Securing your Credit Report
The Fair Credit Reporting Act (FCRA) is your most powerful tool for ensuring fair and accurate reporting. It requires credit reporting agencies like Equifax, Experian, and TransUnion, as well as the companies that furnish them with data, to follow strict legal standards.
- Under the FCRA, you have the right to:
- Review and monitor your credit reports
- Dispute inaccurate or outdated information
- Expect timely investigations and corrections
- Hold agencies and furnishers legally accountable for violations
At Colexit, we assist clients at no out-of-pocket cost. Whether it’s filing disputes, stopping unauthorized access to your credit data, or litigating violations, we protect your rights every step of the way.
Take control of your credit. If you’ve discovered errors or been denied opportunities due to inaccuracies, contact Colexit today for a consultation.
Common Violations of the FCRA
Despite the law, violations happen every day. Here are some of the most common:
- Furnishing or Reporting Old Information
- Debts discharged in bankruptcy still being reported
- Negative information reported beyond the legal time limits (7 years, or 10 for civil judgments)
- Incorrectly re-aging old debts to make them appear newer
- Reporting an account as active when the consumer closed it
- Furnishing or Reporting Inaccurate Information
- Labeling a settled or paid debt as “charged off”
- Misrepresenting amounts owed or showing late payments made on time
- Reporting debts tied to identity theft
- Listing someone as a debtor when they were only an authorized user
- Mixed Files
- Combining credit data of multiple individuals into one report
- Debt Dispute Violations by Credit Reporting Agencies
- Failing to notify creditors of your dispute
- Not conducting a proper investigation
- Ignoring the 30-day deadline to correct or remove inaccurate data
- Debt Dispute Violations by Creditors or Furnishers
- Not reporting corrected information to all credit bureaus
- Continuing to submit data they know is inaccurate
- Ignoring their duty to investigate within 30 days
- Failing to notify you of investigation results
- Privacy Violations
- Allowing access to your report without a permissible purpose
- Employers pulling your report without written consent
- Creditors accessing reports after bankruptcy discharge
- Notice Violations
- Not informing you when negative information is reported
- Failing to disclose when decisions are based on your credit report
- Not identifying the source of reported information
Each of these can form the basis for legal action. Colexit helps clients pursue claims under the FCRA to protect their rights and restore accuracy.
Take Action Against FCRA Violations to Safeguard Your Rights
If you have experienced improper credit reporting, we are here to help. Contact us for a complimentary consultation to discuss your situation. You may require the expertise of a skilled FCRA lawyer to rectify your credit report effectively. Below, you’ll find a list of FCRA violations that you are protected from:
- Inaccurate Credit Reporting
- Reporting Outdated Information
- Misidentifying Accounts
- Unauthorized Credit Inquiries
- Failure to Investigate Disputes
- Violating Consumer Rights Under the FCRA
The FCRA empowers you to take legal action against improper credit reporting. By pursuing a lawsuit, you can put a stop to such practices, seek damages, and have your attorney’s fees covered by the responsible party. Our experienced team is dedicated to helping you bring a lawsuit under the Fair Credit Reporting Act and restoring accuracy to your credit report.
Take control of your credit situation today by reaching out to us for expert guidance and support. We are committed to advocating for your rights and securing a positive resolution for your credit report.
Common Violations of the FCRA
The Fair Credit Reporting Act (FCRA) sets strict standards for the reporting and furnishing of credit information to ensure accuracy and fairness in credit reporting. Unfortunately, several common violations occur, including:
Furnishing and Reporting Old Information:
- Failing to update and keep the information accurate.
- Reporting debts discharged in bankruptcy.
- Reporting information beyond the allowed time frames (e.g., more than seven years or ten years for civil judgments).
- Incorrectly re-aging old debts, making them appear newer than they are.
- Reporting an account as active when it was voluntarily closed by the consumer.
Furnishing and Reporting Inaccurate Information:
- Labeling a debt as charged off instead of showing it as settled or paid in full.
- Misrepresenting the amount due or indicating late payments when payment was made on time.
- Providing credit information despite reported identity theft.
- Incorrectly listing a person as a debtor on an account where they were only an authorized user.
Mixed Files
- Inaccurately combining credit information of multiple individuals within your credit report.
Debt Dispute and Privacy Violations
When you submit a written dispute regarding the accuracy of items on your credit report, credit reporting agencies and furnishers are obligated to conduct a reasonable investigation. This duty includes correcting any inaccuracies or removing disputed debts from the report. Failure to fulfill these obligations may lead to potential claims for damages.
Debt Dispute Violations by Credit Reporting Agencies:
- Not notifying the creditor about your dispute.
- Failing to conduct a thorough investigation of your dispute.
- Not correcting or removing inaccurate, incomplete, or unverifiable information within 30 days of receiving your written dispute.
Debt Dispute Violations by Creditors and Other Furnishers:
- Not informing every credit reporting agency about your dispute.
- Failing to provide corrected information to the credit reporting agency after investigating your dispute.
- Continuously submitting incorrect information, knowing or should have known its inaccuracy.
- Not conducting an internal investigation of your dispute within 30 days.
- Not offering a reasonable procedure for you to submit your written dispute.
- Not informing you of the results of their investigation within 5 days of completion.
Privacy Violations:
Credit reporting agencies are authorized to release your credit report only to individuals with a “valid need,” including:
- Creditors
- Landlords
- Insurers
- Utilities
- Employers (with your express consent)
Improper Requests for Credit Reports:
Authorized individuals must have a “permissible purpose” every time they access your credit report from a credit reporting agency. Examples of impermissible purposes include:
- Employers pulling your report without your specific permission.
- Creditors pulling your report after bankruptcy discharge.
Notice Violations:
You have the legal right to receive notice regarding the reporting and handling of your credit reports in the following situations:
- When a creditor reports negative information to a credit reporting agency.
- When an authorized person makes a negative decision based on your credit report.
- If your credit score was used in a creditor’s decision, they must notify you.
- You have the right to dispute inaccurate information and obtain a free credit report.
- Creditors or authorized persons must identify the source of credit information they obtained from you.
Resolving Credit Report Issues - Your Path to Financial Recovery
Based on your specific circumstances, we offer an array of tailored solutions to address credit report discrepancies. Our primary goal is to hold companies accountable for any errors and fraudulent activities. Through legal action, we can initiate a lawsuit to correct inaccuracies on your credit report and pursue compensation for any damages you have incurred. It is important to note that our services come at no cost to you; we are remunerated only from a portion of the money recovered on your behalf.
Contact us today or utilize the provided form to share your information. Following a thorough review, we will promptly schedule a meeting to discuss your credit report concerns and present how we can effectively assist you. Your financial recovery is our priority, and we are dedicated to providing the support and expertise needed to restore accuracy to your credit report.