What is the Fair Credit Reporting Act and How Does it Relate to Credit Repair?

The Fair Credit Reporting Act (FRCA) regulates the dissemination, collection, and use of a consumer’s credit information. The FRCA section 661 (A) reads: “If a consumer’s personal credit information is incomplete, inaccurate, or cannot be verified by the creditor in a specified time period after written request from the consumer, the credit reporting agency [CRA] or bureau shall promptly remove and delete such information as requested, and only by the consumer.” As you can see, the FRCA governs how the credit reporting organizations operate and provides guidelines within which these organizations function. If a CRA violates the FRCA, possible damages include: actual damages, punitive damages, attorney fees, and costs for willful non-compliance. The credit repair attorneys at Garg & Associates can help you determine if a CRA has violated the law and explain your rights for recovery in the event such exists.