Have you been the victim of abuse and violations of the Fair Credit Reporting Act (“FCRA”) here in Irvine, CA? If so, contact us here at Guardian Litigation Group. You haverights and your rights can be vindicated. You can sue and recover significant money damages if your rights as a borrower have been violated. We are dedicated Credit Reporting Abuse Attorneys helping debtors and consumers protect their Irvine, California rights. Here are a few basics you should know about the Fair Credit Reporting Act.
Basics on the FCRA.
The FCRA is about fairness in credit reporting. As you may know, everyone in the US has one to three — or more — credit reports created and constantly maintained when they are young and begin borrowing money, opening credit card accounts and signing up for utilities and more. The main three credit reporting agencies are: TransUnion, Equifax, and Experian. Each person has a “credit report” maintained by each of these companies.
What is a credit report?
Basically, as described here by American Express, your credit report is a detailed account of your credit history. In theory, it is an objective and TRUE measure of your financial reliability. That is, a measure of your creditworthiness.
When is a credit report “pulled” and reviewed?
Credit reports are used in many different circumstances. The four most common are these: If you are seeking credit from a bank or a credit card company, your credit report will be pulled. Also, many employers will also pull a credit report and might use the information therein in making their hiring decision. Third, a credit report will generally be pulled if you are seeking homeowners and/or car insurance. Finally, most residential landlords will pull a credit report to be used in making a decision on whether to offer a lease. In many cases, you must agree to have your credit report pulled. So, often, an employer or a potential landlord will have you sign an authorization prior to a decision being made. But, you do not have to give authorization and, if you give authorization, you have rights. That is what the FCRA does: protects your rights as a debtor and consumer.
Importance of fair, accurate and truthful credit reporting.
Given the important life consequences of ACCURATE credit reporting, the FCRA was passed by Congress back in 1970. It has been amended many times since then. The key underlying goal was to ensure that credit reporting agencies provided ACCURATE information about a person’s credit and payment history.
What are my FCRA rights?
As can be seen in more detail here from the Consumer Finance Protection Bureau, the FCRA grants the following rights to debtors and consumers:
- To know what is in their credit reports
- To have their credit reports be accurate — to facilitate this, the FCRA allows a consumer to dispute information that may be inaccurate and the credit reporting bureau must conduct an investigation
- To limit access to their credit report — including putting a security freeze and/or fraud alert on their credit reports; note that the FCRA itself limits access to credit reports to those with a “permissible purpose” (such as a credit card company)
- To know how the credit report was used — thus, you have the right to be told if information in your credit file is used against you to deny your application for credit, employment, insurance, utilities or housing
If your rights under the FCRA have been violated, you can sue and recover substantial money damages. If the FCRA violations are willful, punitive damages are available.
Contact Our Experienced California FCRA Attorneys
For more information, contact the FCRA lawyers at Guardian Litigation Group. We have the tools and legal experience necessary to protect you, vindicate your rights and, potentially, to recover money damages on your behalf. We are your California Fair Credit Reporting Law Firm. Our Mission is to provide unparalleled legal services and support to consumers and financially distressed individuals. We can be reached via our contact page or by phone at (949) 444-5474. We are located in Irvine, California.