Fort Lauderdale & Miami FCRA Attorney
Understanding the Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA) is a federal law that regulates the
collection, dissemination, and use of consumer information, including
consumer credit information. A creditor has been defined to mean a company
that provides information to consumer reporting agencies, such as credit
card companies, collection agencies, auto finance companies, or mortgage
and lending institutions.
Everyone has heard of the three major U.S.-based consumer credit reporting
companies Transunion, Equifax, and Experian. These are the main entities
that are subject to the FCRA. Yet what most people don't know is that
a large percentage of credit reports contain errors (various research
reports have uncovered that anywhere from 20-80% of credit reports contain
errors). Credit report errors can impact one's ability to retain current
employment and affect one's ability to obtain new credit, get a car
loan and even secure insurance.
Loan Lawyers Will Fight for Your Rights
The FCRA is a fairly complex law designed to protect the accuracy, integrity,
and privacy of your credit information. The FCRA requires credit reporting
agencies and the entities that report your credit information to them
to ensure that your information is fair and accurate, and kept private.
The FCRA provides the ability for consumers to access and correct any
inaccuracies on their credit reports, and provides for legal remedies
if a credit reporting agency or creditor that reports information violates
Furthermore, in the event of violations of the FCRA, consumers may be entitled
to monetary recovery for statutory and actual damages, punitive damages,
as well as attorney fees and costs. Should you experience this situation,
call on our Fort Lauderdale consumer rights lawyers at Loan Lawyers.
Some examples of guidelines that must be followed under the FCRA are:
- Creditors must provide complete and accurate information to the credit
- In the event that a consumer disputes information on their credit report,
the creditor has the duty to investigate the matter, correct any errors
or explain why the credit report is correct within 30 days of receiving
a notice of dispute.
- Consumers must be notified about negative information that may be reported
or has been placed on their credit report within 30 days.
- Old credit information (anywhere from 7-10 years) can no longer be kept
or replaced on your credit report.
- Withhold the disclosure of consumer credit information to employers without
Work with Our Trusted Fort Lauderdale Firm
We highly recommend that consumers order a free copy of their credit report
online as a first step to ensure that they have not been the victim of
credit reporting error or fraud. There are many websites that scam people
who are trying to get information about their credit reports, so it's
important to go to a trustworthy site to gain more information about your
credit report. The Federal Trade Commission has verified that AnnualCreditReport.com
is a legitimate and free resource for consumers to access their credit reports.
If you have been penalized or denied credit due to an error or misreporting
on your credit report, we may be able to help.
Contact our firm at (844) FIGHT-13 (344-4813) for a
free, confidential case review.