Unfair Credit Reporting (FCRA)

Fair Credit Reporting Act (FCRA)

What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) is a federal law that regulates credit reporting agencies and compels them to ensure the information they gather and distribute is a fair and accurate summary of a consumer’s credit history. The FCRA requires credit reporting agencies and the companies that report your credit information (furnisher) to them to ensure that your information is fair and accurate. The FCRA provides consumers with the ability to correct any inaccurate information on their credit reports, and provides for legal remedies if a credit reporting agency or furnisher violates your rights.

Some Violations of the FCRA may include:

  • A credit reporting agency failing to correct any errors or explain why the credit report is correct within 30 days of receiving a notice of dispute by the consumer.
  • An entity pulls or checks your credit (“hard inquiry”) when you never authorized them to do so.

What can a consumer do to make sure their Credit is Accurate?

The first thing they can do is order a free copy of their credit report online to ensure that they have not been a 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 is 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 believe a company is reporting inaccurate information on your credit report or if an entity has pulled your credit report without your authorization, call Benjamin Law Practice, PLLC today for a free consultation to see whether your rights have been violated.