FAIR CREDIT REPORTING ACT LAWYERS
Two Highly Respected Credit Reporting Litigation Law Firms Working Together to Serve Maryland Consumers
Most people have a credit report based on their lifetime credit history. The three major credit reporting agencies (CRAs), TransUnion, Experian, and Equifax gather financial information from a variety of sources to compile credit reports that are sold to permitted users. Unfortunately, errors can happen, identity theft can cause serious inaccuracies, and your credit score can be damaged through no fault of your own.
When you find an error in your credit report, if the CRA refuses to correct the problem, you may need to contact one of the Fair Credit Reporting Act law firms at Maryland Fair Credit Lawyer.com.
Your Credit Reports Impact Many Aspects of Your Life
Depending on your credit report and score, you may receive different credit card opportunities, loan options, mortgage interest rates, and financial terms than another consumer. A good credit history creates a high credit score which leads to lower interest rates, more extensions of credit, and better terms overall.
If your credit report includes unpaid debts, defaulted loans, or other negative financial issues, your credit score will go down and your credit options will be limited. Or you may not be eligible for credit at all. A bad credit report could also impact your ability to rent an apartment or qualify for car insurance at reasonable rates among other credit restrictions.
What if the Information in Your Credit Report is Not Yours?
The Federal Trade Commission performed a study of consumer credit reports and found that approximately 20% contained potentially serious mistakes. Sometimes the errors are inadvertent clerical problems, but often they are caused by identity theft or creditors that falsely report debts that are not legally collectible.
If you find inaccurate debt information in your credit report, you should dispute the problem directly with the credit bureau that prepared the report as soon as possible. When you notify the credit reporting agency, the provisions of the Fair Credit Reporting Act are triggered.
What is the Fair Credit Reporting Act (FCRA) and How are You Protected?
The FCRA is a federal law that protects consumers and establishes their rights regarding credit reporting. The Act also places certain obligations on credit reporting agencies (CRAs), people that furnish debt information to the CRAs (known as information furnishers), and the people that legally use credit report information (permitted users).
Some of the FCRA’s most important provisions include:
- Requiring procedures to ensure the credit information provided by CRAs and information furnishers is accurate,
- Giving consumers the right to review their credit reports—this includes the right to a free report every year and after an adverse credit decision is made based on the credit report. You can order your annual free report from the CRAs at AnnualCreditReport.com
- Establishing a clear dispute process for consumers who find fraudulent reporting or errors in their reports,
- Creating mandatory investigation procedures when a consumer disputes information or requests verification,
- Correction of inaccurate information and deletion of unverified information,
- Certain requirements for anyone who uses a credit report to deny a credit application, and
- The right to block information resulting from identity theft if the CRA or information furnisher cannot verify its accuracy.
This law establishes a process for consumers to dispute and correct inaccurate information in their credit reports, but it also allows money damages if a CRA or creditor violates its requirements.
What Can Fair Credit Reporting Act Lawyers Do for Consumers?
The law firms that created Maryland Fair Credit Lawyer.com have extensive experience enforcing the FCRA to help consumers get their credit histories and financial lives back in order. For example, they may be able to:
- Resolve errors in your credit report, because whether your data was mixed up with another consumer’s information, a creditor mistakenly reported that you owe a debt that was paid long ago, or you are a victim of ID theft, you may not be able to fix these problems on your own.
- Clear up fraudulent credit reporting and hold the violating party responsible for your losses.
- Ensure the CRAs and creditors reasonably investigate your dispute in a timely manner and report back to you. Also, if your dispute is denied, they must explain the basis for the denial and provide documentary proof to support their position.
- Verify your credit report is corrected when necessary and that creditors stop reporting inaccurate information and/or correct the information furnished to the CRAs.
- Make sure creditors follow a procedure when they receive an identity theft claim and ensure they don’t report information attributed to ID theft.
- Pursue monetary damages to help you recover the losses you experienced due to FCRA violations along with payment of your attorney’s fees from the violators.
When Your FCRA Rights Have Been Violated, Trust the Dedicated Law Firms that Joined Forces to Create Maryland Fair Credit Lawyer.com
If inaccurate credit reporting information has negatively impacted your life, your loan application has been rejected based on false credit reporting, or identity theft has ruined your credit history, the Fair Credit Reporting Act lawyers from Schlanger Law Group, LLP and Bienstock, PLLC can explain your options. If you have disputed your credit report errors but the credit bureau or creditor refuses to correct their mistakes, you have rights.
Schedule a free initial case consultation to learn how they can help. Call (914)729-0961 or click on the button below to meet with one of our attorneys.
Maryland Fair Credit Lawyer.com serves clients in Maryland, Washington D.C., New Jersey, New York, and throughout the United States with consumer protection, class action, credit reporting, and identity theft issues.