Fair Credit Reporting Act (FCRA): What You Need to Know
Did You Know?
- The FCRA has a two-year statute of limitation from the date of discovery of the violation, and a five-year statute of repose
If you believe your rights under the FCRA have been violated, you can
File a complaint with the Consumer Financial Protection Bureau (.gov) (CFPB) by
Visiting their website
Calling their toll-free number at (855) 411-2372
File a lawsuit against the creditor, credit bureau, or other agency that violated your rights
Expect to have your attorneys’ fees compensated if you win your case
Disputing Credit Report Errors Under the FCRA
- Credit report errors can have a significant impact on your financial life, affecting your ability to secure loans, rent apartments, or even obtain employment.
- The FCRA gives consumers the right to:
- dispute inaccurate or incomplete information on their credit reports.
- Fair and accurate credit reporting
- Privacy rights for their credit information
- Protection from the misuse of their credit data
Importance of Understanding Client Rights
- Understanding your rights under the FCRA is crucial for maintaining the accuracy of your credit report and protecting your financial well-being.
- Knowing these rights can be the difference between a credit report that opens doors and one that closes them.
Know the Specifics of the Law in Your Jurisdiction
- The FCRA is a federal law that applies uniformly across the United States. That being said some states have enacted additional laws that provide even stronger protections for consumers
- You can check the Fair Credit Reporting Act (FCRA) law in your state by contacting your state’s consumer protection agency or attorney general.
- You can also learn more about the FCRA from the Consumer Financial Protection Bureau (CFPB)
How to learn more about the FCRA from the CFPB
- Visit consumerfinance.gov/learnmore
- Write to the CFPB at 1700 G Street N.W., Washington, D.C. 20552
Other resources
- You can also contact the Federal Trade Commission’s Consumer Response Center at (877) 382-4357
- You can visit IdentityTheft.gov to report errors on your credit report or get a personalized recovery plan
- You can visit AnnualCreditReport.com to get your free annual credit report
