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The federal Fair Credit Reporting Act (FCRA) is one of the strongest consumer protection laws. The FCRA is designed to ensure the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. Unfortunately, credit reporting errors and violations of the FCRA are common. We have been helping consumers fight against credit reporting agencies and damaging mistakes for over 26 years.
Credit reporting errors can have serious consequences for consumers, leading to loan denials, higher interest rates, and even lost job opportunities. The Fair Credit Reporting Act (FCRA) is designed to protect you from these issues, but violations still occur frequently. Below, we discuss some of the most common FCRA violations related to credit reports and what you can do to protect your rights.
If any of these violations have affected you, it’s essential to take action. Contact an FCRA attorney for a free, no-obligation case evaluation by filling out our online form or calling 1-877-735-8600.
Credit reporting agencies (CRAs) collect and maintain your credit information. The three largest CRAs in the U.S. are Experian, Equifax, and TransUnion. These agencies provide credit reports to companies when they perform credit checks, such as for loan approvals, credit card applications, employment screenings, and rental applications.
When incorrect information appears on your credit report, you have the legal right to dispute it and seek correction under the FCRA.
The Fair Credit Reporting Act (FCRA) provides several protections for consumers dealing with credit report errors:
For more, view Summary of Your Rights Under The Fair Credit Reporting Act (FCRA)
If you discover an error on your credit report, take immediate action:
Tip: If you believe your identity has been compromised, you can place a freeze on your credit report for 90 days, preventing unauthorized access.
After receiving your dispute, the CRA forwards it to the information furnisher (such as a bank or creditor) for investigation. They must complete the investigation and report any corrections to the CRA within 30 days.
Unfortunately, CRAs often fail to thoroughly investigate disputes, resulting in unresolved errors. In these cases, multiple attempts may be necessary, but there is no guarantee the issue will be fixed.
The timeline for correcting credit report errors can vary, especially if legal action becomes necessary. In a video, our partner, John Soumilas, explains how long it typically takes to resolve these issues after filing a lawsuit against a CRA or background check company.
If you’ve tried to resolve errors on your credit report without success, or if the credit reporting agency continues to ignore your disputes, it’s time to consult with an FCRA attorney. At Francis Mailman Soumilas, P.C., we specialize in holding CRAs accountable for FCRA violations and helping consumers like you fix their credit reports and seek compensation for damages.
Don’t let credit report errors ruin your financial future. Contact us today for a free consultation.
Fill out our online case review form or call us at 1-877-735-8600 to discuss your case with an experienced credit report attorney.
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PROTECTING CONSUMERS