Your rights under the Fair Credit Reporting Act

Have you found that there are significant errors in your credit report, affecting your ability to get a personal loan, student loan or mortgage? This is an overwhelming situation because you may not even know where to begin to resolve this type of complicated issue, but it is not something that you have to face alone.

The Fair Credit Reporting Act (FCRA) grants certain rights to consumers, which means that you have the right to fight back against reporting errors. However, you will still find great benefit in working with an attorney to address these matters and clear up any mistakes on your credit report as soon as possible.

What does the FCRA mean for me?

Credit report errors are more than just frustrating; they can have a significant impact on your life. Correcting them can be a lengthy and complicated process, but the FCRA offers you some of the following rights to protect your interests:

  • Deletion of outdated information: In most cases, agencies are required to remove negative financial information from your credit report every seven years. Bankruptcies come off your credit report after 10 years.
  • Correct or delete incorrect or outdated information: If there is an error, consumer reporting agencies must remove information that is not verifiable or wrong.
  • Disclose your credit report to you upon request: You have the right to access your credit report at any time. You are entitled to monitor your credit and work to correct mistakes at any time.

From getting a credit card to securing reasonable rates on your insurance, you would be wise to correct errors and address issues in a reasonable amount of time.

What happens next?

If you notice a mistake, you may submit a written report to consumer credit reporting agencies regarding the error. If they fail to adequately address the issue promptly, it is a direct violation of federal law. Upon receiving written notice of a mistake and appropriate documentation, these agencies have an obligation to initiate an investigation into the matter.

Protecting your financial interests

An error on your credit report can go unnoticed for a long time, perhaps only discovered at the moment you need to secure financing or a line of credit. By working with an attorney experienced in protecting consumer rights under the FCRA, you can take the steps necessary to address any errors that you find and protect your financial interests long into the future.