The Fair Credit Reporting Act (FCRA) outlines the types of data that can be collected by credit bureaus, what is permissible to be included in a consumer’s credit report, and how long that information can remain in the file. If a consumer believes that any of this information is inaccurate, they have the right to request that it be removed from their report by contacting the credit reporting agency and the creditor who provided the information. If that request is denied or ignored by the CRA or creditor, and if there are sufficient facts to support it, a consumer can sue them for damages.
FCRA violations can lead to financial harm such as lost income or higher interest rates on loans and mortgages. They can also cause emotional distress and anxiety for consumers. The law provides for compensation for both of these. If a CRA or creditor is found to have violated the fcra lawyers, they can be required to pay the consumer’s attorney fees as well.
An experienced fcra consumer attorney will work with consumers to dispute inaccurate information on their credit reports. They will help them to determine whether a CRA, creditor or information furnisher acted in violation of the law and can provide guidance on how to file a lawsuit. In addition, they can help consumers to calculate their losses and pursue the correct amount of compensation that is due them.
There are many reasons a person’s credit report may contain errors. These can include deceased indicators mistakenly placed on a person’s credit report, tax lien or judgments that have been paid or expunged charges that are incorrectly reported as still being active. Other issues may be that a person’s name is misspelled, they have an old address on their record, or that a criminal charge that was dismissed or sealed appears on the background report.
It is important for consumers to file disputes with both the CRA and the information provider. This ensures that all of the relevant information is reviewed and corrected. If the CRA and the information provider fail to respond or if they fail to remove inaccurate information within the statutory timeframes, consumers can sue for damages.
Consumers who win a lawsuit against a company that violates the FCRA can be awarded actual damages, statutory damages set by statute and punitive damages for willful misconduct. Additionally, the law allows for the recovery of attorney’s fees by a winning consumer. This helps those who would otherwise not be able to afford an attorney to fight for their rights.
Teske Katz represents consumers who have had their FCRA rights violated on a class action basis. In addition, he represents creditors, asset buyers and debt collectors in FDCPA, TCPA, and FCRA litigation throughout the country. He also conducts CFPB readiness assessments for the collection industry. He is a frequent speaker at conferences and seminars on topics related to the collection of debt and enforcement of consumer protection laws.