Fair Credit Reporting Act

For many people, late payments and collection efforts resulting in money judgments will eventually be reported to consumer reporting agencies (credit bureaus) and appear on their individual consumer credit reports.  These reports often lead to even more financial problems and can severely impair credit scores and future employment or living situations.  When facing these types of financial ramifications, it is important to be aware of any potentially false or inaccurate information that may have been reported to the credit bureaus.

The Fair Credit Reporting Act (FCRA) is a federal law that requires, among other things, that the companies and other people who provide information to consumer reporting agencies (also called credit bureaus) make sure that it is accurate.  It also gives you, the consumer, the right to dispute inaccurate information and make the credit reporting agency investigate your dispute.  If the credit reporting agency does not do a reasonable investigation, then you can bring a lawsuit against them and recover any damages that their inaccurate information caused or, even if you cannot prove actual damages, you may receive statutory damages.  If you win, the company will pay reasonable attorney’s fees, meaning there will be no up front cost to you.

The FCRA also limits who can get a copy of your consumer report (also called a credit report), which contains all sorts of personal information about you.  If a company does not have the right (called a permissible purpose) to get a copy of your consumer report, they could be required to pay you damages.

At Paradigm Law, P.L.C., we want to make sure that your legal rights are protected.  And if a company is inaccurately damaging your credit, we will be more than happy to discuss your options, answer all of your questions, and take on your case.