Disputing credit report inaccuracies

Many consumers in Minnesota may be unaware of false information on their credit reports. Credit reports may have a significant impact on your daily life. Whether you are applying for a mortgage, taking out a loan, opening a credit card or even seeking new car insurance, your credit report can affect your likelihood of acceptance as well as the amount of interest you will pay.

Understanding rights under the FCRA

The Consumer Financial Protection Bureau released a report to help consumers understand their rights under the Fair Credit Reporting Act and to obtain the information contained in their credit reports. You have the right to dispute inaccurate, outdated or incorrect information and have it rectified. However, the CFPB also noted that in addition to the three main credit bureaus — Equifax, Experian and Trans Union — there are an array of aggregators and background-checking companies that may also produce reports and databases that affect citizens’ lives.

Credit reports affect consumers’ lives

These companies can determine whether consumers are able to rent an apartment or obtain certain jobs, as well as obtaining credit. While the three major credit bureaus provide options for people to access their credit reports, even though they have been widely criticized for failing to address errors quickly, it is often more difficult for consumers to access additional databases that still have a significant effect on their lives.

The CFPB provides a list of these companies to help consumers navigate the process. People can obtain some of this information free of charge, and under the Fair Credit Reporting Act, misinformation must be rectified. In addition, these companies are responsible for providing accurate information. Databases and financial surveillance companies that fail to live up to their FCRA obligation may be held accountable for violations of the law.

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