New York City Fraudulent Credit Reporting
The Fair Credit Reporting Act (FCRA) requires credit reporting agencies to create policies and procedures designed to maximize the accuracy of consumers’ credit reports and to investigate adequately when a consumer informs the credit reporting agency that there is an inaccuracy.
There are many different types of errors. Some relate to the inclusion of another person’s information on the consumer’s report. Other errors relate to the mishandling of creditor data, resulting in faulty information regarding a consumer’s balances, payment history, etc.
However, some credit reporting errors are due to fraudulent transactions that are the result of identity theft or misconduct by a creditor or debt collector. Unfortunately, many consumers in New York City and around the country find that merely disputing this type of fraudulent credit reporting information is not sufficient: despite bringing the fraud to the credit bureaus’ attention, the fraudulent accounts and/or charges remain on the consumer’s credit report. In these instances, New York City consumers are well-advised to consult with a consumer protection lawyer who practices in this area of law and is familiar with the laws pertaining to fraudulent credit reporting. Representing victims of fraud and identity theft in litigation against the credit reporting agencies is a core practice area at Schlanger Law Group LLP.
Fraudulent credit reporting affects thousands of consumers in New York City. Our team members fight every day to help combat these types of problems and help New York City consumers protect their financial health.
Fixing a Fraudulent Credit Report
The first step to fixing a false credit report is preparing a dispute letter and sending it to the credit agency. This letter should explain in detail why a credit report is incorrect and provide all necessary supporting documentation. Under the FCRA, that agency then has 30 days to investigate and act to fix the problem.
If sending a dispute letter to the credit reporting bureau does not yield a favorable outcome, it may be necessary to take the case to court. Many such cases center on the cursory and unreasonable nature of the credit reporting agencies’ “investigation”, which often turns out to be little more than adopting the creditors’ version of events without any consideration of the information provided by the consumer. Whether the incorrect report was the result of an honest mistake, sloppiness, or actual fraud, the FCRA provides a powerful tool for consumers who are suffering from credit reporting inaccuracies that the credit reporting agencies refuse to fix.
Ask an Attorney about New York City Fraudulent Credit Reporting
Just because credit reporting agencies have a duty under state and federal law to implement policies and procedures designed to create accurate reports does not mean that this will happen every time. Nor does that guarantee that your dispute will be meaningfully investigated. New York City consumers are all too often victims of fraud that damages their credit.
If you believe that a credit reporting bureau has failed to take proper steps to correct an error on your credit report, even after you have brought the error to the credit reporting agency’s attention, you may need to pursue litigation. With offices in New York City and a focus on fraudulent credit reporting litigation, Schlanger Law Group works every day to help consumers with these types of problems.
Contact us today to schedule an appointment.