Common Fair Credit Reporting Act Mistakes And Violations

Your credit report is responsible for so many financial decisions in your life. It can be used to determine what type of property you can buy, what credit cards are available to you, and even what job you are eligible for. That’s why you want to ensure that your credit report has as few errors as possible.

Unfortunately, credit report errors are quite common, even with the Fair Credit Reporting Act. Find out some of the common FCRA mistakes and how to protect your credit report from Sharmin & Sharmin, Attorneys at Law.

What is the Fair Credit Reporting Act? 

The Fair Credit Reporting Act (FCRA) is a federal act that protects consumers and their financial data. This act allows you to know what information is on your credit report. Under this act, you can access what credit reporting agencies do with your credit report.

When these credit reporting agencies access your credit report, they must report accurate information. If it’s not, it can cause you to be denied certain financial opportunities. You have the right to hold these credit reporting agencies accountable for any mistakes on your credit report.

Common FCRA Mistakes

There are common FCRA mistakes that can be found on many credit reports. These mistakes include:

Reporting Outdated Information

Credit reporting agencies are responsible for updating all information on your credit report. But some credit reporting agencies fail to update critical information. Some examples of outdated information are any debts you’ve paid off or information over seven years old.

Some credit report agencies have been guilty of marking late payments made on time. When this old or outdated information is still present on your credit report, that is a direct mistake on the part of the credit agency.

Mixing Up Credit Information

Another critical mistake is mixing up the financial information of several consumers. This often happens when consumers share the same names. Unfortunately, this simple mistake can cost you several financial opportunities. Your potential employer or landlord could have submitted the wrong credit report.

Pulling Illegal Credit Reports Without Your Permission

Another common FCRA mistake is allowing impermissible pulls of your credit report to happen.

No one is supposed to pull your credit report without your permission. The number of inquiries on your credit report can impact your credit score. The credit reporting agency can be held liable when a landlord or an employer pulls your credit report without your permission.

Failing to Follow Proper Protocol With Complaints

Another common FCRA mistake is failing to follow the proper procedure when filing a complaint. When you have filed a complaint about an error on your credit report, there are certain procedures that the credit agency is required to follow. They must correct all errors and remove all false information as soon as possible. Failing to follow these procedures is a direct violation of the FCRA. You can take legal action against the credit reporting agencies for these mistakes.

How Sharmin & Sharmin P.A. Can Help You

Dealing with errors on your credit report can seem overwhelming. At Sharmin & Sharmin P.A., we want to help you fix your credit report as much as possible. Our Florida credit report error attorneys can help notify all credit agencies of your errors, file a police report if necessary, and help you take civil action against these negligent organizations. The agencies affected by your credit report must be held accountable for their negligence. Call us today to schedule an appointment.