CREDIT BUREAUS & CORRECTING FRAUDULENT INFORMATION
The Fair Credit Reporting Act (FCRA) establishes procedures for correcting fraudulent information on your credit report and requires that your report be made available only for certain legitimate business needs.
Under the FCRA, both the credit reporting company and the information provider (the business that sent the information to the consumer reporting company), such as a bank or credit card company, are responsible for correcting fraudulent information in your report. To protect your rights under the law, contact both the credit reporting company and the information provider. Remember to keep a record of all your contact in an Action Log.
The consumer reporting companies will block fraudulent information from appearing on your credit report if you take the following steps:
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Send them a copy of an identity theft report and a letter telling them what information is fraudulent.
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The letter should also state that the information does not relate to any transaction that you made or authorized.
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Make sure you send the letter certified, with return receipt requested.
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Once you send your identity theft report, and letter explaining the identity theft to creditors or debt collectors is submitted, they must cease reporting fraudulent information to credit reporting companies.
The credit reporting companies, within four business days after accepting your identity theft report, must block any fraudulent information from your credit repot, and must notify the entity that submitted the fraudulent information, preventing the entity from resubmitting the fraudulent information, or attempt to collect on the fraudulent debt, or sell the debt. If, for any reason, the credit reporting company decides not to block the fraudulent information, they must notify you of their decision. The creditor or debt collector may continue to report the information if it later learns that the debt is not a result of identity theft.
Your Legal Rights:
You are entitled to damages if fraudulent information is not removed. You are entitled to sue for damages, if either the credit reporting company, or the company which reported the fraudulent information refuse or fail to remove the information from your credit report. Sometimes, damages can be significant if, for example, you are turned down for a home loan or you are denied a job because of the fraudulent reported information on your credit. You can call us for a free legal consultation. We will not charge any fees, unless we prevail in your case.
