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Fair Credit Reporting Act Archives

How long do creditors get to investigate disputed charge claims?

The Fair Credit Reporting Act (FCRA) is a piece of federal legislation that aims to protect consumers from unethical creditors. It places a high value on transparency. This is one of the reasons why this piece of legislation gives consumers the right to request a free credit report that they can review once a year. The FCRA can protect you if you identify incorrect information that has been placed on your report. This legislation also gives your creditors a limited amount of time to investigate such claims.

A woman sues over inaccurate credit report information

Each year, many consumers find out that they're not going to be able to reach their financial goals of owning a car or home or taking out a loan because their credit score isn't what it needs to be to make this happen. One elderly Florida man recently learned this lesson all too well. He found out that his credit report contained adverse information about someone else when he attempted to take out a $125,000 loan to care for his dying wife. His daughter is now suing the credit bureaus Experian and Equifax on his behalf for this.

Fair Credit Reporting Act 7-year rule violations can be damaging

Many employers here in Minnesota and elsewhere across the country require their employees to undergo credit or criminal background checks, or both, before they are hired on for a job. While you may assume that this entitles them to pull your records from decades ago, the Fair Credit Reporting Act (FCRA) prohibits them from doing that.

You may soon have a year to pay off your medical debts

A United States Senator from Oregon introduced a proposed amendment to the Fair Credit Reporting Act (FCRA) on May 21. If passed, then all creditors would be required to wait one-year before adding any patient's medical debts to their consumer credit report. The Medical Debt Relief Act of 2019, would also require creditors to remove settled or paid debts from their credit reports as well.

Not all debts get removed from your credit report after 7 years

If you've ever filed for bankruptcy, then the trustee in your case likely informed you that it would remain on your credit report for seven years after it was approved. Did you know that no matter if you file for bankruptcy or not, most debts are supposed to be erased from your credit report after seven years anyway though?

What should I do if I found inaccurate data on my credit report?

Your credit means everything. It's how you secure a loan to buy a car. It's how you qualify for a mortgage and it could even dictate whether you get a job or an apartment that you want to rent. Thus, you definitely want to know what's on your credit report and you should check it on a regular basis. But what if you find an inaccuracy on the report? What should you do then?

Common questions about fair credit reporting

If you recently applied for a job or a loan only to be denied the opportunity because of an incorrect or outdated credit report, you understand the frustration that this brings. As a consumer, you have little control over what a credit report says about you, but credit reporting companies have the legal responsibility to report correctly.

Recent amendments to the Fair Credit Reporting Act

As an employee or job seeker, you may be concerned about the type of information that future employers can find out about you from the use of background checks. While it is possible for employers to be able to access such information, there are laws in place to limit how and when third parties can access this type of information about you.

Does my future employer have a right to my information?

When you are applying for a new job, it is quite possible that your potential employer will want to know a lot about you as a person. They will want to know your previous working experience and they may also be interested in what your interests are outside of work in order to get a picture of who you are.

Can my employer conduct a background check on me?

There have long been issues surrounding to what extent employers and potential employers should be able to look into the background of their employees. The Fair Credit Reporting Act (FCRA) puts forward many protections in this regard, preventing employers from conducting background checks without certain conditions from being present.

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