The Fair Credit Reporting Act (FCRA) is a federal law that requires credit bureaus to ensure maximum possible accuracy of the information that they publish to third parties about you on your credit report. Employers, creditors and even insurance companies rely on the information on your credit report when making decisions regarding whether to offer you a job, extend credit to you, or provide insurance coverage for you and your family. Accurate reporting has become even more critical in these hard economic times. 
 

Credit standing is a significant asset for most Americans. Credit can affect your access to home mortgages, vehicle loans, employment, and insurance coverage. Inaccurate information on your credit report can impact your ability to get favorable finance or interest rates. One legislator correctly described the adverse impact of a bad credit history as "the 'Scarlet Letter' of 20th Century America." 

Another growing concern for consumers is Identity Theft.  According to the Federal Trade Commission (FTC), Identity Theft was the top consumer complaint in 2009, for the 10th consecutive year, accounting for 21% of all consumer complaints.

Federal law promotes accuracy, fairness, and privacy of your consumer information.  You have rights!  If your credit report contains inaccurate or outdated information, or you believe you are the victim of identity theft, contact Attorney Amy Wells.  Amy has experience assisting consumers in restoring their good credit, and will work hard to get you the fast and fair settlement you deserve.

 

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Click HERE for a quick review of commonly asked questions about credit reporting laws, and a Cheat Sheet outling steps you may take to protect your good name.                         ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Actions that EVERY Consumer Should Take

The credit bureaus are not government run agencies. They are for profit, multi-billion dollar industries that make money by selling your personal information.
 

• Check your credit report at least once per year to ensure it is accurate.  Amy suggests checking it once every 4 months, alternating between each of the three major credit bureaus. To obtain a free copy of your credit report, click here. You are entitled to one free copy from each of the 3 major credit bureaus (Experian, Trans Union and Equifax) annually.
  
  
• Anytime  you are turned down for credit, or denied employment or insurance based on your credit standing, it would be wise to review your credit report at that time as well. Additionally, send a letter to the creditor/employer/insurer by certified mail, return receipt requested, and ask for a written explanation stating why you were turned down. It is important that this request be sent as soon as you receive a denial to preserve your legal rights.
  
  
• Anytime  you are given a higher interest rate than you believe you deserve based on your credit history, send a letter by certified mail, return receipt requested, and ask for a written explanation stating why you were given unfavorable terms. 

 

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Need a FREE copy of your Credit Report Today?

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Signs of Inaccurate Credit Reporting & Identity Theft
 

• Your credit report has an account that does not belong to you
  
• Debt collectors are calling you regarding accounts that do not belong to you
  
• Your credit report lists names, addresses or employment history that does not belong to you
  
• A background check reports a criminal record or history that does not belong to you
  
• An account on your credit history reports a past due or delinquent status, and it should reflect that is in good standing
  
• Outdated information is being reported on your credit report (most information remains for 7 years, with bankruptcy generally reporting for 10 years)

You Have Rights

• You must be told if information in your credit file has been used against you. It is the creditor, insurer or employer's responsibility to provide you with this information. 
  
• You have the right to dispute incomplete or inaccurate information on your credit report.
  
• You have the right to a free copy of your credit report once each year, in addition to anytime that you are denied credit.  And you have the right to learn your credit score (for a fee).
  
• Credit bureaus must correct or delete inaccurate, incomplete, or unverifiable information.
  
• Credit bureaus may not report outdated negative information about you.
  
• Credit bureaus may provide information about you only to people with a valid need.
  
• You may seek money damages from those parties that violate your legal rights.

Steps To Take If You Believe You
Have Inaccurate Information on Your Credit Report

•     Maintain a complete record. Keep all copies of:

•  your credit report(s)
• credit denial letters, employment turn down letters, or insurance denial letters based on inaccurate reporting
• evidence of interest rates that are higher than you would have been offered or paid had the false information not appeared on your credit report
• proof of proper payment if the account is yours, but the status is being falsely reported as late or in default

• Dispute the inaccurate information with the credit bureau(s) that is/are reporting it, and also the creditor(s) who is/are listed on the credit report.  Attach copies of all of the documents and send your dispute by certified mail.

• It may be helpful to consult an attorney at this time.  Call Attorney Amy Wells to schedule a fconsultation to discuss your legal rights.