We expect that our credit and consumer reports are private and that all of the information contained in them is accurate. The Fair Credit Reporting Act (FCRA) was created to make sure that is indeed the case.
The FCRA regulates the collection, dispersion, and storage of consumer information. Basically, it regulates the way credit and consumer reporting agencies are allowed use your information.
Credit reporting agencies (CRAs) collect and report credit related information on consumers.
The three largest and well known CRAs are Experian, Equifax, and TransUnion.
Companies contact credit reporting agencies when doing credit checks. These credit checks are performed for many reasons, including, but not limited to, employment screenings, loan and credit card approvals, apartment rental applications, and bank account approvals.
When the information in your credit report is incorrect you have the right to dispute it and get it corrected.
If you notice an error on your report, notify the credit bureau via mail or an online form.
Check out our tools to help you notify the credit reporting agencies of errors:
TIP: In the event that you feel that your identity is compromised, you can put a freeze on your credit report for a period of 90 days so no one can access it.
Once the credit report agency receives your dispute, they forward the dispute form to the furnisher. They then perform their investigation and report back with the revised/corrected information.
Both the credit reporting agency and the furnisher (a bank or creditor) are supposed to do independent investigations.
Unfortunately, most credit reporting agencies do not spend much time investigating which leads to non-removal of the error. This means that second or third attempts are sometimes needed but do not guarantee the error will be resolved.
If you have gotten nowhere with the credit reporting agency and they are not removing mistakes, and continue to damage your credit you need to contact Francis Mailman Soumilas, P.C. and their team of experienced consumer law attorneys. They are here to fight for you and get your credit report fixed as well as the compensation you deserve.
Don’t let credit report errors continue to ruin your credit score and your reputation. Fill out our online form, or call us now at 1-877-735-8600 for a free consultation.