You may be aware of your right to dispute inaccurate information in credit reports/background checks with a consumer reporting agency. Often, if there is a legitimate dispute, agencies will agree to delete a tradeline or report from a person’s report. However, you may have experienced a creditor or credit bureau that is unwilling to take necessary steps to investigate disputes in order to convey truly accurate information on a consumer report. Their failure can have huge consequences for you and your family. Inaccurate information on a credit report can limit your ability to obtain a mortgage, car loan, credit card, or some other financing to help you. The federal Fair Credit Reporting Act (FCRA) provides assistance to consumers in dealing with these issues.
Rights under the FCRA
Under the FCRA, a consumer reporting agency must follow reasonable procedures to assure maximum possible accuracy of the information provided. Information published can be in violation if it is incorrect or misleading such that it might affect credit decisions. A credit reporter’s burden to investigate increases when the debtor can prove the information is incorrect with documentary evidence.
Our firm recently resolved a case involving inaccurate information in the reporting of a bankruptcy discharge on their credit report. Despite filing a dispute and providing the credit bureau with information regarding the discharge, they wouldn’t make changes. We resolved the case for a confidential settlement that was nearly six figures.
Credit reporters will generally go back to the party who provided them with the initial information to confirm their data. But frequently, such steps are insufficient to determine that the records are as accurate as they could possibly be. For example, circumstances could have changed as with an expungement on a criminal conviction or a civil judgment that was set-aside or satisfied in full. Records from courthouses are rarely updated in a timely fashion and consumer reporting agencies do not always investigate if a person’s record has changed. Perhaps a credit report doesn’t identify a bankruptcy filing. Or perhaps there was an issue with the date of delinquency on the report so that the report will not age off within 7 years as required by law.
Representation for Inaccurate Information on a Credit Report
If you’ve disputed a credit report and provided the credit reporting agency with some sort of documentation that indicates that there is inaccurate information or misleading information, you may have rights under the Fair Credit Reporting Act. Maginnis Howard represents consumer across the state of North Carolina. The firm takes select consumer protection cases throughout the state of North Carolina, including Fair Debt Collection Practices Act cases and Fair Credit Reporting Act cases. Contact the firm for a free initial consultation to discuss next steps in getting your credit report repaired properly. You can reach our office at (919) 526-0450 or through our contact page.