Understanding Violations of the Fair Credit Reporting Act
June 19th, 2013
June 19th, 2013
The Fair Credit Reporting Act (FCRA) was passed in 1970 to regulate the collection of credit information and access to your credit report. It governs the consumer reporting agencies or credit bureaus, as well as the actions of businesses or individuals who report information to the credit bureaus. The credit bureaus take all of the information they receive and compile it into your credit report. The FCRA tells the agencies, creditors and other authorized people what they can and can’t do with your credit information. When credit bureaus, creditors, and debt collectors misuse or misreport your credit information, it can cause you to have a lower credit score – which means you can be denied credit or be subjected to higher interest rates. Therefore, it’s important to recognize when this Act has been violated, so you can take action to protect your credit.
To determine if someone has violated the FCRA, review your credit report at least once a year to see who has pulled your credit report. If someone has violated your rights, you may be eligible to sue for damages. You can file a complaint with the federal court or your state’s court as long as it’s within 2 years of discovering the violation and within 5 years of the date of violation.
At Grandview Lending, our lending is based on honesty and integrity. Your privacy is important to us. We strive to safeguard your information and only provide it to those who absolutely need to see it to complete their jobs. See our privacy statement on our website for more information.
We provide our clients with exceptional service and integrity which has become our hallmark.