Understanding The Fair Credit Reporting Act (FCRA)

The federal Fair Credit Reporting Act (FCRA) is a law that preempts state laws. This means that if a state law seems to conflict with the FCRA, that state law is a nullity and cannot be asserted. Each state can create laws that protect its citizens and the use of their credit information. As long as the state law is not inconsistent with the FCRA, that law will stand.

FCRA Laws And Reporting Timelines

First, the portion of the FCRA that deals with how long information can appear on a consumer report can be found at 15 U.S.C. §1681c. This section tells us how long certain items can be on our reports. However, the FCRA 15 USC 1681t(b)(1)(E) provides that no requirement or prohibition may be imposed by the laws of any state with respect to this subject matter (how long an item of information can appear on a credit report) except for any state law in effect on September 30, 1996.

If a law in your state was already in effect by September 30, 1996, then the law protects the consumer. If your state’s law was created after that date, that law is a nullity and cannot be enforced.

FCRA Laws And Credit Report Errors

The portion of the FCRA that deals with how consumers dispute the inaccuracies in reports are handled can be found at 15 U.S.C. §1681i and 1681s-2. However, again §1681t(b)(1)(A) & (F) states that no state may impose requirements that deal with this aspect of the law except any law created before September 30, 1996.

Many laws that have been created since September of 1996 in various states are actually not valid.

Get A Free Case Review Today

If you have an error or inaccurate information on your credit report, there are actions that you can take. Contact SmithMarco, P.C., today for a completely free case review.

Call 888-915-0836 or email us to schedule a no-obligation consultation.