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Fair Credit Reporting Act – Ability to Sue for Inaccurate Disputed Information

You may be aware of the Fair Debt Collection Practices Act, but you might not know as much about its companion consumer rights statute, the Fair Credit Reporting Act, or FCRA. FCRA provides you with rights regarding items on your credit report, including the ability to challenge disputed information that appears on your credit report. As many unfortunate consumers have found out, it is extremely common for consumers to have inaccuracies on their credit report. These inaccuracies can have a huge impact on you and your family, causing you to have problems getting a mortgage, car loan, credit card, or some other type of financing. Our firm has settled multiple cases in the past year for confidential settlements that are in excess of $100,000.00. Judges and juries take these repeated mistakes in the credit industry and you should not feel like it is not a big deal; it is.

Inaccurate Information in Credit ReportsUnder the FCRA, an information furnisher is a company that provides information to consumer reporting agencies like Equifax, Experian, and TransUnion. This would include credit card companies, auto finance companies, banks collection agencies, state and federal courts, along with others. Information furnishers must provide complete and accurate information to the credit reporting agency, they must complete a reasonable investigation in the event of a dispute, and they must properly inform consumers like yourself regarding negative information which has been or will be placed on a consumer’s credit report.

For years, there was little in the way of private rights of action for individuals who are subjected to violations of the Fair Credit Reporting Act. However, relatively recent amendments to the statute have changed those rights. Consumers, provided that they have disputed the disputed information on their credit reports, now have the ability to bring lawsuits against the furnishers of information who provide false information to consumer reporting agencies. You could recover actual damages or statutory damages as well as attorney fees for willful or negligent noncompliance with their duties. If the violation is willful, the consumer can potentially recover punitive damages as well.

So, provided that you have first disputed the claim, to recover damages including attorney fees against a credit card companies, auto finance companies, banks and other information furnishers if they willfully or negligently fail to properly investigate or correct inaccurate charges on your credit report.

Do you believe that you’ve been subjected to a violation of the Fair Credit Reporting Act or the FDCPA? Contact Maginnis Law, PLLC for a consultation with a Raleigh fair credit reporting attorney. Maginnis Law, PLLC is a Raleigh law firm with clients from all over Wake County and Johnston County, including Apex, Wake Forest, Clayton and Morrisville. Contact a Raleigh civil lawyer at 919.526.0450, or visit our contact page to have us contact you.  You can also subscribe to our mailing list to learn about the rights you have under consumer protection law against large corporations.