Table of Contents
- Understanding the Fair Credit Reporting Act
- Common Credit Report Errors
- How to Dispute Credit Report Mistakes
- Reasonable Investigation Requirements
- Damages for FCRA Violations
- When Credit Bureaus and Furnishers Are Liable
- Conclusion
Key Takeaways
- FCRA requires credit bureaus to ensure maximum possible accuracy
- Common errors include accounts belonging to others, incorrect balances, and duplicate entries
- Credit bureaus must investigate disputes within 30 days
- Willful FCRA violations allow statutory damages of $100-$1,000 plus punitive damages
- Both credit bureaus and information furnishers can be sued for violations
Credit report errors affect millions of Americans, leading to denied loans, higher interest rates, and employment rejections. Understanding your rights under the Fair Credit Reporting Act helps consumers correct errors and hold violators accountable. The consumer rights attorneys at Law Offices of Todd M. Friedman, P.C. have extensive experience prosecuting FCRA cases and forcing credit bureaus to correct errors.
Understanding the Fair Credit Reporting Act
The FCRA requires consumer reporting agencies to follow reasonable procedures to ensure maximum possible accuracy of credit reports. When consumers dispute information, bureaus must conduct reasonable investigations and correct or delete inaccurate information.
Common Credit Report Errors
Frequently observed errors include accounts belonging to other people with similar names, incorrect account statuses showing open accounts as closed, wrong payment histories including false late payments, duplicate reporting of the same account, and accounts remaining after identity theft.
How to Dispute Credit Report Mistakes
Review your credit reports from all three bureaus—Equifax, Experian, and TransUnion—through AnnualCreditReport.com. Submit written disputes identifying each error with supporting documentation. Keep copies of all correspondence.
Reasonable Investigation Requirements
Credit bureaus must complete investigations within 30 days of receiving disputes (45 days if you provide additional information). Investigations must be reasonable—simply parroting back information from furnishers without actual investigation violates the FCRA.
Damages for FCRA Violations
Negligent violations allow recovery of actual damages, attorney’s fees, and costs. Willful violations add statutory damages between $100 and $1,000 per violation plus potential punitive damages. When credit bureaus repeatedly fail to investigate properly, damages multiply.
When Credit Bureaus and Furnishers Are Liable
Both credit bureaus and information furnishers (creditors reporting to bureaus) can be held liable for FCRA violations. Furnishers must investigate disputes forwarded by bureaus and report accurate information. Continuing to report information known to be false violates federal law.
Conclusion: Take Control of Your Credit Report
Your credit report affects nearly every aspect of your financial life—from getting a mortgage to landing a job. When credit bureaus allow errors to remain on your report despite your disputes, they violate federal law and cause real harm to your financial wellbeing. You have the right to demand accuracy and accountability.
Law Offices of Todd M. Friedman, P.C. has successfully sued all three major credit bureaus for FCRA violations, forcing them to correct errors and compensating consumers for damages. We understand the investigation requirements credit bureaus must follow and know how to prove they’ve failed to meet their obligations. If you’ve disputed errors on your credit report and the bureaus have failed to correct them, contact us today. We’ll fight to clean up your credit report and recover damages for the violations. Call now for a free case review.
