If information on your credit report is inaccurate, incomplete, or contains misleading information, contacting the creditor directly does not necessarily help you to resolve the inaccuracy. Creditors can ignore your letters disputing the account because they face no threat of a lawsuit unless you follow the correct procedure. If they ignore your letters, you could have major problems obtaining financing for a home, car, credit card, or other financial items that you need to help yourself and your family.
Our firm recently settled a case for $77,500.00 where a credit bureau and two furnishers of credit information failed to correct inaccurate credit information despite repeated requests by our client to do so.
Under the Fair Credit Reporting Act, the only way you can file a lawsuit under the FCRA is to dispute the claim with a consumer reporting agency (such as Equifax, TransUnion, or Experian). You can dispute a claim online through their websites but the online disputes do not really provide you with an opportunity to give a full and complete explanation of the problem nor do they generally allow you to submit documentation. Keep copies of whatever you submit, even if it’s the online form.
The consumer reporting agency is then required to provide the information that you give to them to the creditor who has reported the debt. That creditor must investigate the dispute reasonably and report any inaccuracies. The credit reporters will then provide you with information regarding the investigation and, hopefully, they will correct the inaccuracy.
If they fail to fix the problem then, and only then, do you have the ability to file a claim against the creditor for placing inaccurate or misleading information on your credit report.
If you have filed a dispute with Equifax, TransUnion, Experian, or some other consumer reporting agency and they have refused to fix the incorrect information on your credit report, we may be able to help you. The firm handles Fair Credit Reporting Act cases on a contingency basis, meaning no attorney fees are owed unless we recover compensation for you. Maginnis Law handles FCRA cases all over North Carolina. You can also subscribe to our mailing list to learn about the rights you have under consumer protection law against large corporations.