Protect Your Credit With The Fair Credit Reporting Act

This entry was posted on Monday, July 24th, 2017 and is filed under Uncategorized.

HOW DO I CHECK MY CREDIT REPORT?

If your credit report contains errors, inaccuracies or incorrect information it can have a significant negative impact on your credit rating and you need to take immediate action. To protect your rights, you need to thoroughly review your credit report to ensure all the information is current and accurate. You are entitled to a free credit report every year, which you can get by clicking the box below “My Free Annual Credit Report.” After you receive your credit report you need to review it to ensure that all the information is accurate and correct. If you find incorrect information on your credit report you have rights and remedies under a federal law called the Fair Credit Reporting Act (“FCRA”).

LINK TO FREE ANNUAL CREDIT REPORT

I RECEIVED A COPY OF MY CREDIT REPORT, NOW WHAT?

You need to review your credit report to make sure that all the information is current, accurate and correct. Some things to look for when you review your credit report are:

  • Does it contain outdated or time-barred information?
  • Does it list an account as being either active or closed when that is not the case (closed account as open or the opposite)?
  • Does it improperly report the status of a debt (for example, by reporting a paid debt as being charged off)?
  • Are the balances on any debt misstated?
  • Are there payments which were made on time that were reported as being late?
  • Does it list an account where you are only the authorized user?
  • Does it contain information for someone else who has a similar name or social security number?

If your credit report contains any inaccurate or incorrect information, you need to take steps to protect your rights.

I FOUND INCORRECT INFORMATION ON MY CREDIT REPORT. HOW CAN I GET IT REMOVED?

If you find incorrect or inaccurate information on your credit report, you need to take action immediately. The best way to protect your rights is to send a dispute letter to the credit reporting agencies (Transunion, Equifax, and Experian) and the furnisher of the information.  Your dispute letter should be as detailed as possible in explaining why the information at issue is inaccurate or incorrect and you should attach copies of any supporting documents. The letter should be sent via certified mail, return receipt requested, to the credit reporting agencies as well as the furnisher of the information. You need to keep copies of the letter, any attachments and anything else you send and the return receipt. If anyone calls or writes you about the disputed information, keep detailed notes to document that contact.

I SENT MY DISPUTE LETTER, BUT THE CREDIT REPORTING BUREAUS DID NOT REMOVE THE INCORRECT INFORMATION?

If you received a response which shows that the disputed information has been removed or corrected then make sure the corrective action is adequate and continue to monitor your credit report for future problems.

However, it is often the case that after investigating your dispute, the credit reporting agencies will advise you that the information will remain on your credit report. You can re-dispute this determination, but it is unlikely that you can get the agencies to change this position. In that case, you should contact us.

If the credit reporting agency or information furnisher violated the protections you have under the FCRA, then you may be entitled to recover damages plus attorney fees and costs.

There are strict time limits for filing a claim under the FCRA, so act now to protect your rights by calling Katchko, Vitiello & Karikomi, PC.

 

By: GianDominic Vitiello, July 24, 2017