The Fair Credit Reporting Act ensures that you receive fair and accurate consumer reporting and that your privacy as a consumer is protected. Companies that fail to comply with FCRA’s requirements can face actual damages, statutory damages, and, in some cases, punitive damages.
What Does The Fair Credit Reporting Act Do?
The Fair Credit Reporting Act (FCRA) is a federal law that regulates certain types of reports that contain information about consumers. The FCRA covers traditional credit reports, employment background checks, and virtually any other sale of consumer data.
The FCRA requires reporting agencies to assure the maximum possible accuracy in their reports and to investigate any disputed information free of charge.
What is a Credit Reporting Agency (CRA)?
Consumer reporting agencies (CRAs) include many companies that need reports about people for credit, employment, housing, and other purposes.
They may also be called background check companies, credit reporting agencies, or credit reporting bureaus. The three most prominent and most well-known reporting agencies are:
Can I Access My Credit Report?
Yes, it is your right to access this information. The easiest way to monitor your credit is to request a free credit report from one of the three major bureaus.
What Should I Look for on My Report?
When monitoring your credit reports, it is important to look for common errors and signs of fraud.
If you notice any errors in your report, dispute them as soon as possible. The consumer reporting agency is then required to provide the information you give to the creditor who has reported the debt.
Subsequently, the creditor must investigate the dispute reasonably and report any inaccuracies. The credit reporters will then provide you with information regarding the investigation, and hopefully, they will correct the inaccuracy.
Fair Credit Reporting Act Attorneys
Our team of experienced credit reporting attorneys can provide the legal support you need to navigate credit reporting issues. Maginnis Howard offers free consultations for clients dealing with FCRA violations. For more information, contact our office at (919)-526-0450 or submit a message through our contact page. Our office may ask you for documents to assess your case appropriately. We represent clients across the Carolinas from our Raleigh, Charlotte, and Fayetteville offices.
