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Author: GregFisher Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 665  
Subject: law, using it to correct your credit report Date: 2/10/2000 10:01 PM
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In Post Number 53, jrr7 asks:

... Greg, is it really possible to sue CRA's under the FCRA? I would think that any act like that would have a "ready-made defense" for the CRA that they can apply and automatically win. I'd compare it to the telemarketing law, whereby it's nearly impossible to win against any company with a number removal policy.

Is there a website titled "www .wonabunchofmoneysuingExperian. com" or similar?


Less than a year ago, I won a case (it didn't get to the suit stage because they settled) for $4,000 against a company who broke the telemarketing laws. It was a matter of a few letters, not listening to the lawyer on the other side (who prentended to know more than I, and denied everything), and tenacity. I have two others that have offered to settle, but I haven't accepted because I think it would be more interesting to go to court. I may lose, or win with a $1 award, but I will have an education of how the system works.

In the same manner, you can accomplish things regarding your credit report. The three companies that store the data will settle, or correct your report before they will lose in court. At $5 billion in revenue, their loss of $1,000 to you would be nothing to them, but the damage of the bad press would hurt them even worse; even if you only won $1, they would much rather settle.

From the Federal Trade Commission (regulator of credit reporting agencies) at
http://www.ftc.gov/bcp/conline/pubs/credit/fcra.htm :

Q. Do I have the right to sue for damages?

A. You may sue a CRA, a user or -- in some cases -- a provider of CRA data, in state or federal court for most violations of the FCRA. If you win, the defendant
will have to pay damages and reimburse you for attorney fees to the extent ordered by the court.


But, correcting your report doesn't have to end up in a lawsuit, nor does it have to be a long, drawn-out, agonizing 12-month process. You just have to know how to apply the pressure.

As the FTC says at http://www.ftc.gov/bcp/conline/edcams/fcra/summary.htm, "You can dispute inaccurate information with the CRA. If you tell a CRA that your file contains inaccurate information, the CRA must investigate the items (usually within 30 days) by presenting to its information source all relevant evidence you submit, unless your dispute is frivolous."

I make it a hobby to make them pay-- you may only want an accurate report.

Here is a link to the Fair Credit Reporting Act, and one to the FTC's web site and a summary of the FCRA. In the law itself, you will find the information about your rights and civil liability.

http://www.ftc.gov/os/statutes/fcra.htm

http://www.ftc.gov/os/statutes/fcrajump.htm

On the first page listed above, try a search for "$1,000" and "accuracy."

http://creditscoring.com
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