talk to an Experienced FCRA Attorney

Resolve Law Group helps people whose FCRA rights have been violated. To learn more about how we can help force credit reporting agencies and furnishers of information to correct information on your credit report, call us today or fill out the contact form on this site. One of our seasoned credit reporting attorneys will assess your case and explain your rights and options.
Resolve Law Group helps people whose FCRA rights have been violated. To learn more about how we can help force credit reporting agencies and furnishers of information to correct information on your credit report, call us today or fill out the contact form on this site. One of our seasoned credit reporting attorneys will assess your case and explain your rights and options.

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Fair Credit Reporting Act FAQs

How do I know if there are errors on my credit report?
It’s important to monitor your credit reports with all three major credit bureaus: TransUnion, Experian and Equifax. Not every furnisher reports to every credit reporting agency, so you cannot assume that these three reports will be the same. You’re entitled to a free copy of each credit report every year, and may also be able to get free access more often through your credit card issuer or consumer monitoring platforms.
I disputed an item on my credit report, but it wasn’t removed–now what?
If the credit reporting agency or a furnisher fails to conduct the required investigation under the FCRA or doesn’t take appropriate corrective action, you may be able to file a lawsuit under the FCRA. Depending on the circumstance, a successful lawsuit may result in an order requiring correction of your credit reporting and possibly money damages.
What happens after an item is removed from my credit report?
Unfortunately, items that have been successfully disputed and removed from consumer credit reports often reappear later. So, it’s important to keep checking your credit report periodically after the record has been corrected.

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To learn more about how we may be able to help, contact us right now. Fill out the contact form on the right, or call or email us today.
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