Credit Reporting Laws

As you go about your daily life, you leave behind bits and pieces of data. These nuggets of information are found in many different places, from public records of land ownership and marriage to very private records about financial transactions. A snapshot of your financial life is found in your credit reports and the importance is reinforced by provisions of credit reporting law.

What Are Your Credit Reporting Rights

Your credit score, which is based upon the data contained in your credit report, can have a dramatic impact on your everyday life. It can determine whether or not you are able to obtain a mortgage, a credit card, a job, or insurance. Even if your credit report doesn’t prevent you from getting a loan or a credit card, your credit score can mean the difference between paying a low interest rate or a high interest rate. In other words, if your credit score takes a nosedive, you’ll be paying through the nose.

The federal Fair Credit Reporting Act (FCRA) is a credit reporting law designed to protect you from harm, by ensuring that the information contained in your credit report is accurate, that you’re kept in the loop about the information contained in your credit report, and that your financial information remains private. It places certain requirements on the big three consumer reporting agencies (Experian, Equifax, TransUnion), as well as consumer reporting agencies you’ve probably never heard about. The FCRA also has provisions that govern what information suppliers (like your creditors and debt collection agencies) can and cannot do.

If you’ve been hounded by debt collectors, there’s a good chance that the debt collection agency has been messing around with your credit report – and may be violating credit reporting law. All too often, debt collectors report inaccurate information about accounts, do not investigate disputed information, or do not report when an overdue debt has been paid. When this happens, the FCRA and other federal and state laws give you the power to obtain justice.

Find out more about your credit reporting and related rights:

What’s in Your Credit Report? – Learn how a credit report is a snapshot of your personal and financial information, as well as how credit scores are calculated and how long negative credit report information stays in your file.

Getting Your Credit Reports – Each of the major credit bureaus must provide you with a free annual copy of your credit report, but there are other circumstances where you’re entitled to additional free reports. Learn how to get your credit reports.

What Are Your Credit Reporting Rights – All too often, debt collectors report inaccurate information about accounts, do not investigate disputed information, or do not report when an overdue debt has been paid. When this happens, the FCRA and other federal and state laws give you the power to obtain justice.

Checking Your Credit Reports – Learn about the six types of issues you should regularly monitor in your credit report.

Debt Collectors & Credit Reports – The Fair Credit Reporting Act (FCRA) includes a number of requirements for debt collectors. Learn when debt collectors cross the line and how you can negotiate how paid debts appear on your credit report.

Credit Report Notification Requirements – Under the FCRA, you should be notified when there’s a problem with your credit report. Debt collection agencies don’t always play by the rules, though. Learn more about your notification rights.

Disputing an Item on Your Credit Report – Negative information on your credit report can impact many facets of your life. Learn how to dispute items on your credit report, contact credit bureaus, and contact information furnishers.

When You’re Hurt by Credit Report Errors – When a debt collection agency messes with your credit report, it can undermine your financial future. Learn how you can fight back using the FCRA.

Credit Fraud, Identity Theft & Credit Reports – If you’ve been the victim of identity theft or credit fraud, you need to take action. Learn what to do if your identity has been stolen.

Legal Use of Your Credit Report – Learn who can have access to your credit report and when they need your permission to do so.

Misuse of Your Credit Report – Discover how you can sue a business that misuses your credit report, a credit bureau, or a business that provides inaccurate information about you.

Credit Reports and Employment – Employers often pull credit reports on potential employees and employees who are up for a promotion. However, employers must abide by the FCRA.

If you or someone you know is the victim of credit report issues, complete our online form or call 475-277-2200. Lemberg Law’s legal team will evaluate your case at no cost to you, and will help you get the justice you deserve.

  • Anthony B

    I fell behind on my Capitol One Auto Loan, arrangements were made to pay $600 biweekly for 90 days to catch up which i have been in compliance with but today when looking at my credit report i found that on April 30, 2020 my Capitol One Auto Loan was listed as “closed/derrogatory owning $26,000.00”. No repo has occurred, I still have car and making payments. After the 90 day arrangement I will have become current on my note. How and Why is this being reported like this?

  • Carolyn P

    When entering a contract that specifies forced arbitration with neither party being able to sue how is it legal for a debt collection agency to bring a lawsuit? If they buy your debt and you are legally bound by the original contract why are they not bound as well since I did not enter into a contract with the debt buyer shouldn’t the original contract be applicable?

  • Donna Z

    I have 2 bills in the neg. In my report and I don’t deny them, but I had made payments on them and they never reported it in my credit. Now they are adding a $1 every month to it to keep my credit score down. Is this legal.

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