Just imagine a situation when you get your credit report and find that a charged-off account is there on your credit report. Under normal conditions, it shouldn’t give you a heart attack or raise your temper. But what if you’ve already settled the debt but it is still lurking in your credit report as charged-off? What if creditors or credit bureaus don’t agree to cooperate with you and remove the erroneous information? Should you keep quiet and let others to misuse your credit report?
Can you file lawsuits if anyone sabotage your credit report?
. This means if any creditor or credit reporting agency violates FCRA, then consumers can file lawsuits against them and retrieve up to $1000 for each violation. Besides, .
Where can you file a lawsuit?
Well, you can file a lawsuit for FCRA violations at:
- State’s court
- Federal court
Is there any time limit for filing lawsuits?
If you’ve really been a victim of FCRA violation, then you’ll have to file a lawsuit within:
- 5 Years from the date when your credit report was misused
- 2 Years from the date when you came to know about the violation
Who can misuse your credit report?
- Credit information furnisher
- Credit information user
Information furnisher vs information user - Is there any similarity?
|Information furnisher||Information User|
|He is the one who provides information to credit bureaus||He is the one who gets your credit information and then abuses you|
Credit information furnisher
- Credit bureaus
- Debt collectors
- Mortgage lenders
- Your boss
- Credit card companies
Credit information user
- Insurance company
- Credit card companies
What can happen if someone misuses your credit information?
Well, you can either suffer a financial loss or you can get emotionally distressed.
- Job loss
- Insurance premium hike
- Attorney fees
- Loss of funds for running a business
- Insurance coverage denial
- Higher credit card or mortgage interest
- Lack of sleep
- Heart attack
- Increase in blood pressure
- Lack of appetite
- Bad dreams
- Emotional paralysis
When can you file a lawsuit against creditors?
You can or debt collectors :
- They don’t rectify the wrong information in your credit report.
- They don’t notify credit bureaus wherein they gave wrong information.
- They don’t change the wrong information within 30 days of disputing it.
- They don’t explain why the information is accurate within 30 days of disputing it.
- They don’t send the total information to credit bureaus.
- They don’t give you any information about the result after the investigation is finished.
- They don’t help you to complete the dispute procedure. This includes not providing you with the address wherein you can submit an address.
- They don’t take any step to conduct an private investigation of your dispute within a month.
When can you sue credit bureaus?
You can sue credit bureaus under the following circumstances:
- The credit bureau .
- They don’t take any initiative to make you understand your credit report.
- They send a copy of your credit report to prospective employers or landlords without taking your permission.
- They . This excludes bankruptcy though.
- They .
Can you sue credit information users?
You can :
- Take a step that has an adverse effect on you on the basis of credit reports
- They don’t inform consumers about the company who leaked out credit information
Can you get penalized for filing lawsuits?
Yes this can happen especially . If you , then you’d have to . So, beware! Don’t misuse your power.
Has anyone misused your credit information? What step did you take to combat that? Did you get any positive result? Do share your experience with us.