If you’re like most consumers, your credit report is something you care deeply about. Not only does this dictate where you can live, whether or not you will be approved for loans, and even your ability to get a job in some instances. Because your credit score plays such a significant role in your life, it’s in your best interest to familiarize yourself with the laws in place that help protect you as a consumer. The following blog explores what you should know about the Fair Credit Reporting Act (FCRA) and why it’s crucial to connect with a California credit report lawyer if you discover inaccurate information or misuse of your report.
What Is the FCRA?
The Fair Credit Reporting Act is a set of regulations to help ensure that consumer credit information is not misused. This helps ensure that the information on your account is accurate and regulates who can see your credit reports by allowing you to file disputes to ensure the information on your credit report is correct. Additionally, it gives consumers the opportunity to hold those who misuse their credit information liable for damages.
What Are Common Violations?
Unfortunately, there are many violations you can suffer due to the nature of the FCRA. As such, it’s critical to familiarize yourself with these matters to ensure you can hold the negligent party liable for any damages you may have sustained as a result of their fraudulent reporting.
Common violations of the FCRA include, but are not limited to, the following:
- Failing to update your credit report with up-to-date information
- Supplying a reporting agency with incorrect information
- Mixing files with that of another consumer
- Failing to notify consumers in regard to the use of their credit information
- Failing to take the necessary steps when a consumer files a dispute
- Allowing unauthorized parties to view a consumer credit report
- Pulling a credit report without a valid reason
Can I Seek Justice if I’m a Victim?
If you have suffered any of the aforementioned violations, it’s imperative to understand your legal rights. Generally, you can hold the negligent party liable for any damages you suffered as a result. Parties you may be able to hold liable include the creditor, for supplying incorrect information, and the credit reporting agency. This is true regardless of whether or not the violation was willful or negligent non-compliance. Generally, you can recover compensation for the damages you sustained as a result of the violation or $1,000, whichever is greater.
Finding violations on your credit report can be incredibly frustrating due to the impact it can have on you as a consumer. As such, it’s in your best interest to connect with an experienced attorney who can help fight to have the violation remedied and for you to receive the compensation you are entitled to. Connect with the team at Loker Law, APC
