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Check Your Credit Report When It Is Inaccurate |
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It is very harmful to you when your credit
report is inaccurate. Check your credit report if it is inaccurate. It will prevent you from getting a good loan or mortgage. It can damage your reputation. There are Federal protections to help you in the event that the credit reporting agencies inaccurately report your credit. The Fair Credit Reporting Act (FCRA) is a Federal law that requires the credit reporting agencies to maintain reasonable procedures to prepare the consumer's credit report with the maximum possible accuracy. After getting your credit report, you must check your credit report to confirm if it is accurate or not. The Federal law known as the Fair Credit Reporting Act (FCRA) permits businesses or persons to obtain your consumer credit report and check your credit report only if a permissible purpose to do so exists. The FCRA lists those purposes as: --Pursuant to a court order or a Federal grand jury subpoena; --Written permission by the consumer; --A credit transaction; --Employment purposes; --Underwriting insurance; --Eligibility for a license or governmental benefit; --Other legitimate business purposes; --A request from a state or local governmental agency for child support information. The most common purpose for which a consumer's credit report is checked is for a credit transaction or upon the consumer's written request, to procure a mortgage or obtain a loan. While these purposes appear broad in scope, many consumer credit reports are obtained illegally. Examples of impermissible purposes are: reports obtained for litigation purposes, e.g., divorce, reports obtained by a car dealer when credit has not been requested or sought, reports obtained by political or business rivals, etc. You can check your credit report by using a computer hook-up to the credit reporting agencies through a business, which has such access. When a report is request, the business has stated it has a permissible purpose to do so. The violator is usually an employee or friend of an employee at the business through which the report was obtained. This business is liable for violations of the FCRA because its employee, who operated the machine making the request, had apparent authority from the business to do so. The names of the entities that check your credit report, are usually listed at the end of the credit report. Obtaining a credit report for an impermissible purpose is a crime. The consumer may also bring a lawsuit against the business and/or person who impermissibly obtained his or her credit report in federal court to recover actual damages or $1,000, whichever is less, if the conduct is willful, such punitive damages that the court may allow, costs and attorneys fees. In some cases, large recoveries have been obtained by consumers against businesses and/or persons for the impermissible access of their consumer Credit Report. Your employer, lenders, lawyers, and all other people can check your credit report. In a recent survey, 100 people were asked to check their credit reports for errors, in which 40 people found mistakes and out of these, 13 cases were of a serious nature due to which their ability to get credit would be affected. Financial expert says that the onus is on the customers to get the errors on your credit report rectified. Certain errors may prove too complicated to shrug off. If your credit report indicates an erroneous bankruptcy, you should (1) contact the bankruptcy trustee (which supplied the erroneous bankruptcy information), (2) procure the trustee to admit their mistake; and (3) procure copies of the same for forwarding to the credit bureau. You would, probably, have to wait for six months before checking your credit report again to see if the mistake has been rectified. If the disputed information is not corrected, you are entitled to sue the CRA for failing to maintain reasonable procedures to address the situation or to sue the supplier of the information for reporting inaccurate information to the credit-reporting agency. Using check credit reports service to do credit checks can ensure a comfortable financial position and consequent peace of mind. One should only accept the amount of risk that one is comfortable with, to have a peaceful life. |
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