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The Fair Credit Reporting Act: Your Rights and Common Violations

fair credit reporting act new jerseyCredit reporting agencies, creditors and other users of such information are subject to the Fair Credit Reporting Act. If any of these types of entities are found violating this act, then it may be possible to seek damages from the offender in civil court.

Your Rights Under the Fair Credit Reporting Act

The Fair Credit Reporting Act was designed to help protect the consumer’s rights to privacy regarding their private information. There are numerous agencies that are given the authority to report your financial information to other businesses, but the type of data and the way in which it is shared is strictly regulated.

Following are some of the most important rights listed in this crucial act:

  • You maintain the right to know what is in your file. All consumers can request the information contained within their report for free once every year.
  • You have the right to request your credit score.
  • You have the right to be informed when your credit score is used against you
  • You have the right to dispute false information
  • Agencies cannot utilize outdated information
  • Agencies cannot use incomplete, unverifiable or false information
  • An individual must give consent for their credit reports to be given to employees
  • Your file may only be provided to individuals with a valid need
  • You can obtain a security freeze on your report
  • When these rights are violated, the victim can seek damages

Most Frequent Violations of the Fair Credit Reporting Act

It’s not uncommon for credit reporting agencies, debt collectors or creditors to violate the Fair Credit Reporting Act. When this occurs, victims are entitled to damages. Below are some of the most frequent types of violations of the act.

  • Reporting outdated information
  • Reporting false information
  • Accidentally mixing your files with another consumer
  • Failure to notify a creditor about a debt dispute
  • Failure to correct false information
  • Failure to notify other credit reporting agencies about a debt dispute
  • Privacy Violations
  • Failure to notify you about negative credit information
  • A user of your information fails to notify you about a negative decision based on your credit report
  • Failure to notify you of your right to obtain a free credit report
  • Failure to notify you of the results of an investigation into a debt dispute

Contact a Cherry Hill Bankruptcy Attorney for a Consultation About Fair Credit Reporting Act Case in New Jersey Today

If you are struggling with debt, you may need a fresh start financially. An experienced bankruptcy and debt relief attorney can help you explore your options and determine the best course of action for you, your family, and/or your business. The experienced NJ bankruptcy lawyers at the Law Office of Joel R. Spivack understand the nuances of NJ and federal bankruptcy laws, so we can help you protect your interests. Call us anytime at 856-488-1200 or fill out the online contact form to schedule a confidential consultation. We have an office conveniently located at 1415 Marlton Pike East, Suite 302 Cherry Hill, NJ 08034.

The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.