Credit Report Disputes and Error Info
I recently read an informative and well written article in The Washington Post by a staff reporter for National Public Radio (NPR). In the article, the reporter, Mr. Bobby Allyn, related a personal experience wherein he encountered difficulties renting an apartment due to information contained in his credit report by credit reporting giant TransUnion. Mistaken Identity In the article, Mr. Allyn states that he had located an apartment in Philadelphia that he wished to lease. Before he could sign the lease, he got a phone call from the prospective landlord. The landlord expressed concerns about the criminal offenses, including two…Read More
The law that controls everything as it relates to credit reports and credit reporting is titled the Fair Credit Reporting Act (FCRA). The formal dispute process as set forth in the FCRA must be followed exactly or erroneous, false and/or incorrect information can simply be reflected on, and stay on, a credit report forever. If erroneous, false and/or incorrect information is showing up on someone’s credit report, it will have far-reaching consequences as far as the ability to obtain credit at a favorable rate and may affect obtaining employment. The following are the exact steps that need to be taken…Read More
The law that controls everything as it relates to credit reports and credit reporting is titled the Fair Credit Reporting Act (FCRA). Usually, the way this will come to our attention is that one of our clients is now ready to restart his or her credit life after a bankruptcy is finished. What we suggest that our clients do, after a bankruptcy discharge has been issued in their respective case, is to follow exactly the steps described below. The formal dispute process as set forth in the FCRA must be followed exactly or erroneous, false and/or incorrect information can simply…Read More
On July 15, 2015 Senator Sherrod Brown (D-OH) introduced a Bill that would require Banks and Debt Buyers to notify the credit reporting agencies when a consumer’s debt has been extinguished in Bankruptcy. The Bill, known as The Consumer Reporting Fairness Act would amend bankruptcy law to require creditors to ensure that a debt discharged in bankruptcy shows a zero balance on the consumer’s credit report in an accurate and timely manner. The bill also would permit consumers to take legal action against creditors that fail to report a discharged debt that is no longer owed. Here is a link…Read More
In what should turn out to be very good news for consumers throughout the country, an agreement was announced by all three of the major credit reporting agencies (Equifax, Experian, and Trans Union) (CRAs) with New York Attorney General Eric Schneiderman. This agreement will change the way that the credit reporting agencies handle errors and list unpaid medical bills as part of the broadest industry overhaul in many years. The story can be found here. Among the changes that consumers will see are as follows: Consumers will find more educational material at annualcreditreport.com which is the government mandated website that…Read More
The answer to this question should be a quick and simple no. Unfortunately, for many people who file for bankruptcy, discharged debts still appear on credit reports and impact a large number of people who are legally trying to get a fresh start with their financial lives. Deal Book/New York Times just published a very informative article on this topic. A very well-respected bankruptcy judge, the Honorable Robert D. Drain from the Southern District of New York, issued a detailed opinion regarding this area of law and it is referenced in the Dealbook/New York Times article. The Fair Credit Reporting…Read More
It was recently reported that, according to data provided by Wells Fargo, Alabama ranks 45th in the nation for average credit score. The report, using data from Experian, one of the largest credit reporting agencies, shows an average credit score for Alabamians of 650. A senior economist for Wells Fargo speculated that this is a result of much of the state being rural communities and notes that the rural communities have “really struggled over the last 20 years.” The economist also noted that the economy in the metro areas of the state “are more broadly based” and, therefore, fare better…Read More
This is a question that we get asked often and, in our credit-based society, it is a very important one. The Fair Credit Reporting Act (FCRA) [PDF] is the federal law that controls everything that is allowed to be on an individual’s credit report. If anyone even has this question on their mind, the first thing he or she should do is to get all of their free credit reports immediately (in WRITING ONLY and NOT on-line!) and review them very carefully. As a general rule, bad credit defined as late payments, collections, etc. can remain on a person’s credit…Read More
The Credit Repair Organizations Act (CROA) is a federal consumer law found among the other various federal consumer protection laws and is located at 15 U.S.C . 1679. This law was enacted by Congress in 1996. The reason Congress enacted this statute was in response to the trend of credit repair companies using deceitful practices to take advantage of debtors looking to improve their credit scores. The purpose of the statute is to ensure that the public is provided with information necessary to make an informed decision regarding the purchase of credit repair services and to protect the public from…Read More
This is a question that we often get asked when someone is contemplating filing for bankruptcy. First of all, if someone has perfect credit, meaning that they have never been behind on any debts, then filing for bankruptcy will hurt their credit dramatically. If however, someone is already behind on their debts and they are receiving collection calls, collection letters and threats of lawsuit then, in all likelihood, the credit is already bad and hurt and filing for bankruptcy will not make it worse. A bankruptcy filing can stay on a person’s credit for a period of 10 years from…Read More
