False Credit Reporting Injuries and Lawsuits
While an individual’s credit information is protected through the Fair Credit Reporting Act (FCRA), there are instances where FCRA provisions are violated due to the misuse or misreporting of this information. This can result in a low credit score, denial of credit or a high interest rate. In turn, individuals may have a hard time qualifying for a mortgage, car loan, job or even an apartment.
To better understand, Consumer Reporting Agencies (CRA) are responsible for keeping credit information current and accurate. This may require updating information from time to time. When this is not done, it is considered a violation of the FCRA. A few examples are reporting old debts as new, reporting an account active after it was closed by the account holder or failing to report that a debt was discharged during bankruptcy. CRAs have proved careless in some instances, providing inaccurate credit information by mixing the information of people that have similar backgrounds or who live in the same city. The bottom line regarding CRAs and false credit reporting is that they are obligated under federal and state law to remove false or inaccurate information on your credit report when notified.
When information pertaining to your credit report is falsified, it can cause financial hardship, not to mention tremendous emotional distress and humiliation. To add insult to injury, sometimes attempts to dispute inaccurate information is ignored. In this case, call the personal injury and credit damage lawyers at the Harman Law Firm. We have the resources and experience needed to put the pressure on creditors, reporting agencies and bureaus. If this means taking your case to court, you can rest assured—we are seasoned litigators, fully equipped to argue on your behalf. We’ll help guide you through your dispute and ensure that your rights are protected along the way.
For a free initial consultation to discuss your credit damages, call the Harman Law Firm today.
Handling False or Illegal Credit Reporting
Often referred to as a “derogatory,” false or illegal information on your credit report should be disputed. Not only should creditors (banks and debt collectors) be notified, it is wise to send dispute letters to any creditor involved, including the credit bureau.
To properly handle a false or illegal credit report, a quality dispute letter needs to clearly address the inaccuracy. The following must be included:
- Date of your letter (at top of page)
- Name and address of the credit reporting agency
- Account and account number your letter is disputing
When composing your letter, be prepared to provide proof or documentation. For instance, if the inaccurate information states that you are delinquent on payments for a certain account, you should be able to provide bank account statements, cancelled checks or confirmation that the account was paid on time. The documentation should be attached to your letter. In addition, a copy of the letter should be sent to the creditor or company that provided the false information. While some disputes can be completed online, this is not recommended. A typed letter sent by certified mail is best. As a rule, it also advised to make copies of everything you send.
You may expect to receive a written response from the credit bureau within 30 days informing you that your account has been updated. However, if the credit bureau does not respond to your dispute or if they refuse to update your account, you need to know your legal options.
The attorneys at the Harman Law Firm believe that every person deserves the right to justice when they have experienced physical or financial harm. We understand that falsified information on your credit report can be devastating and embarrassing. It can also cause you undue stress and frustration. When attempts to dispute your credit report have been unsuccessful, contact us today for a free initial consultation to discuss your situation.