What is a Consumer Report Under the Fair Credit Reporting Act?
The Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681, is the primary federal statute that regulates the credit reporting industry. When you obtain your credit report from Equifax, Experian, Innovis, TransUnion or any of the many other consumer reporting agencies (CRAs), you are obtaining a type of consumer report as that term is defined […]
You are a Lucrative Product To Credit Bureaus and Background Check Companies
At Sherman & Ticchio, we work in a peculiar field. We are attorneys who assist clients that are the victims of inaccurate credit reports or background check reports. We bring lawsuits against credit bureaus such as Equifax, Experian, Innovis, and TransUnion, as well as the companies that report to these credit bureaus (examples include banks […]
Fair Credit Reporting Act Requires Furnishers to Conduct Reasonable Investigations of Consumer Disputes
The Fair Credit Reporting Act (FCRA) defines a furnisher as a company that furnishes information about consumers to credit bureaus (formally known as consumer reporting agencies or CRAs) like Equifax, Experian, Innovis, and TransUnion. Furnishers include, among others, credit card issuers, other types of lenders, and collection agencies. A furnisher’s duty to investigate a consumer’s […]
Adverse Action Under the Fair Credit Reporting Act
Normally, you are entitled to obtain one free copy per year of your credit report with Equifax, Experian, and TransUnion by visiting the website annualcreditreport.com, linked here. Because of the pandemic, you can obtain a free report from each of the big three credit bureaus each week through late April of 2022. In some instances, such […]
A Short Guide to Credit Report Inquiries
Credit inquiries are something very few consumers fully understand. Let’s take a look at some of the important characteristics of those inquiries: Inquiries only stay on your credit report for two years There are two types of inquiries, “hard” and “soft” As a note, TransUnion will refer to “hard” inquiries as “regular” inquiries. Soft inquiries […]
The Fair Credit Reporting Act and Your Right to Maximum Possible Accuracy (a basic overview)
The Fair Credit Reporting Act (commonly referred to as the FCRA) is the federal law that requires credit bureaus (also known as consumer reporting agencies) like Equifax, Experian, and TransUnion to, among other responsibilities, maintain and follow procedures to assure the maximum possible accuracy of information in consumer reports that they publish about you to, […]
How do I read my credit report?
You finally get a copy of your credit report with Equifax, Experian, Innovis, TransUnion or one of the many smaller credit bureaus, but when you look at it you’re hit with a wall of information that you can’t possibly understand. This is the situation many of our potential clients find themselves in, and it’s understandable. […]
Suspect Identity Theft? You Can “Freeze” Your Credit Reports
Today, with data breaches, telephone scams, and bogus links in emails and texts with offers or warnings that seem legitimate but are, in reality, part of click-bait cons, identity theft is rampant. And a major consequence of identity theft can be the opening of credit cards and other loans in your name without your knowledge […]
How can I dispute an error on my credit report?
To dispute an error on your credit report, a good practice is to contact the consumer reporting agency (also known as a credit bureau; i.e., Equifax, Experian, Innovis, TransUnion) and the company that provided the information (called a furnisher, which is often a financial institution, service provider, or collection agency). To trigger certain rights provided […]
Why are there errors on my credit report?
Your credit report is a record of your creditworthiness. Chances are, every payment you’ve made to a big label credit card, mortgage servicer, or student loan debt servicer is on your credit report with one or more of the big three nationwide credit bureaus: Equifax, Experian, and TransUnion. Lately, a fourth credit bureau, Innovis, has […]
How can I obtain my credit reports from Equifax, Experian, and TransUnion?
Your credit reports play an important role in your financial life. They can influence everything from loan approvals to job opportunities. It is recommended to regularly review your credit reports to ensure they accurately reflect your financial history. Fortunately, obtaining your credit reports from the three major credit bureaus – Equifax, Experian, and TransUnion – […]
Credit Bureaus must provide you with a copy of your credit report under the FCRA
§1681g of the Fair Credit Reporting Act (FCRA) requires that “[e]very consumer reporting agency shall, upon request …” provide you with a copy of your credit report. It is, in other words, a violation of FCRA §1681g for a credit bureau to refuse to give you your credit report as long as you provide the […]