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Hi folks, my name is Sergei Lemberg. I'm a lawyer specializing in FDCPA
and other credit agency laws that affect consumers everyday life.
So here are the five things you need to know about credit agency law. The first
thing is these a federal laws the Fair Credit Reporting Act is a federal law. It
covers agencies that
provide credit reports and it covers also individuals or agencies or
businesses that supply information to credit reporting agencies.
Number 2:
Credit reports are important, they can screw up your life.
They can stop you from getting a mortgage, they can stop you from getting
a car, they can stop you from getting your credit card, so your credit score is
important. Number 3: the FCRA places strict requirements on the
suppliers of credit reports. If something is inaccurate you have to dispute the
information correctly. You have to do it the right way. Otherwise, you don't
have a right of action and they don't have to remove. Number 4: When you do
dispute, you have to dispute with the right entities,
and they have a duty to investigate your dispute. If they don't investigative
it timely,
the item can be removed from your credit report and, if it still is on your credit
report, you may be able to sue the credit agency or the supplier of information for money.
Which brings into number five. Number 5 is this: You may have a right to
recover under credit agency laws. People recover their actual damages or statutory
damages (up to a thousand dollars). It's important to get your case evaluated
right away. Debt collectors, as well as creditors, may be sued under the FCRA.
So don't wait, call us today. If you have a question, we should be able to
help you.