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Article:
The Fair Credit Reporting Act
Jacksonville Attorney - Lawyer,
providing experienced Consumer Protection, Family Law, Estate Law,
Employment Law, Business Law, and Bankruptcy Law legal
representation in Jacksonville, Hilliard, Duval County,
Nassau County and the surrounding Northeast Florida areas.
The Fair Credit Reporting
Act (FCRA) is designed to promote and establish accuracy
as well as ensure the privacy of the information used in
consumer reports. Your credit record may contain
personal information such as your income, debts and
credit payment history. Credit records also contain any
information regarding whether you have been involved in
any criminal activity, have been sued, arrested or filed
for bankruptcy.
A good credit rating is
critical for a consumer since businesses often inspect
your credit history when they review your applications
for credit, insurance, employment and leases. Businesses
can choose to grant or deny you credit based on your
credit payment history. Unfortunately, for some people
credit problems are inevitable. For example, a temporary
loss of income or an illness can result in credit
damages. However, many consumers are victims of
inaccurate credit reporting. Studies show a significant
percentage of credit reports contain serious errors.
Errors such as false delinquencies or accounts that have
never belonged to the consumer have resulted in the
denial of credit are the increased cost of credit
coupled with damage to one's reputation.
Fortunately, there are
things that consumers can do to report errors on their
credit report and usually have them removed. Credit
Bureaus, as well as furnishers, are responsible for
correcting inaccurate or incomplete information in your
report. The FCRA provides a mechanism to contact the
credit bureau if your credit report contains
inaccuracies. If you have an error in your credit
report, contact the credit bureau in writing and inform
them of what you believe is inaccurate in your credit
report. Once the credit bureau receives your complaint,
it must reinvestigate the items that you are questioning
within thirty days. Under the law, it must also provide
the furnisher with all relevant data you gave about the
dispute. The furnisher must conduct an investigation. At
the completion of the investigation the furnisher must
report the results to the credit bureau. If the
furnisher finds that the disputed information was indeed
inaccurate, it must notify all nationwide credit bureaus
so that they can correct/update the information in your
file. At the end of the reinvestigation, you are also
entitled to be given the written results that include
the name, address, and phone number of the provider, as
well as a free copy of your report by the credit bureau
if the dispute resulted in a change in your credit file.
Also, the credit bureau cannot put the disputed
information back in your file unless the furnisher has
verified it.
If the credit bureau or
furnisher refuses to correct the information you
disputed you may request the credit bureau to include
your statement of the dispute in your file and in future
reports. You may also request that the credit bureau
provide your statement to anyone who received a copy of
the old report in the recent past.
Many people fail to
realize that under the FCRA they have the right to get a
free copy of their credit report. The credit report you
are given must provide all of the information in your
file at the time of your request. Consumers also have
the right to know the names of anyone who has received
their credit report within the last year for most
purposes or in the last two years for employment
purposes. If a company denies your application for
credit on the terms requested it is responsible for
supplying the name and address of the credit bureau they
contacted, provided that the reason for the denial was
based on information given by the credit bureau. At that
time you also have the right to get a free copy of your
credit report when your application is denied. However,
your request must be made within sixty days of receiving
your denial notice.
If you disagree with the
outcome of the reinvestigation and the credit bureau
refuses to fix the problem then you may have to seek
legal counsel.
The Fair Credit Reporting
Act is a vital part of the "federal umbrella" protecting
the privacy of American consumers. The harm caused to
consumers is real and can be devastating to those who,
through no fault of their own, are victims of credit
reporting falsehoods. There are many things that
consumers can do if furnishers and credit bureaus do not
follow the law.
Disclaimer: The above Article
is intended to give you, the consumer, insight into various legal topics. This
information is not intended as legal advice, but rather helpful topical
information.
 If
you require professional legal services regarding
Consumer Protection, Family Law, Estate Law,
Employment Law, Business Law, and Bankruptcy Law issues, be proactive in
protecting your legal
rights by seeking the legal advice of
an experienced
Jacksonville criminal defense attorney
& lawyer. Contact
The Law Offices of
Steven M. Fahlgren, P.A.,
by calling
904.845.2255.
Jacksonville Attorney - Lawyer,
providing experienced Consumer Protection, Family Law, Estate Law,
Employment Law, Business Law, and Bankruptcy Law legal
representation in Jacksonville, Hilliard, Duval County,
Nassau County and the surrounding Northeast Florida areas.
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