WHAT ARE MY RIGHTS UNDER THE FCRA?

The Fair Credit Reporting Act (FCRA) was created to help verify that credit and consumer reports are private and contain the correct data. The FCRA regulates the gathering, dispersion, and storage of client data.

What is a Credit Reporting Agency?

Credit Reporting Agencies (CRAs) collect and report credit-related data on consumers.The three largest CRAs are Experian, Equifax, and TransUnion.Companies contact CRAs when doing credit checks for employment, loans, credit card, bank account approvals, etc.When the data on your credit report is inaccurate, you have the right to dispute it and get it corrected.

The FCRA Protects you From Credit Report Errors by:

• Giving you the right to dispute errors.

• Verifying that the errors are removed once it is disputed.

• Ensuring that obsolete damaging data cannot be reported. Resolved issues will be shown on your credit report for up to seven years, whereas a bankruptcy will be displayed on your credit report for up to ten years.

• Giving you the right to sue CRAs for damages.

• Giving you the right to sue the person or agency that used the inaccurate report against you.

Disputing Errors on Your Credit Report

• If you notice an error on your credit report, inform the credit bureau via mail or online.

• If you feel your identity has been compromised, you can freeze your credit report for up to ninety days.

• CRAs receive disputes and forward them to credit furnishers; each credit furnisher should conduct independent investigations and report back the corrected data.

• Most CRAs don’t spend a lot of time investigating, which results in a non-removal of error; second or third attempts are required however, it does not guarantee the error will be resolved.

Don’t fight errors alone; contact us for a case evaluation today!