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Top 5: FCRA Violations - Must Watch! - YouTube
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the five most common fair credit
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reporting act violations
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hi this is consumer protection attorney
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bill clinton with another video about
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the fair credit reporting act i've
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helped hundreds of consumers deal with
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debt collection harassment
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bad background checks and accurate
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credit reports and all kinds of other
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stuff in this video i'm talking about
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the five most common fair credit
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reporting act violations these
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violations
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happen
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show up on your credit report but they
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are the result of furnishers
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creditors and credit reporting agencies
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making mistakes
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that cause you problems with your credit
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report okay so here they are number one
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is reporting inaccurate information this
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is often old information or the result
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of a mixed file
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this looks like a misstated balance
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reporting payments incorrectly
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listing you as the debtor if you're just
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an authorized user
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listing accounts subject to identity
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that are the better the result of
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identity theft
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and reporting old accounts as active
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okay number two
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failing to follow dispute procedures now
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the fair credit reporting act has a
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set of procedures that the credit
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reporting agencies are required to
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follow and the furnitures of information
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are required to follow two separate
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two separate portions of the statute
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give the duties of the credit reporting
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agencies and the furnishers
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okay
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if they fail to follow these
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they violate the fair credit reporting
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act
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so a failure of the credit
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bureaus to forward your dispute to the
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furnitures is a violation
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failure of a credit bureau to conduct
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its own investigation is a violation
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failure of a furnisher after receiving
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the year dispute from the credit bureau
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to conduct an investigation is a
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violation if they conduct an
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investigation it has to be
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a thorough investigation it has to be
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reasonable investigation
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failing to mark an account as disputed
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after you send in your dispute
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they're failing to correct inaccurate
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information
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failing to remove disputed inaccurate
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debts
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failing to handle the disputes within 30
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days
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the
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furnitures have 30 days to turn a
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dispute around
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to the credit bureaus
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okay number three is privacy violations
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and unauthorized access
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so anytime any
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anybody has unauthorized access or makes
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unauthorized access onto your credit
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report it's a violation of your privacy
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it's an invasion of your privacy
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they are
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the bureaus are releasing your private
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information to the public it's a form of
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invasion of privacy
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okay
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well they don't have a valid reason
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for disclosing your credit report that's
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a violation of the fair credit reporting
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act
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um a
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an impermissible pull
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is a another type of
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of violation
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and a
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this happens a lot with um
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companies that are offering debt
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settlement services they will have not
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have a permissible purpose for accessing
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your credit report they'll go through
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some shell companies and then they will
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access your credit report and this is
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impermissible access to your credit
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report and it's a violation of the fair
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credit reporting act
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number four is
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status
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mistakes
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the status of a trade line or an account
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on your credit report if the status is
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messed up let's say
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an account is considered inc included in
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bankruptcy but you've never filed
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bankruptcy this is more common than
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you'd believe
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or if you have filed bankruptcy and an
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account is not marked as in bankruptcy
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post bankruptcy credit reporting
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is
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often erroneous if you file bankruptcy
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it's important to keep a close eye on
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your credit report
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okay and the fifth most common is
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failing to give you the required notices
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when you get your credit report
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there are notice of your right to
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dispute
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the right to a free report the notice
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adverse action notice if you apply for
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credit and you're turned down you are
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entitled to an adverse action report
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that tells you where that creditor got
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the information that they used to turn
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you down for credit or take an adverse
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action
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all right guys that's the most common
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fair credit reporting act violations if
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you have
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if you've experienced one of these give
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us a call we want to help you out
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we can take action under the fair credit
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reporting act against the credit
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reporting agencies against people who
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furnish information to them
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and the creditors whether they're
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creditors or debt collectors or anybody
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else
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so
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thank you for watching this video i'd
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appreciate if you like this video and
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subscribe to the channel
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thanks for watching
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