Credit Repair Litigation: Laws that help Fix Your Credit
If you have struggled to fix your credit on your own, you may wonder if credit repair litigation is the right option. Getting your credit report cleaned and improving your credit score is the most important requirement in credit repair litigation. There are four laws you can use to win your case.
Fair Credit Reporting Act (FCRA)
The FCRA dictates that credit reporting agencies (CRA) provide accurate information in their reports to lenders. This law also requires that creditors share their data with the CRA and that they only provide accurate information. Finally, this law gives consumers the right to add a dispute note to any inaccurate item on their reports. Any creditor or CRA refusing to honor this provision is breaking the law.
The FCRA gives consumers certain rights regarding their credit reports. For instance, each year, Experian, Equifax, and TransUnion should make a free credit report available for you. The FCRA allows consumers to file suit against a CRA for violating this law, which means you can take them to court for not removing inaccurate information from your report. It also allows you to sue for damages, meaning you might be able to get monetary compensation when a CRA breaks this law.
Fair Credit Billing Act (FCBA)
The FCBA protects consumers from credit report errors and gives them access to information about the errors. It’s also the foundation for credit repair litigation, aiming to get the best possible outcome for consumers whom the credit bureaus have wronged.
If you find that your score has been damaged because of inaccurate information on your report, it’s possible to challenge errors in FCBA compliance. If a creditor reports inaccurate or outdated information, you have the right to dispute this error with the three credit bureaus in writing.
Truth in Lending Act
This act protects consumers from unfair billing practices and requires creditors to disclose debt information clearly and concisely. This includes disclosing interest rates, fees, and other related charges by creditors for credit cards, personal loans, and mortgages.
This act also requires creditors to notify consumers of any changes to their accounts that may impact their ability to pay off their debt.
If your lender fails to meet these requirements, they can be held liable in court under this act. However, if you can prove that they violated these requirements, your lawyer could be entitled.
Fair Debt Collection Practices Act (FDCPA)
Consumers are protected against obnoxious debt collectors under the FDCPA. The act sets out several rules that debt collectors must abide by, including the requirement to contact the debtor only once per week and the prohibition of contacting the debtor at work. The Fair Debt Collection Practices Act permits you to sue debt collectors for damages if they violate your rights.
We Can Help with Your Credit
If you’re struggling to remove inaccurate, unfair, or unverified items from your credit report, then credit repair litigation may be the answer for you. Lakeshore Law Center is a law firm that specializes in credit repair litigation and is based in California. If you’re a resident of California in the communities of Yorba Linda, Los Angeles, San Francisco, San Diego, or Santa Ana, call us at (714) 854-7205 today to schedule an appointment.