FCRA – Your rights

If you’ve ever applied for a charge account, a personal loan, insurance, or a job, someone is probably keeping a file on you. This file might contain information on how you pay your bills, or whether you’ve been sued, arrested, or have filed for bankruptcy. Debt collectors often use the effects of negative credit reports to motivate consumers into paying debts. If a debt collector falsely reports information on your credit report, you have a right to bring a lawsuit against them.

Companies that gather and sell this information are called “Consumer Reporting Agencies” or “Credit Bureaus.” For Floridians, there are really three major Consumer Reporting Agencies or credit bureaus: Trans Union, Experian, and Equifax. Each credit bureau operates independently from each others.

The information sold by Consumer Reporting Agencies to creditors, employers, insurers, and other businesses is called a “consumer report.” Consumer reports generally contain information about where you work and live and about your credit worthiness.

In 1970, Congress created a law that gives consumers specific rights in dealing with Consumer Reporting Agencies. The Fair Credit Reporting Act protects you by requiring that Consumer Reporting Agencies furnish correct and complete information to businesses for use in evaluating your application for credit, insurance, or a job. Unfortunately, the consumer reporting agencies (“CRAs”) want to reap huge profits from the credit repair industry while making it nearly impossible for you to figure out how to correct your inaccurate credit reports.

Don’t despair. We have done all of the research in order to simplify this process and get your credit as accurate as possible–without spending thousands of dollars on fly-by-night credit repair organizations. It is always a good idea to use certified mail on all of your correspondence to ensure proof of its receipt. The CRA’s like to argue they never received your correspondence. They also argue that internet disputes were “altered” by the consumer so that a law suit could be filed. You may also want to visit our educational article “Writing Your Dispute Letters”, we have provide free of charge.