In a recent case where a credit reporting agency falsely reported a consumer as deceased, learn about the FCRA guidelines and steps consumers can take to ensure accurate credit reports in Self-Check’s article.
Learn about the recent FCRA case where a credit reporting agency settled with a consumer after falsely reporting him as deceased. In addition, discover the FCRA guidelines and steps consumers can take to ensure accurate credit reports in this article by Self-Check.
At Self-Check, we understand the importance of accurate reporting and its impact on consumers. For example, in recent news, a major credit reporting agency settled an FCRA reasonable procedures claim. This suit concerned a consumer allegedly reported as deceased by the reporting agency. In this article, we will delve into the details of the case, the FCRA, and what steps consumers can take to ensure the accuracy of their credit reports.
Enacted in 1970, the Fair Credit Reporting Act (FCRA) provided guidelines for credit reporting agencies, lenders, and creditors. Under the FCRA, consumers have the right to access their credit reports and dispute any inaccuracies. In addition, credit reporting agencies must investigate disputes and remove any information found to be inaccurate.
In this case, a consumer discovered that a major credit reporting agency had incorrectly reported him as deceased. As a result, the consumer failed to secure a loan, citing the inaccurate information on his credit report that led to a denial. Upon discovering the error, the consumer filed a claim under the FCRA. In it, he alleged that the credit reporting agency had not followed reasonable procedures to ensure the accuracy of his credit report.
The credit reporting agency settled the claim for an undisclosed amount. Though the agency did not admit to any wrongdoing, it agreed to take steps to prevent similar errors in the future. This case highlights the importance of accurate credit reporting and its potential impact on consumers.
Consumers can take several steps to ensure the accuracy of their credit reports. First, they can regularly review their background and credit reports to ensure accurate information. After finding inaccuracies, consumers should notify the CRA running the checks and confirm they corrected the information. Self-check makes it simple for consumers to report inaccuracies.
In addition, the FCRA entitles consumers to one free credit report per year from each major credit reporting agency. Consumers can also request a free credit report when denied credit, employment, or insurance based on information in their credit report. If consumers find inaccurate information on their credit report, they should dispute it in writing with the credit reporting agency. The credit reporting agency must investigate the dispute and remove any inaccurate information.
Accurate credit reporting is crucial for consumers, and the FCRA provides important protections to ensure their credit reports prove correct. Because errors can happen, the FCRA encourages consumers to dispute inaccurate information and seek redress. At Self-Check, we are committed to helping consumers navigate the complex world of credit reporting and protecting their rights under the law.