Fair Credit Reporting Act

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Fair Credit Reporting Act Attorneys

There are times in life when minor errors are not a big deal, while there are other cases when a single error could be extremely costly. In terms of credit reports, the latter situation is unfortunately the case. If your credit report contains any information that is incomplete, not up-to-date, or simply inaccurate, you could be facing devastating consequences. Often, applications for mortgages, educational loans, health insurance, credit cards, or even employment are rejected because of erroneous credit reports.

This tragic scenario is usually not your fault, but of those processing your report. This is why you need our St. Petersburg Fair Credit Reporting Act lawyers to support you. Boss Law is at your side no matter what.

Purpose of the Fair Credit Reporting Act

Did you know that the Federal Trade Commission (FTC) found that one in five credit reports were filled with multiple kinds of mistakes? Some of these errors were so damaging that the victims of these error-filled reports discovered that they were outright rejected from job applications, mortgage requests, or credit requests.

Therefore, to protect consumers’ rights, a federal law from the U.S. government was established to regulate the use of consumer credit information. Commonly known as the Fair Credit Reporting Act (FCRA), any person who identifies information within their credit report that is wrong must first dispute the errors and request that these mistakes be either corrected or completely removed.

If a creditor refuses this request, usually because they do not have the time or resources to review the dispute or investigate the error, your next step is to file a lawsuit. This is because creditors are required to conduct a thorough investigation of your dispute and if this is not done, you can take legal action.

You may be surprised to discover that there are actually multiple kinds of damages which you can claim under the Fair Credit Reporting Act.

Some of the claims we have successfully litigated on behalf of our clients include:

Late or missed payments
Tax and judgment liens that you have paid correctly
Tax and judgment liens that you have paid correctly
False account statements such as being stated as a cosigner
Delinquent account that is at least seven years old or more, etc.
Incorrect credit information, including accounts, are listed as open even if you closed them
Incorrect credit information, including accounts, are listed as open even if you closed them
How Does the Credit Report Dispute Process Work?

Now that you know your rights and your ability to submit a dispute when you find an error on your credit report, you need to know what to do.

First, you as the consumer will need to closely examine your report. Once you are confident that there is an error, you will begin the disputing process.

Although you can submit a dispute on the Consumer Reporting Agencies’ (CRA) website, we suggest that you write a letter and send it with supporting documentation to the specific agency by certified mail. You should also keep a copy of everything that was sent for your personal records.

The CRA should execute responsible procedures to ensure that any inaccuracies are resolved. If this does not appear to be the case and the inaccurate piece of information remains on your credit report, our team can get involved and move to taking legal action.

Difference Between a Credit Mistake and Negative Information?
Why You Should Hire a Credit Report Lawyer to Help with Your Dispute

When creditors or credit reporting agencies have made mistakes, they are legally required to fix them once consumers have sent dispute letters. However, if the credit reporting agency has simply ignored you, or outright rejected your dispute letter, we can file a lawsuit on your behalf to not only correct the error but to obtain justice for the damages you suffered.

We are also ready to sue for violations of the FCRA in scenarios where companies actually pull reports without getting a consumer’s permission, either verbally or in written form. No matter the distinct case of injustice, you can trust our St. Petersburg Fair Credit Reporting Act attorneys to serve your case with determination and fervor.

How Can Boss Law Help You?