What is the Statute of Limitations in a FCRA lawsuit?

What is the statute limitations in an FCRA lawsuit?There are times where it is appropriate to sue companies under the FCRA, the Fair Credit Reporting Act, for false credit reporting.

We may wonder, “If I can do this, what’s the statute of limitations for an FCRA lawsuit?”  (The statute of limitations being the time you have to sue).

In general, the statute of limitations is 2 years to sue from when the company violates the law.

Of course, there are exceptions to this rule.

The second the company messes up, the clock starts ticking.

Let’s say that we see something false on our credit report.

We clearly dispute it, and Equifax comes back and says, “Oh, we’re not going to fix this.”

That’s our trigger point for the statute of limitations to start.

Once they tell us that, we have 2 years to sue them for their negligence.

If we dispute it again a month after the first dispute, and Equifax refuses to fix it, then the statute of limitations would be 2 years from that point.

Why do we sue companies that violate the FCRA?

To do a couple of things.

First, to get our credit reports fixed.  Suing tends to motivate the credit reporting agencies (Equifax, Experian, TransUnion, etc) to do the right thing.  Same with furnishers of false information such as debt collectors and creditors.

Second, to protect our community.  If you sue when these bad guys break the law, then it encourages them to do the right thing for other folks.  You see, these companies don’t care about doing what’s right unless it is economically good for them to do right.  When they know they will get sued for breaking the law, this encourages them to not break the law.  Thus, our community is made better.

Third, to get money damages to compensate you for your losses.  It may be economic losses (higher interest rate, losing a security clearance, etc) or it could be emotional — very frustrating dealing with these companies.

But you have to sue within the time period or you will continue to be damaged and these companies will mis treat other folks as well.

So take action now!

Contact Us.

If you live in the state of Alabama and you have any questions regarding false credit reporting, you can reach our office by phone at 1-205-879-2447.

You can also fill out a contact form and we will get in touch with you as soon as possible.

We will gladly walk you through your options and help you decide the best course of action.

I look forward to speaking with you!

Have a great day.

-John G. Watts

Leave a Comment