The Fair Credit Reporting Act exists to ensure that you receive fair and accurate consumer reporting and that your privacy as a consumer is protected. Companies who fail to comply with FCRA’s requirements can face actual damages, statutory damages and, in some cases, punitive damages. Our firm has settled multiple cases against these large corporations for confidential settlements that are in excess of $100,000.00. Judges and juries take these repeated mistakes in the credit industry seriously and you should not feel like these refusals to fix your credit are insignificant; they are important.
FCRA addresses issues such as:
- What procedures/investigations are necessary to ensure the accuracy of the consumer report.
- Who can access your consumer report information and how can it be used?
- What can be in a consumer report and for how long?
Both consumer reporting agencies (companies like Equifax, Experian, and TransUnion) and credit furnishers (companies who provide information to consumer reporting agencies such as your creditors) are subject to the requirements of the Fair Credit Reporting Act.
Consumer reporting agencies are not limited to companies like TransUnion. There are consumer reports that relate to employment screening, landlord-tenant screening, bank accounts, bad-checks, subprime loans, car loans/car insurance, medical bills, utility payments, phone bill payments, retail returns, and others. A good list of consumer reporting agencies, many of whom provide free reports for your review, is located through the federal Consumer Financial Protection Bureau. You can view a copy here.
If you are having issues with your credit report or have received a notice indicating that you were being rejected based on a consumer report that contained inaccurate information, we may be able to help. We handle all Fair Credit Reporting Act cases on a contingency basis – meaning no fees are owed unless we recover something for you – and all consultations are free. You can also subscribe to our mailing list to learn about the rights you have under consumer protection law against large corporations.