The Fair Credit Reporting Act (FCRA), governs access to consumer credit report records and promotes accuracy, fairness, and the privacy of personal information assembled by Credit Reporting Agencies (CRAs). The following is a basic rundown of the FCRA items that are most easily and effectively remedied;
- A balance has been paid off a balance, but the balance is showing incorrectly.
- Bankruptcies. The discharge is basically the same as a settlement. After the discharge the balances have to be zero’d out.
- Mixed Files or the cominghingling of information on independent credit reports
- Identity Theft
The Fair Debt Collection Practices Act (FDCPA) protects debtors from harassment, threats, and unfair means of debt collection by debt collectors. This law only applies to third party debt collectors. The most consistent FDCPA violations we see;
- Continued attempts to collect a debt that isn’t the client’s, or is no longer owed
- Calling before 8am or after 9pm
- Illegal or unethical communication tactics (like what’s outlined above)
- Failure to send a written debt validation notice (which includes the amount owed, name of creditor, and a notice of the client’s rights to dispute the debt within 30 days)
- Making false statements, like claiming the debt is greater than it actually is
- False representation
- Excessive phone calls
- Contacting the client at work even though they’ve been warned not to
Factory Studio partner, FairCredit, fights on behalf of clients who have experienced FCRA and FDCPA violations, with a 90% settlement rate for cases they litigate. This service is offered at no cost to the victim of the violations. There is a cost for the impact these violations have, and FairCredit will work with you to make sure you are fairly compensated. If you or someone you know has undergone any of the violations described above, do not hesitate to reach out.