The way in which you are treated by creditors, lenders, landlords, insurance companies, employers, and more is largely determined by what’s listed on your credit report. If any of that information is inaccurate or outdated, it can have serious consequences for your financial life. This is why it’s so important to monitor your report and to take steps to protect your rights when violations occur. In the event of a violation, an experienced attorney can help you file a claim under the Fair Credit Reporting Act (FCRA) and to secure the compensation you’re entitled to.

FCRA attorneys specialize in helping consumers navigate the complex world of consumer credit reporting and hold negligent parties accountable for their actions. In addition to representing individual consumers, they also work with businesses that develop and implement policies and procedures to ensure compliance with FCRA regulations.

In general, the FCRA applies to consumer reporting agencies (CRAs), furnishers of consumer information, and users of consumer reports. The CRAs are the organizations that collect, assemble, or evaluate consumer credit and other information about individuals or businesses and then provide that data to third parties. The CRAs are also responsible for investigating and correcting any inaccuracies on the credit reports they distribute.

Furnishers and users of credit information, on the other hand, are entities that obtain and use consumer credit reports for their own purposes. These include banks, mortgage lenders, credit card issuers, debt collectors, and more. The law requires these third parties to follow certain protocols when obtaining a consumer report and using the information contained therein.

One of the main goals of the FCRA is to safeguard the privacy of consumers’ credit report information. This is done by limiting access to the credit report to only those with a legitimate need, such as creditors, insurers, employers, and landlords. In addition, the CRAs must provide consumers with a copy of their report upon request.

The FCRA also allows consumers to place a “security freeze” on their credit report. This limits who can access your credit report to only those with a legitimate reason, such as identity theft or a debt collection agency.

If a credit bureau, a creditor, or any other user of credit reports violates the FCRA and causes you injury, you may be entitled to economic damages, which are compensation for tangible monetary losses that result from a violation of the law. You can also seek non-economic damages if the violation has caused you anxiety or other harm that isn’t readily measurable in monetary terms. In such cases, an attorney can help you pursue damages under the FCRA for emotional distress and other intangible losses.