The Federal Credit Reporting Act ["FCRA"] makes it mandatory for Credit Reporting Agencies such as Experian, Equifax and Trans Union “to follow reasonable procedures to assure maximum possible accuracy of the information in the [consumer's credit] report….” A willful and negligent failure to do so is violation number 1 of the FCRA. One wonders then [...]
There are multiple credit myths and rumors that surround the realm of credit reporting. Some are urban legend, and have become so widely disseminated that they are taken as gospel; others are deliberately encouraged by lenders to terrorize or cajole debtors into compliance. The following is a compilation of the most common credit myths [...]
“It is the purpose of this title to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in [...]
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