What is the FCRA?
The Fair Credit Reporting Act (“FCRA”) provides many rights to consumers concerning their credit. If an item on Your credit report is inaccurate, You have a right to dispute the item with the Credit Bureaus. Then, the Credit Bureaus, and the Furnisher reporting the inaccurate information, must conduct an investigation and correct the trade line. According to a recent survey taken by the Federal Trade Commission, 1 in 5 people have errors and inaccurate items on their reports. These items result in credit denials, higher rates of interest, and employment denials each day. You have rights!
What Are Common FCRA Violations?
- False late payments
- Balances showing as owed on paid debts
- Information that belongs to someone else
- Failing to report an inaccurate item as disputed
- Dates of last payments
- Multiple reportings of the same debt
- Account is beyond seven years old
If errors such as these have stayed on Your report after Your dispute, You may be entitled to compensation. Under the FCRA, the Credit Bureaus and Furnishers can be liable for Your actual damages, statutory damages up to $1,000 and punitive damages. Plus, the law provides that the Credit Bureaus and Furnishers pay your attorney’s fees so you don’t incur any out of pocket expenses in pursuing your case!!
What Do I Do If I Have Been A Victim Of Identity Theft?
Identity theft leaves victims in a terrible situation. The victim’s credit is ruined, and people keep saying that the victim owes money. They don’t listen to you when you tell them you’re a victim and the debts are not yours. Under the FCRA, when you inform the Credit Bureaus that your identity has been stolen, the Credit Bureaus and Furnishers must investigate and remove the items that do not belong to you. If they leave those items on your report, they may be subject to liability.
Is There Compensation When My FCRA rights are Violated?
Yes! If your FCRA rights have been violated, you may be entitled to actual damages, statutory damages up to $1,000, and punitive damages. The FCRA also provides that the company who has violated your FCRA rights pay your attorney’s fees and costs so you don’t incur any out of pocket expenses in pursuing your case!!
Do i have any privacy rights to prevent people from running my credit?
Yes! Your credit history may only be requested from the credit bureaus if there is a permissible purpose for pulling your report, or you have given your permission for the pull. If you’ve informed a lender not to pull your credit, and they pulled it anyway, they have violated the FCRA. Similarly, if an employer wants to pull your credit, the employer must first obtain your permission. If the employer decides not to hire you, it must give you a copy of your credit report and information concerning your rights.
If Your credit was pulled without your permission, give us a call for a free consultation.