Fair Credit Reporting Act (FCRA)
Understanding your rights and how to dispute inaccurate information on your credit report
What is the Fair Credit Reporting Act?
The Fair Credit Reporting Act (FCRA) is a federal law that regulates the collection, dissemination, and use of consumer credit information. It provides consumers with specific rights regarding their credit reports and establishes the framework for the credit reporting system in the United States.
Your Rights Under the FCRA
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Access your credit report for free annually
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Dispute incomplete or inaccurate information
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Have outdated information removed
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Limit access to your credit report
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Seek damages from violators
Credit Report Errors
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Identity errors and mixed files
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Incorrect payment status
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Data management errors
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Balance errors
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Duplicate accounts
How to Dispute Credit Report Errors
Step 1: Review Your Credit Reports
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Order your credit reports from all three major credit reporting agencies (Equifax, Experian, and TransUnion) through Scorefusion.
Step 2: Identify Errors
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Review each report carefully for inaccuracies, including personal information, account details, and public records
Step 3: Gather Documentation
Collect supporting documents that prove the information is incorrect
Step 4: File Your Dispute
Submit your dispute online, by mail, or by phone to both the credit reporting agency and the information furnisher. ⚠️ Important Notice: Submitting a dispute online will leave you with a few pre-written options from the credit bureaus, Credlocity always recommends you submit your dispute in writing via US mail.
Important FCRA Timeframes
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30 days: Credit bureaus must investigate disputes
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45 days: Maximum extension for complex investigations
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5 days: Time to notify you of investigation results
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7 years: Most negative information stays on reports
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10 years: Bankruptcy information retention period
Penalties for FCRA Violations
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Actual damages: Compensation for harm caused
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Statutory damages: Up to $1,000 per violation
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Punitive damages: For willful noncompliance
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Attorney's fees and costs: If you prevail in court