Your credit score can impact several different areas of your life. As a result, the Fair Credit Reporting Act (FCRA) was established to protect how your credit information is handled. If a creditor or credit reporting agency violates your rights under FCRA, it can result in damage to your credit score, you may be unable to obtain credit, or you could be subjected to higher interest rates.
Some of the more common violations of the FCRA include:
- Stale Information. The creditors and credit reporting agencies have the obligation to keep your credit information current. Therefore, when your information changes, your credit report should reflect the change. For example, if you file a bankruptcy case, your credit report should reflect all debts that were discharged. Another example is if you voluntarily closed one of your credit card accounts, but your credit report still shows it as being active.
- Inaccuracies. A creditor or collector is prohibited from supplying the credit reporting bureau with information that it knows or should know is inaccurate. This includes reporting a debt as “charged off” when it was settled or paid, reporting an inaccurate balance due, incorrectly reporting late payments and other types of erroneous reports.
- Mixing information. A credit reporting agency may report incorrect information that belongs to somebody else with a similar name, social security number or background information as you.
- Disputes. If you submit a written dispute regarding the inaccuracy of items on your credit report, the reporting agency is required to take certain actions in response. Some of those actions include conducting a reasonable investigation of your dispute, correcting any erroneous reports, or even taking the disputed debt off of your credit report. Failure to take the appropriate actions when a debt is disputed can be a violation of your rights.
- Privacy. Consumers have the right to have their credit information protected. A credit reporting bureau can only release your credit report to authorized parties that have a valid need for it, such as creditors, landlords, and utility companies.
There are several other ways a creditor or credit reporting agency can violate your rights under FCRA. If you are concerned that your FCRA rights have been violated and you want to learn more, contact our office to schedule an initial consultation.
Contact DeLadurantey Law Office for all your FCRA needs. Whether you need debt negotiations or debt relief, or even foreclosure defense, DeLadurantey Law Office serves the following locations – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County. DeLadurantey Law Office, LLC can be contacted by phone at (414) 377-0518.