Credit reports play an important role in your financial life. They impact whether you can get a loan, rent an apartment or even find employment. Consequently, errors in your credit report can cause real harm to your future. That is why the federal Fair Credit Reporting Act (FCRA) requires credit reporting agencies to treat your information with care, accuracy and responsibility. If they fail to do so, you may be entitled to compensation.
The FCRA regulates how credit bureaus compile your credit file and who can access it. It also protects your privacy by limiting how creditors can use the information in your file.
In addition, the FCRA requires CRAs to notify you of any errors in your credit report. It allows you to request that the CRA FCRA lawyer in Chicago correct those errors within a reasonable period of time. If you are unable to resolve the dispute with the CRA, then you can bring an action under the FCRA for actual damages or statutory damages of up to $1,000.
Some of the most common violations of the FCRA involve inaccurate information in your credit report. These errors can be serious, such as reporting a debt that you never incurred or listing the wrong address for you or someone with your name. Creditors should carefully examine the CRAs they contract with to make sure that they are following all FCRA rules.
Another area of the FCRA that is often violated involves the disclosure and authorization requirements for background checks. Employers must obtain your consent in writing before they can pull a consumer report and must clearly state the purpose of the report. Additionally, they must provide a written copy of the background check that is separate from any other application materials.
If an employer improperly uses your consumer credit report, you may be able to recover actual damages, statutory damages up to $1,000, attorney fees and punitive damages. Mike Agruss Law has experience representing clients in both employment and credit reporting litigation, including cases involving alleged violations of the FCRA.
Our clients have included credit card issuers, mortgage lenders, retailers and debt buyers, among others. We understand the complexities of FCRA litigation, which can be extremely costly and time consuming. That is why we focus on representing our clients’ interests with efficiency and effectiveness.
A consultation with an FCRA attorney can help you determine the best strategy for your case. We are available for free initial consultations, so contact us today to get started.
Peter Lubin has been named a Super Lawyer in the categories of Class Action/Business Litigation, Consumer Rights and Business Litigation by the American Association for Justice. He is licensed to practice in Illinois and Texas, as well as several federal courts throughout the country.
If you believe that a credit reporting agency, creditor or other person or entity has violated your rights under the Fair Credit Reporting Act, then contact Mike Agruss Law immediately. You have up to two years after the violation was discovered to sue, so call now to schedule an appointment to discuss your case.