Credit Report Dispute Lawyer

Anyone who has applied for a mortgage or car loan understands the importance of your credit report. However, a credit report can also play a major role in your housing and even your employment opportunities. There are various credit reporting agencies that gather, process and save your credit information then sell that information to help businesses make decisions about lending or extending credit to you. However, these credit reporting agencies make mistakes, lowering your credit score, costing you money and harm to your reputation. That is why the Fair Credit Reporting Act was put in place to help protect consumers from credit reporting agency errors.

If you have received your credit report and it has mistakes, it is important to dispute them as soon as possible. Contact GSGB and speak with a credit dispute attorney today for a free and confidential consultation.

What is the Fair Credit Reporting Act?

The FCRA is a federal law that promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. The FCRA is most concerned with the accuracy of credit reports, limiting how the information credit reporting agencies receive is used, and what methods the credit reporting agencies use to obtain the information.

What are Your Rights under the Fair Credit Reporting Act?

Under the FCRA, the consumer has specific rights regarding credit history information. These include:

• You must be told if information from the Credit Reporting Agency has been used against you – If you have been denied a loan or credit and the business denying you relied upon files provided to them by a CRA, you must tell you and must give you the name, address, and phone number of the CRA that provided the information.

• You have the right to know what is in your file – If an adverse action has been taken against you, you are entitled to access to your entire credit report file from the CRA free of charge within 15 days of your request.

• You have the right to know your credit score – Each CRA has a unique credit score for you based upon your history. You have a right to know that credit score, however you may have to pay for the information.

• You have a right to dispute inaccurate reporting – If you discover inaccurate information in your CRA file, you have a right to inform the CRA and they must examine the disputed information. If the inaccurate information cannot be verified, the CRA must correct it or remove it within 30 days.

• You have the right to have outdated information removed – the FCRA states that negative information must be removed from a credit report after 7 years and bankruptcies after 10 years. Criminal record information can remain indefinitely however.

• Not everyone can access your credit report file – The FCRA limits access to your file to those with a valid need. This usually means a creditor reviewing your application, potential landlord, insurer, employer, mortgage lender, or other business that involves offering you credit.

• You must give written consent to employers to obtain your credit report file – In most circumstances, if an employer or potential employer wants your credit report file, you must give written consent or the CRA cannot provide them with it.

• You may seek damages – You have the right to use and seek damages in state or federal court from anyone who violates the FCRA.

What Should You do If You Think you are a Victim of a Credit Reporting Error?

The first thing you should do is order a copy of your credit report from each of the three major credit reporting agencies: TransUnion, Equifax, and Experian. Once you receive them, review each entry on your report to determine if the information is accurate. Some common mistakes on credit reports include:

• Accounts that are current, but reported as past due
• Closed accounts reported as open
• Debts that are more than 7 years old
• Incorrect personal information
• Incorrect payment status
• Debts from an ex-spouse
• Duplicate accounts
• Accounts listed as closed by lender, when you closed them

A Lower Credit Score Can Cause a Lot of Harm

Ultimately, a lower credit score can cause significant harm to your life. You can be prevented from obtaining a mortgage or a car loan; disqualified from consideration for a job, or a housing rental; or forced to pay very high insurance rates or denied insurance altogether.

Disclaimer: This website is for informational purposes only. It is not legal advice and nothing on this site should be taken as legal advice for any individual case or situation. GSGB has offices in Philadelphia, Wayne and Voorhees and serves clients throughout Pennsylvania and New Jersey.