A credit report is a statement that summarizes your overall financial health and is often used to determine your creditworthiness. It shows how responsible you are when it comes to borrowing money. A poor credit report can have far-reaching consequences beyond just access to a loan. For example, it can affect your ability to apply for housing, acquire certain services, and sometimes obtain certain employment.
With so much depending on your credit history, ensuring your credit report is error-free is essential. But the problem is that credit reports are vulnerable to errors, and fixing those mistakes can be highly challenging. Fortunately, the attorneys at Mizrahi Kroub LLP can help you dispute and correct any errors in your credit report.
What is the Fair Credit Reporting Act?
The Fair Credit Reporting Act (FCRA), is a federal statute that protects the information collected and reported by consumer reporting agencies. This law was designed to protect consumer privacy and ensure that credit reporting agencies, like credit bureaus, provide accurate and fair information.
It also requires that consumers are notified when their credit reports are used and that they can dispute any errors in their credit reports. Credit reports are usually maintained by credit rating agencies such as TransUnion and Equifax. Unfortunately, these agencies are sometimes unwilling to help consumers fix incorrect information. The FCRA provides a legal tool to dispute inaccuracies and facilitate corrections using litigation.
Your Rights Under The FCRA
As a consumer, you have several rights under the Fair Credit Reporting Act. You have a right to:
- See your credit report
- Receive at least one free credit report from each credit agency annually
- Know who accessed your credit report
- Dispute any incomplete or inaccurate information on your credit
- Have incorrect information removed from your credit
- Sue a credit bureaus that violate your rights under the FCRA
- Pursue damages from violators of the FCRA
What Credit Reporting Errors Should You Look Out For?
- Incorrect personal information: Incorrect birthdate, legal name, address, or Social Security number.
- Credit file errors: Credit files accidentally being mixed with another person's credit file.
- Identity theft: Someone steals your identity and uses your credit to make purchases or open a new credit account.
- Unauthorized inquiries: Organizations making unauthorized inquiries on your behalf regarding your credit.
- Mistaken deceased status: You've been mistakenly reported as deceased to reporting agencies.
Get Help From Our New York Credit Attorneys
The credit attorneys from Mizrahi Kroub LLP understand how the FCRA works in New York. We can assist you in disputing any errors on your credit report to ensure your confidential information is protected. We can also help you sue any credit agency that has violated your rights under the FCRA.
If you live in New York and need legal help, contact us online or call (212) 595-6200 to discuss your needs with our New York credit attorneys.
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