The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies, including credit bureaus and specialty agencies (such agencies as Transunion, Experian and Equifax). These agencies sell information about credit histories, medical records, and rental history records.
You have the right to know what is in your file. You may request and obtain all the information about you in the files of a consumer reporting agency.
You are entitled to a free file disclosure if:
1. a person has taken adverse action against you because of information in your credit report;
2. you are the victim of identity theft and place a fraud alert in your file;
3. your file contains inaccurate information as a result of fraud;
4. you are on public assistance; C you are unemployed but expect to apply for employment within 60 days.
You have the right to ask for a credit score.
Credit scores are numerical summaries of your credit-worthiness based on information from credit bureaus. You may request a credit score from consumer reporting agencies that create scores or distribute scores used in residential real property loans. Such reports are not free.
If you identify information in your file that is incomplete or inaccurate, and report it to the consumer reporting agency, the agency must investigate unless your dispute is frivolous. Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information. Inaccurate, incomplete or unverifiable information must be removed or corrected within 30 days. Consumer reporting agencies may not report outdated negative information.
In most cases, a consumer reporting agency may not report negative information that is more than seven years old, or bankruptcies that are more than 10 years old. Moreover, a consumer reporting agency may provide information about you only to people with a valid need – usually to consider an application with a creditor, insurer, employer, landlord, or other business. The FCRA specifies those with a valid need for access. You must give your consent for reports to be provided to employers.
A consumer reporting agency may not give out information about you to your employer, or a potential employer, without your written consent given to the employer.
You may seek damages from violators. If a consumer reporting agency, or, in some cases, a user of consumer reports or a furnisher of information to a consumer reporting agency violates the FCRA, you may be able to sue in state or federal court.
Before filing a lawsuit under the FCRA, a consumer must dispute the accuracy of the particular account with the credit bureau. This is a required prerequisite to filing a lawsuit and the credit bureau and creditor will have no issue getting a case dismissed if there is no evidence of a dispute letter being sent to the credit bureau. Although the FCRA only requires the dispute letter to be sent to the Credit Bureau, it is more likely the trade line will be corrected if a courtesy copy is sent to the creditor.
Contact the lawyers a Consumer Credit Protectors today at (312) 909-6089 for a free case evaluation. You have the right to dispute incomplete or inaccurate information!