Miami Credit Reporting Lawyer
About one in four credit reports have errors on them, but you’ll never know until you apply for credit and find out your score is lower than you expected. You may not even know that your score is impacted by false credit reporting unless you get a copy of your report and check the information for yourself.
Your credit report impacts how high or low an interest rate you will be charged when you take out a loan or get a new credit card; it can even affect whether you get credit at all. You could also be forced to pay higher premiums for insurance, and you could even be turned down for a job in the credit or finance industry or fail to obtain a security clearance needed for your government job or contract.
Laws exist that require fair and accurate credit reporting. These laws provide a way for you to discover and fix errors on your credit report, as well as recover money damages for harm done to you by credit errors. If you have been hurt by inaccurate credit reporting, the Miami credit lawyers at Jacobs Legal, PLLC can help.
The Fair Credit Reporting Act Promises Accuracy and Privacy of Your Credit Report
Congress passed the Fair Credit Reporting Act (FCRA) to help ensure both the accuracy and the privacy of your credit report. When companies comply with FCRA, your personal information is only transmitted based on legitimate requests, and only correct information is sent. When companies don’t comply, FCRA gives you the right to sue for damages. In those situations, Jacobs Legal, PLLC has knowledgeable and experienced consumer protection lawyers ready to fight for your rights. We’ll show you how to fix credit reporting errors and get compensation for any harm done.
Companies You do Business with can Send Inaccurate Information to the Credit Bureaus
Credit bureaus receive information from lenders, but that means more than just banks and credit unions. Lenders include car dealerships when you finance your car with them, furniture and appliance stores when you rent-to-own or pay in installments, cell phone providers, credit card companies and more. Every payment you make to every one of these sources, including every late payment and every missed payment, is reported to the credit bureaus and used to calculate your credit score. If the information is reported inaccurately, you are the one who suffers. There isn’t anybody at the credit bureau checking to see if the information is correct; that’s up to you.
Your Rights Under FCRA
- You have the right to be notified when an entity reports a negative item to the credit bureaus. You should be notified before the report is ever made, and afterwards as well.
- You have the right to be informed about the reason you were turned down for credit, including the name, address and telephone number of the source of negative information.
- You have the right to have information corrected or deleted within 30 days after you show that it is inaccurate, inconsistent or unverifiable.
- You have the right to have outdated information removed from your credit report, including accurate yet old information. Missed payments, late payments, judgments against you and other negative material should be removed once the information is seven years old. A Chapter 7 bankruptcy should be removed after ten years.
- You have a right to one free credit report per year from each of the three major credit reporting agencies – Experian, TransUnion and Equifax. You have the right to purchase your credit report at any time for a reasonable fee.
- You have the right to the privacy of your credit report. Credit bureaus should restrict access only to persons or entities who have a valid, legal need to see it. Current or prospective employers should not be given your credit report unless you consent first.
- You have the right to bring a lawsuit and recover money damages for harm done to you by credit errors. This includes actual damages such as the higher cost of a loan or being turned down for a loan, job or other lost opportunity. Other damages which may be available include $1,000 in statutory damages, noneconomic damages for emotional harm such as anxiety or stress, and even punitive damages for willful misconduct. You can also recover your attorney’s fees and the costs of pursuing your case in court if you are successful in your suit.
Call Jacobs Legal, PLLC for Help with Credit Reporting Errors in Miami
If you believe there is incorrect information on your credit report that may be harming you, call Jacobs Legal, PLLC at 305-358-7991 for a confidential consultation with a team of experienced and dedicated Miami credit reporting lawyers.