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.
Answering Your Frequently Asked Questions
We understand how confusing the FCRA can be, especially when you are overwhelmed after finding an error on your credit report. We are here to help and answer any questions you have. In the meantime, please see some answers to frequently asked questions below.
What Is The Law Regarding Credit Report Errors?
The FCRA requires credit agencies to conduct a reasonable investigation into any credit error dispute from a consumer. After the investigation, they must delete any inaccurate information from the credit report.
What Is The FCRA (Fair Credit Reporting Act)?
The FCRA is a federal law that helps protect your rights regarding credit reports and scores by requiring credit reporting agencies to investigate claims. It allows you to access your credit information, controls who else has access to it and allows you to dispute errors and remove old negative information.
How Do I Dispute A Credit Report Error?
When you find an error on your credit report, your first step is to report it to the company itself. For example, if your report is from Experian, you would contact them in writing and provide supporting evidence of the error.
Does Each State Have Its Own Credit Reporting Laws?
The FCRA is a federal law that is followed by all states, but some states do have their own credit reporting laws. However, the state laws cannot interfere with or preempt the FCRA.
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.