Credit Report Errors? Recognize Your Rights
The Fair Credit Reporting Act (FCRA) was created to make certain that credit and consumer reports are private and contain 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 3 largest are Experian, Equifax, and TransUnion
- Companies contact CRAs when doing credit checks for employment, loan/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
- Making certain that the errors must be removed once being disputed
Companies contact CRAs when doing credit checks for employment, loan/credit card/bank account approvals, etc
Making certain obsolete negative data can’t be reported; resolved issues will be shown for up to seven years on a credit report whereas bankruptcy will be shown for up to ten
- Giving you the right to sue CRAs for damages or to sue the person or agency that used the inaccurate report against you
Disputing Errors on Your Credit Report
- If you notice a slip-up on your credit report, inform the credit bureau via mail or an online form
- If you feel your identity has been compromised, you’ll be able to freeze your credit report for ninety days
- CRAs receive disputes and forward them to credit furnishers; each should conduct independent investigations and report back 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 don’t guarantee the error will be resolved
Don’t fight errors alone; contact us for a free case review.