The Fair Credit Reporting Act

The Fair Credit Reporting Act is federal law that:
• Requires Consumer Reporting Agencies (also know as “credit bureaus”) to use reasonable procedures to assure maximum possible accuracy whenever they prepare consumer reports (also know as “credit reports”);
• Requires Consumer Reporting Agencies to perform reasonable “reinvestigations” of information disputed by a consumer;
• Requires entities that furnish information to Consumer Reporting Agencies (“furnishers”) to perform reasonable investigations of consumer disputes that are forwarded to them from Consumer Reporting Agencies;
• Requires Consumer Reporting Agencies, after a reinvestigation, to delete information that is determined to be inaccurate or that cannot be verified, and prohibits the reinsertion of that information unless the furnisher certifies its accuracy and the Consumer Reporting Agency notifies the consumer;
• Generally requires Consumer Reporting Agencies to block information that is the result of identity theft if the consumer/victim properly notifies the Consumer Reporting Agencies;
• Prohibits the inclusion on credit reports of bankruptcies that are more than ten years old and most other information that is more than seven years old;
• Allows the dissemination of credit reports only when there is a permissible purpose; and
• Entitles consumers to free copies of their credit reports at least once a year.

This is only a summary of some of the key provisions of the Fair Credit Reporting Act. Other laws may apply to your case. Please note that the Goolsby Law Office, LLC, cannot help consumers with respect to accurate credit information that is less than seven years old. Consumers should beware of organizations claiming that – for a fee – they can perform “credit repair” that will get negative information removed, even if accurate and recent. For the complete text of the Fair Credit Reporting Act, visit our LINKS page.

If you think you have been a victim of a violation of the Fair Credit Reporting Act, contact the Goolsby Law Office, LLC.




The Equal Credit Opportunity Act

The Equal Credit Opportunity Act is a federal law that:
• Prohibits creditors from discriminating against applicants on the basis of race, color, religion, national origin, sex or marital status, or age; and
• Entitles credit applicants to a statement from the creditor of the reason(s) for any adverse credit action.

This is only a summary of some of the key provisions of the Equal Credit Opportunity Act. Other laws may apply to your case.

If you think you have been a victim of a violation of the Equal Credit Opportunity Act, contact the Goolsby Law Office, LLC.




The Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act is a federal law that:
• Generally prohibits debt collectors from informing third parties that a consumer owes a debt;
• Prohibits debt collectors from communicating with consumers at any unusual time or place;
• Generally requires a debt collector to cease communications with a consumer if the consumer tells the debt collector in writing to stop communications;
• Prohibits harassment and abuse by debt collectors, including, for example, threats of violence or use of profanity;
• Prohibits debt collectors from making false, misleading or deceptive representations, including, for example, communicating credit information that is known or should be known to be false;
• Prohibits debt collectors from using “unfair or unconscionable means” to collect debts, including, for example, attempting to collect any interest, fees, charges or incidental charges above and beyond the principal, unless they are authorized by the agreement creating the debt or permitted by law;
• Generally requires a debt collector to inform the consumer of the amount of the debt and the name of the creditor;
• Prohibits a debt collector, after a consumer properly disputes a debt, from further collection of the debt, unless the debt collector obtains and provides the consumer with verification of the debt.

This is only a summary of some of the key provisions of the Fair Debt Collection Practices Act. Other laws may apply to your case. For the complete text of the Fair Debt Collection Practices Act, visit our LINKS page.

If you think you have been a victim of a violation of the Fair Debt Collection Practices Act, contact the Goolsby Law Office, LLC.




The Minnesota Consumer Fraud Act

The Minnesota Consumer Fraud Act is a state law that prohibits “[t]he act, use, or employment by any person of any fraud, false pretense, false promise, misrepresentation, misleading statement or deceptive practice, with the intent that others rely thereon in connection with the sale of any merchandise.”

The above is only an excerpt from the central provision of the Minnesota Consumer Fraud Act. Other laws may apply to your case. For the complete text of the main section of the Minnesota Consumer Fraud Act, visit our LINKS page.

If you think you have been a victim of a violation of the Minnesota Consumer Fraud Act, contact the Goolsby Law Office, LLC.




Disclaimer: Nothing on this website should be construed as legal advice or the creation of an attorney-client relationship