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Fair Credit Reporting Act

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Fair Credit Reporting Act Violations

Defending Your Right to Fair and Accurate Credit Reports

The Fair Credit Reporting Act (FCRA) was created to prevent credit reporting agencies from abusing consumers' rights. The act gives you the right to fair and accurate reporting of your credit information and certain privacy rights. If you believe that your rights have been violated in any way, you may be able to take legal action. You may be able to obtain the following if your rights have been violated:

  • Attorney fees
  • Actual or punitive damages
  • Any additional costs associated

The type of legal action and damages you can seek will depend primarily on whether or not a violation was intentional or negligent. The Fresno bankruptcy lawyers at the Arnold Law Group, APC have more than 30 years of combined experience and are equipped to take on tough creditors.

Understanding the FCRA

In order to better govern the behavior of credit reporting agencies/credit bureaus, the FCRA was created. Credit reporting agencies gather information reported by individuals or businesses regarding their credit and compile it into a credit report.

Some major credit reporting problems include:

  • Informational errors
  • Misstating the balance amount
  • False reporting
  • Privacy violations
  • Reporting old debts or information

Since employers, creditors, and landlords rely on this information, it is crucial that all reports remain as accurate as possible. There are strict regulations regarding what information can be included on your credit report and how long this information can be reported. There are also rules on who can view or access this information. If a credit reporting agency violates any of these rules, you may be able to pursue damages.

Understanding Violations of the Fair Credit Reporting Act

There are two types of FCRA violations that may occur: willful and negligent.

Willful Violations - A willful violation occurs when a credit reporting agency intentionally provides incorrect information or knowingly violates your privacy.

  • You may lose out on employment opportunities, be denied a car loan, or even lose your home due to incorrect credit report information.
  • Negligent Violations - A negligent violation occurs when a credit reporting agency carelessly failed to follow or comply with its obligations under the FCRA.
    • This may mean that they failed to update a report that is out dated or have informational errors that result in loss of opportunity for you.

If you would like to learn if you can pursue legal action against a credit reporting agency, be sure to contact our firm for counsel. 

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