Erroneous Entries on Your Credit Report?

If you’ve been the victim of false adverse credit reports, you should know that you have recourse. The Fair and Accurate Credit Reporting Act sets out the obligations a credit reporting agency and a furnisher of credit information in regards to investigating a disputed transaction.

For example, a credit reporting agency and furnisher must perform a reasonable investigation of the dispute within prescribed time limits. The reporting agency and the furnisher must also take appropriate action once an investigation is complete. The failure to complete the investigation and make any necessary corrections can result in civil damages and penalties being imposed on both the credit reporting agency and the furnisher of the information.

A consumer who has been wronged by an erroneous report can recover actual monetary damages or statutory damages of up to $1,000.00. The successful plaintiff will also be entitled to attorney fees as well. While the statutory damages may not seem to be worth the trouble to many plaintiffs, the actual damages can mount up quickly.

Many employers use these credit reports to determine the suitability of applicants. An erroneous adverse credit report could preclude the consumer from gainful employment. An adverse credit report can also impact your ability to obtain financing for homes and automobiles. In addition to financial impact, these consequences can also seriously affect the consumer’s emotional health by causing shame, humiliation, and embarrassment.

If you believe you are the victim of an erroneous credit event listed on your credit report, call us today for a free case evaluation.