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Credit Reporting

The process of credit reporting involves collecting, examining, and preserving data relating to an individual’s credit history and financial conduct. This data is used to create a credit report, which provides a comprehensive overview of your financial obligations and activities, including unpaid debts, payment history, and public records. Lenders, employers, landlords, and other entities rely on this information to assess an individual’s creditworthiness and make informed decisions. A healthy consumer report can open doors to better interest rates, job opportunities, rental properties, and more. For that reason, it’s essential that the information on your consumer history is accurate and protected.

The Fair Credit Reporting Act (FCRA)

In 1970, the FCRA was enacted to safeguard consumers against unjust actions related to credit reporting. This federal law sets out rules for how consumer reporting agencies collect, employ, and reveal information about customers and provides individuals with specific rights regarding their credit reports.

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Credit Reporting Agencies

Both consumer reporting agencies (companies like Equifax, Experian, and TransUnion) and credit furnishers (companies who provide information to consumer reporting agencies such as your creditors) are subject to the requirements of the FCRA. Consumer reports relate to employment screening, landlord-tenant screening, bank accounts, background checks, subprime loans, car loans/car insurance, medical bills, utility payments, phone bill payments, retail returns, and others. The Federal Consumer Financial Protection Bureau maintains a helpful list of consumer reporting agencies you may use to monitor your financial health.

Contact an FCRA Attorney

Unfortunately, there are many things that can go wrong in a credit report or background check. We frequently assist clients dealing with these and similar issues:

Your personal information should always be accurate and private. If you are struggling with consumer reporting issues, contact our intake staff for a free consultation. We handle FCRA cases on a contingency basis, which means you don’t pay unless we recover something on your behalf. Our attorneys represent clients across North and South Carolina from our offices in Raleigh, Charlotte, and Fayetteville.