Fair Credit Reporting Act (FCRA)
Get Answers from Our Kansas City Consumer Protection Attorneys
Your credit report is a foundational document. As a profile of your financial responsibility and creditworthiness, it effectively serves as a “report card” that can open or close doors to financial opportunities. Businesses, banks, mortgage companies, and other lenders will rely on your credit report when offering (or declining) certain financial services.
You Have Important Legal Protections
Because credit reports have such a far-reaching impact on financial matters, the Fair Credit Reporting Act (FCRA) safeguards consumers like you. This complex law gives you numerous important protections.
For example:
- You have the right to review your credit report. Without access to your credit report, it’s impossible to identify and fix errors. The three major credit reporting agencies must provide you with a free copy of your report once every 12 months. All you have to do is ask.
- You have the right to dispute inaccuracies and unverified information in your credit report. You shouldn’t have to suffer negative consequences as a result of errors in your credit report. Federal law gives you the right to dispute not only inaccuracies but also any information that can’t be objectively verified. From a practical standpoint, however, successfully pursuing a dispute can be difficult. At Patton & Dean, LLC, our lawyers can step in and work on your behalf to clean up any information that shouldn’t be there. We aren’t afraid to stand up to large credit reporting agencies.
- You have the right to dispute out-of-date information in your credit report. Financial missteps in the past won’t haunt you forever. Negative credit information must be removed from your report after a certain amount of time. If the reporting agency fails to comply with this important protection, you may file a dispute.
- You have protections when stolen personal information creates false accounts. Identity theft can add fraudulent accounts or other information to a consumer report. After a credit reporting agency receives a report documenting the theft, proof of identity, and identification of the fraudulent items, it must block that information within four business days. You can create the required report through the Federal Trade Commission.
- You can ask creditors to verify your identity before opening new credit. A fraud alert tells potential creditors to take additional steps to confirm your identity before extending credit.
- You can restrict access to your file for new-credit decisions. A credit freeze prevents prospective creditors from accessing your consumer file until you lift the restriction.
- You must receive notice when a report leads to a denial. A business must send an adverse action notice when it relies on a consumer report to deny credit, housing, or insurance. The same requirement applies to an employment denial. The notice must identify the credit reporting agency that supplied the report, explain that the agency didn’t make the decision, and state your right to request a free report within 60 days.
- Only those with a legitimate purpose can access your credit report. Your credit report contains detailed personal information about your financial history, employment, and other sensitive matters. In the wrong hands, this information can be misused. Fortunately, the law restricts who can access your credit report, and under what circumstances.
If you have questions about the Fair Credit Reporting Act, contact Patton & Dean, LLC today. Our attorneys attorneys have the experience and insight you need.
Real People. Real Reviews.
Past Clients Tell Their Stories
Credit Report Help After Bankruptcy
Our lawyers handle consumer protection claims involving inaccurate credit reporting. We review reports and work to remove information that shouldn’t appear, including inaccurate or outdated entries. We can pursue the issue in court when needed.
For bankruptcy clients, we provide credit protection, repair, and rebuilding services at no additional cost after the case concludes. That work includes checking whether discharged debts, account statuses, and other entries are reported accurately. You work directly with one attorney throughout your bankruptcy case and can speak with that attorney when needed.
Request a Free Case Review
A free case review gives you an opportunity to discuss inaccurate reporting or concerns under the Fair Credit Reporting Act. We can review what happened and identify the appropriate next steps.
Call (913) 203-4786 or use our contact form to request your free consultation with Patton & Dean, LLC.
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