I was denied credit. Can I find out why?
Yes. If you applied for and were denied credit, the Equal Credit Opportunity Act requires the creditor who denied you credit to tell you the specific reasons for your denial. The law also requires that creditors consider, upon your request, additional information you might supply about your credit history.
What can I do if the information in my credit report is inaccurate or incomplete?
Notify the Credit Reporting Agency in writing by certified mail. A certified letter is the best way to protect your rights because the Credit Reporting Agencies (CRAs) may argue that they never received your request by e-mail or telephone. Remember in your letter to be as specific as possible. The agency is required to delete or reinvestigate the items in question. If the new investigation reveals an error, a corrected consumer report will be sent to you, and upon your request, to anyone who received your report in the past six (6) months. If you dispute the accuracy of the information in your file, and the CRA deletes it, the agency cannot put the disputed information back into your file without notifying you in writing.
If you contact a CRA to dispute the accuracy or completeness of information in your file, the reporting agency may forward your dispute to the creditor or the person who furnished the information to the agency. But you also should consider contacting that source of information directly by sending them a letter via certified mail.
What can I do if the Credit Reporting Agency will not modify or correct my report?
The new investigation may not resolve your dispute with the CRA. Many times they offer you to contact the CRA to include your version of the disputed information in your file and in future reports. This does not help correct or improve your FICO score. Please note that if you decide to do this, you can submit a written statement of any length to be included in your file, but the CRA has the option to write a clear summary of the dispute and limit it to 100 words. At your request, the CRA will also show your version or summary of your version to anyone who recently received a copy of the old report. There is no charge for this service if it is requested within thirty (30) days after you receive notice of your application denial. After that, there may be a reasonable charge.
How long can Credit Reporting Agencies report unfavorable information?
Generally seven years. Adverse information can be reported after that for the following reasons:
- Bankruptcy information can be reported for ten (10) years. The time starts from the date of the filing for either Chapter 7 or Chapter 13.
- Information reported because of an application for a job with a salary of more than $75,000 has no time limitations.
- Information reported because of an application for more than $150,000 worth of credit or life insurance has no time limitation.
- Information concerning a lawsuit or judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.
Can anyone get a copy of the report?
No, it is given only to those with certain specified permissible purposes, which means, for a financial transaction related to a consumer. If someone has obtained your credit report without your permission or knowledge, contact us.
Do I have to be told before someone sees my credit report?
Yes and no. A person may request your consumer report only with your permission. However, a written authorization is usually required when applying for a house or a car. Also, a CRA may not provide a consumer report to an employer unless the employer has your written permission. Additionally, your written permission is needed before medical information may be reported by a CRA for credit, insurance, or employment purposes. If you feel your credit report was pulled without your knowledge or permission, contact us today.
What If I think a Credit Bureau has violated my rights under the law?
If you think a Consumer Reporting Agency or other person has violated your rights, and you may have a viable claim, you are entitled to have them pay your actual damages, statutory damages, and your attorney's fees.
