Fair Credit Reporting Act

Fair Credit Reporting Act

A very high percentage of personal credit reports contain erroneous information. The problem continues to get worse as large corporations continue to gather confidential  information from consumers and then, through incompetence, lose that data to hackers with alarming frequency. The result of these data breaches is that consumers become identity theft victims, or simply have their money stolen. Eventually, they will become the targets of debt collectors for debts they do not owe and erroneous derogatory information will begin to appear on credit reports.

It is unnecessary to pay for services claiming to monitor credit reports. You are entitled to a free credit report each year from all of the major credit reporting agencies. My resource page has a link to the web site to obtain your free report.

Disputing Adverse Information on Your Credit Report

Once you pull your credit report, check it for adverse information. Make a copy of the report and circle and number any items you dispute. Then do a separate write up providing details, with supporting documents if any, regarding any item you dispute. Send the letter to both the creditor and the credit reporting agency. Keep copies for your records. The credit reporting agency is then required to investigate a good faith dispute. You should receive a letter letting you know the results of the investigation. If an adverse report is not removed and it should have been, you may have a Fair Credit Reporting Act case if you are denied credit because of the adverse information. Identity theft victims with otherwise good credit can have very good Fair Credit Reporting Act cases. If you believe your rights under the Fair Credit Reporting Act have been violated, you should contact the Johnson Law Firm for a free consultation.