Fair Credit Reporting Act (FCRA)

Watch this video by dedicated Buffalo consumer protection attorney Seth Andrews, Esq. as he explains the fair credit reporting act. 

The Fair Credit Reporting Act, the FCRA is a federal statute that prohibits inaccurate or false information from being reported on your credit. Typically, when someone pulls their credit and they get denied, they get a copy of their report, and that’s when they first learn of this inaccurate trade line. The process can be a little overwhelming, but I’ll try to break it down in simple terms for you. The first part of the process involves CRA the credit reporting agencies.

The big three that everyone’s heard of Experian, Equifax and TransUnion use information provided by entities we call furnishers to form your credit file, and then that becomes your credit report. In the event that you learn of one of these inaccurate trade lines, you can dispute it with the applicable credit reporting agency.

By law, they then have to conduct an investigation whereby they give you a result form that either says it’s verified and you owe this alleged debt, or they verify whatever information you’re disputing or they correct it. In the event that they don’t correct it, they and or the furnisher may be liable, under the act for statutory damages, actual damages, and attorneys fees.

In some instances it might also be liable for punitive damages. If you have any questions, questions about the FCRA, please contact my office.

At The Law Offices of Kenneth Hiller, PLLC, our attorneys are dedicated to protecting the rights of consumers. We have successfully helped thousands of clients protect their rights against creditors, collection agencies, or other businesses. For a free consultation with an experienced consumer protection lawyer, contact us today.