The process of credit reporting involves collecting, examining, and preserving data relating to an individual’s credit history and financial conduct. This data is used to create a credit report, which provides a comprehensive overview of your financial obligations and activities, including unpaid debts, payment history, and public records. Lenders, employers, landlords, and other entities rely on credit reports to assess an individual’s creditworthiness and make informed decisions. A positive credit report can open doors to better interest rates, job opportunities, rental properties, and more. For that reason, it’s essential that the information on your credit report is accurate and protected.
In 1970, the Fair Credit Reporting Act (FCRA) was enacted to safeguard consumers against unjust actions connected to credit reporting. This federal law sets out rules for how credit reporting agencies collect, employ, and reveal information about customers. It also provides individuals with specific rights regarding their credit reports.
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Both consumer reporting agencies (companies like Equifax, Experian, and TransUnion) and credit furnishers (companies who provide information to consumer reporting agencies such as your creditors) are subject to the requirements of the Fair Credit Reporting Act.
Consumer reports relate to employment screening, landlord-tenant screening, bank accounts, background checks, subprime loans, car loans/car insurance, medical bills, utility payments, phone bill payments, retail returns, and others. A good list of consumer reporting agencies, many of whom provide free reports for your review, is located through the Federal Consumer Financial Protection Bureau.
Unfortunately, there are many things that can go wrong in a credit report or background check. We frequently assist clients dealing with these and similar issues:
Your personal information should always be accurate and private. If you are struggling with credit reporting issues, contact our intake staff for a free consultation. We handle Fair Credit Reporting Act cases on a contingency basis, which means you don’t pay unless we recover something on your behalf.