Ensuring the information on your credit report is correct is imperative, as your credit score and credit report are essential to determining not only what loans you can be approved for, but also your interest rates and even what jobs you’re offered. As such, ensuring you understand the rights in place to ensure that your credit is correct is vital as a consumer. The following blog explores what you should know if you believe you have suffered an FCRA violation, as well as the importance of working with a California credit report lawyer to help guide you through these difficult times.
What Is the Fair Credit Reporting Act and What Functions Does It Serve?
The Fair Credit Reporting Act (FCRA) is a federal law that aims to protect how consumer information is gathered and used by credit reporting agencies, credit furnishers, and lenders. The primary function of the act is to ensure fairness, accuracy, and privacy for consumers.
Understanding the rights you are afforded under the FCRA is critical. One of the most important rights you have is the ability to dispute incomplete or incorrect information in your credit report. Once a dispute has been filed, the reporting agency is legally obligated to investigate and issue a decision on the matter within 30 days. In the event the information is incorrect, outdated, or fraudulent, the credit reporting agency must remove the errors from your report.
You should also note that the FCRA limits who can access your credit report. Generally, to access your file, those with “permissible purpose,” meaning they have a valid reason to do so.
What Violations Are Most Common?
As a consumer, familiarizing yourself with the most common FCRA violations is critical, as this can help you quickly identify violations and take prompt action to remedy them. As such, some of the most common violations include, but are not limited to, the following:
- Reporting a debt as delinquent
- Incorrect account balances
- Reporting old or outdated information
- Mixed credit files
- Unauthorized access
- Failure to investigate disputes
- Duplicate collection listings
- Failing to report a bankruptcy discharge
What Should I Do After a Violation Occurs?
In the event you discover that your rights under the FCRA have been violated, it’s critical to take the necessary steps to protect yourself and your rights. Generally, the most important thing you can do is document the violation. This includes taking screenshots, saving letters received from the reporting agency or credit furnishers, as well as any other relevant documents that can help show a violation has occurred.
Next, you should file a dispute with the reporting agencies to have this information removed or remedied. This generally entails sending a written dispute to the agency or filing a dispute through the online portal. If you choose to send the dispute letter, you should do so through certified mail, as this will provide you with confirmation the agency received the letter.
Unfortunately, navigating an FCRA violation can be incredibly difficult, which is why working with an experienced attorney is in your best interest. At Loker Law, we understand how overwhelming it can be to gather the information you need to show there is an error on your report. Tht is why our team will do everything possible to help you fight ro remedy your report. When you need help, our team is here. Contact us today to learn more.
