Fair Credit Reporting Act

Birmingham, Alabama Credit Report Attorneys

Under the terms of the Fair Credit Reporting Act (FCRA), individuals must be allowed free access to their credit report at least once a year. Under the FCRA, negative information cannot be retained by a consumer credit reporting agency for an undue period of time. The FCRA requires credit reporting companies like Equifax, Experian, and TranUnion to notify a consumer when disputed information that has been removed is later added to his or her credit report.

Likewise, banks, credit card companies, and financial lenders are obligated to provide accurate information to credit report companies and fix any errors or misinformation for which they are responsible. At the law office of Yearout & Traylor, we represent people who have been harmed by actions on the part of credit report companies and information providers that violate the terms of the FCRA.

If you've been denied a loan, forced to pay a higher interest rate, or experienced an increase in your insurance premiums due to an error on the part of a credit report company or information provider, contact the credit report lawyers at Yearout & Traylor today and schedule a free consultation to discuss your case.

Errors That Can Negatively Impact Your Credit Report

While a number of factors impact your credit score, the following errors are some of the more common that can negatively affect your credit rating:

• Identity theft - accounts which you did not open showing as in default
• Debts and accounts cleared in bankruptcy which still appear on your report
• Retailers or persons checking your credit without your permission
• Accounts on utilities and phone service brought current but still showing as delinquent
• Credit card companies misreporting paid off accounts as in default
• Mortgage companies incorrectly claiming your mortgage is in default

Monitoring Your Credit

Most credit reporting companies now offer online access to your credit report and score for a monthly charge. If you subscribe to a credit reporting service through Equifax, Experian, or TransUnion, you can check your credit report as many times as you want without negatively impacting your credit score. Additionally, most subscriptions offer identity theft prevention services and unlimited access to your credit score as well. If you don't want to subscribe to a credit reporting service, you can request a free annual copy of your credit report through www.annualcreditreport.com.

Fixing Errors on Your Credit Report

If you identify errors on your credit report, it's essential to contact credit reporting companies to determine what you must do to rectify an error. You may be required to submit bank statements, proof of your identity, or a certified copy of your signature. If you filed for bankruptcy, you may be required to provide a copy of your bankruptcy discharge papers. Since errors on credit reports can replicate quickly, it's essential that you act immediately to contact credit reporting agencies.

Recovering Damages - When Credit Mistakes Are Left Unchanged

If a credit reporting company or information provider fails to change errors as required under the terms of the FCRA, they can be held liable for damages. If you've been denied credit, a job, or been disqualified for a lease on an apartment because of a credit report error, contact the consumer protection attorneys at Yearout & Traylor today to schedule a free consultation and discuss your case.