Credit Reports
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The Federal Trade Commission, our nation's consumer protection agency, estimates that one in ten Americans becomes a victim of fraud. One of the most frequently reported types of consumer fraud involves what is called credit report repair. In fact, credit repair is the fourth most common fraud in the United States, with recent statistics showing more than two million victims in a single year.
Credit repair schemes are illegal. However, many fraudsters claim that they can remove negative information from consumer credit reports and convince consumers to purchase their services. Some fraudsters even claim the ability to establish completely new credit reports for consumers – ones that are devoid of any prior negative history. Such claims are patently false. Unfortunately, millions of consumers have paid for fraudulent services to have their credit report "repaired."
Credit repair scams are among many types of credit report consumer fraud. If you have been the victim of credit report fraud, you may wish to speak with a qualified consumer fraud attorney who can help you understand your rights. Contact us to speak with an attorney or to learn more about filing a consumer fraud lawsuit.
Credit Reports and the Law
Consumer rights are protected under federal law. The federal Fair Credit Reporting Act (FCRA) governs credit-reporting practices, specifically attempting to promote the accuracy, fairness, and privacy of consumer information contained in credit reports. Consumers can seek damages from those who violate their rights under the FCRA.
If you think you have been the victim of a credit report scam, you may be entitled to seek damages. It is important to report your suspicions of credit report fraud to the FTC, especially since others may have been similarly defrauded. A group of consumers who have suffered related grievances may file a class action consumer fraud lawsuit.
All consumer fraud lawsuits are subject to a statute of limitations, which restricts the amount of time individuals have to file a claim. For this reason, it is wise to seek early legal advice if you suspect that you have been the victim of a credit report scam.
Please contact us to speak with one of our qualified consumer fraud attorneys who can evaluate your claim and help you determine a course of action. Our attorneys are experienced consumer advocates who want to help you protect and maximize your legal rights.
Click here to learn more about your rights under the FCRA.
Your Rights Under the Fair Credit Reporting Act
Congress enacted the Fair Credit Reporting Act (FCRA) in 1970 to encourage fair and accurate reporting of information contained in consumer credit reports. The Act was also established to ensure a certain level of consumer privacy since credit reports contain important personal and private information including: where you live, how you pay your bills, whether you've been sued, arrested, or filed bankruptcy. To make sure your rights are protected, you need to know what the law does and does not allow.
Under the FCRA, you have the right to:
- Know if information in your file has been used against you.
- Know what information is contained in your file.
- Ask for your credit score.
- Dispute incomplete or inaccurate information.
- Limit "prescreened" offers of credit and insurance based on information in your credit report.
- Receive a free copy of your credit report from each of the three nationwide consumer credit-reporting companies – Equifax, Experian, and TransUnion – annually.
The FCRA does not allow consumer-reporting agencies to:
- Report outdated negative information.
- Provide information about you to people for invalid or unjustifiable reasons.
- Report inaccurate, incomplete, or unverifiable information.
- Provide an employer with your credit report information without your prior consent.
Protect Yourself from Credit Report Fraud
Credit report fraud is rampant in the United States. Make sure your rights are protected. If you suspect that you have been the victim of a credit report scam, you should report your complaint to the Federal Trade Commission. Although the FTC does not resolve individual claims, it does investigate reports of fraudulent practices and makes sure the law is enforced.
If you have questions about filing a consumer fraud lawsuit because you've been the victim of a credit report scam, a qualified attorney can evaluate your claim and help you determine a proper course of action. Contact us today to speak with one of our experienced consumer fraud attorneys.