What is the FCRA (Fair Credit Reporting Act)?
“What is the FCRA (Fair Credit Reporting Act)?”
It governs credit reporting agencies (Equifax, Experian, and Transunion).
The FCRA controls “furnishers” which are those companies that actually provide (or furnish) information to the credit reporting agencies. These include companies such as:
- Capital One
- LVNV Funding
- Midland Funding/Midland Credit
- Portfolio Recovery
Basically, the law says if you as a consumer dispute with the credit reporting agencies, then the agency must conduct an investigation (a real not bogus) and fix errors. It has 30 days to do this reasonable and legitimate investigation. So it looks at what you told them, what documents you provided, looks at information in its own files, and it contacts the furnisher to see what the furnisher says and what the furnisher has in its files.
If the credit agency and/or the furnisher don’t do a proper investigation, then you can sue for mental anguish damages, economic damages, statutory damages, punitive damages, attorney fees, etc. You sue under the FCRA, normally in federal court.
This gets the attention of those who break the law.
While the agencies and furnishers want to gut your rights under this law, everyone on a jury and most judges have had credit report issues so these efforts to take away your rights have not been successful. The way we maintain our rights is to bring good quality federal court lawsuits so the public sees the kind of games these jokers play and the way they abuse consumers who only want an accurate credit report, which is your right under the law.
If you have questions about the FCRA or your credit reports, please feel free to get in touch with us by calling us at 205-879-2447 or contacting us through our website.
-John G. Watts
Watts & Herring, LLC
Birmingham and Madison Offices in Alabama
We represent consumers from all parts of Alabama