The Fair Credit Reporting Act
The FCRA, 15 U.S.C. § 1681 et seq., requires consumer reporting agencies to follow reasonable procedures to assure maximum possible accuracy and to reasonably investigate disputes. Furnishers — banks, lenders, collectors — must investigate disputes forwarded to them.
Common credit reporting errors
- Accounts that belong to someone else (mixed or merged files)
- Identity theft accounts that won't come off
- Debts discharged in bankruptcy still showing a balance
- Paid or settled accounts reported as delinquent
- Duplicate collection accounts for the same debt
- Negative items older than the reporting period allowed
Build your record
Pull your reports from all three bureaus, dispute in writing, and keep copies of every letter and response. Denial letters from lenders are valuable evidence of harm.
Frequently asked questions
- How long does a credit bureau have to investigate my dispute?
- Generally 30 days from receipt of your dispute under the FCRA, with a possible extension to 45 days in some circumstances.
- The bureau 'verified' the error. Now what?
- A rubber-stamp verification may itself violate the FCRA's reasonable-investigation requirement. That's often when legal help matters most.
- Can I recover damages?
- The FCRA allows recovery of actual damages, statutory damages for willful violations, and attorney's fees in successful cases.