Consumer Rights Under the Fair Credit Reporting Act, Part 2

credit report dispute form

The Fair Credit Reporting Act (FCRA) provides individuals with many rights related to the collection and dissemination of their credit history. Here is the second part of a summary of their major rights under the FCRA:

  • Consumer reporting agencies (CRA) may not report outdated negative information.
    Thus, negative information more than seven years old or bankruptcies more than 10 years old may not be reported by CRAs.
  • Access to an individual consumer’s file is limited.
    CRAs may provide information only when a valid necessity exists for its use, typically the consideration of a credit application by a lender, landlord, or employer.
  • Individuals must give consent in writing for reports to be provided to employers during the employment application process.
    When applying for employment, consumers must provide written consent for a prospective employer’s receipt of a credit report.
  • Individuals may limit “prescreened” offers of credit and insurance.
    Unsolicited “prescreened” offers for credit and insurance must include a toll-free phone number for removal of consumers’ names and addresses from source lists.
  • Individuals may seek damages from those who violate the FCRA.
    The FCRA provides a right to damages for willful and negligent violations of the FCRA. Plaintiffs alleging statutory violations must demonstrate “concrete” or “real” harm to recover.
  • Identity theft victims and active duty military personnel have additional rights under the FCRA.
    Identity theft victims may place fraud alerts and active duty military personnel serving at a location away from their regular duty station may place “active duty” alerts in their credit file to counteract identity theft.

The experienced South Florida defense attorneys at Loan Lawyers are here to review a difficult financial situation to assess all of your available options. At Loan Lawyers, our South Florida consumer rights and debt defense attorneys help individuals with financial problems that cause hardship. To schedule a free consultation at any of our three conveniently located offices, contact Loan Lawyers today by calling 954-523-HELP (4357).