Credit information is used in almost every financial transaction. Whether it’s renting an apartment, purchasing insurance, or buying a home, your credit score/integrity always comes into question. Because of this, your credit information must be reported accurately. False information and reporting regarding your credit can have life-altering consequences.
This article will cover some helpful information on the Fair Credit Reporting Act (FCRA) and why it’s important for consumer rights.
What is the Fair Credit Reporting Act?
The Fair Credit Reporting Act sets standards for collecting consumer information and sharing information from credit reports. It was initially passed in 1970 to regulate how creditors handled credit information and reports. The law protects consumer privacy and seeks to make the credit reporting process fair.
Does the FCRA Help?
Ultimately, the FCRA does help consumers protect themselves from poor or illegitimate credit reporting. Aside from regulating the behavior of credit reporting companies, this law ensures that consumers can access their credit reports for free when they need to and prohibits improper access to their credit information.
The FCRA requires that reporting standards are maintained and credit reporting agencies don’t include false information in their reports.
Fair Credit Reporting Act Violations
Fair Credit Reporting Act violations can result in fines, damages, and other penalties. Some examples of violations include creditors and consumer reporting agencies handling disputes inappropriately, accessing a consumer report improperly, or preventing a consumer from accessing their free credit report. Violations of the FCRA can result in awards of damages, attorney’s fees, and even punitive damages.
It’s important to note that there is a statute of limitations on reporting FCRA violations. Consumers cannot take legal action on FCRA claims more than two years after the violation was discovered or five years after the violation occurred.
Fair and Accurate Credit Reporting
The Holland Law Firm has decades of experience helping and fighting for consumers. When credit bureaus and furnishers won’t fix errors that are hurting someone’s ability to get credit on favorable terms, we sue for Fair Credit Reporting Act violations. When we sue under the FCRA, we demand that they fix the errors, pay money to compensate the consumer for the harm caused, and pay for the consumer’s attorney fees.
If credit reporting errors have negatively impacted your life, it’s time to speak with a credit report lawyer and set your life back on track.
Contact us today to set up a consultation.