Your credit report is the most important record of your financial history. A poor credit score can keep you from getting credit cards, loans, a mortgage, or even a job. There are laws that must be followed when creditors report information to the credit bureaus. However, there are many times when erroneous credit reporting still occurs.
The Fair Credit Reporting Act and other acts were enacted by the United States Congress in the 1970’s to protect consumers from unfair acts. The act regulates the collection, dissemination, and use of consumer credit information.
If you have erroneous credit information that was reported there is action you can take. Consumers have the right to review their credit reports and correct erroneous information contained in them. An experienced attorney will assist you with the process of correcting the incorrect information so that it no longer hurts your credit score. In addition to correcting the report, an attorney will determine if you are eligible to file a civil law suit against the creditor.
Some of the situations that may require you to seek legal action include:
- Inaccurate posting of information in credit report
- Sending false information to a Credit Reporting Agency
- Illegal disclosure of private information on medical or health conditions
- Information illegally disclosed that may lead to identity theft or credit fraud
- Re-aging debt on your credit report
- Incorrect dates sent to CRA
- Non-approved credit report requests from creditors
Erroneous credit reporting will cause you current and future harm. An experienced attorney will work to resolve the situation to restore your credit to its proper state. In some cases, financial restitution will be awarded. Many times the situation is resolved before getting to court, through negotiation or arbitration.