FAQs

The nation’s big three credit reporting agencies – Equifax, Experian and TransUnion – are required by law to accurately gather and report consumer information. They keep files on more than 200 million Americans and issue more than three billion reports a year.

Given the volume of information, errors will and do occur. The FCRA gives consumers the means to find inaccuracies in their reports and file complaints. It also requires reporting agencies to investigate and correct innacurate information.

• Failure to update reports after bankruptcy is common. Credit agencies may report old debts as new and report an account as active when it was closed by the consumer.
• Creditors give reporting agencies inaccurate financial information about you. This is often done in violation of the FCRA to give creditors more time to collect on their accounts.
• Reporting agencies mixing up one person’s information with another’s because of similar (or same) name or social security number.
• Agencies fail to follow guidelines for handling disputes.
• Pulling your report for an impermissible purpose. One example would be viewing a credit report to determine if you have assets before filing certain kinds of lawsuits.
• Failing to send you notifications about your credit report or score in violation of the FCRA.
• Reporting agencies providing information to unauthorized persons or businesses.

• You have a right to know what’s in your file. Contact the credit-rating agency that issued a report that was used to deny you credit, housing or employment. You’re entitled to a free report for any of these reasons: Information was used against you; you are a victim of identity theft and place a fraud alert on your file; your file contains inaccurate information that resulted from fraud; you’re on public assistance or you have been unemployed but expect to apply for work within 60 days.
• If you have been the victim of identity theft, you are entitled to ask businesses for a copy of transaction records relating to the theft of your identity. For example, loan or credit card applications. You also may authorize law enforcement agencies to request the information. Businesses must provide it within 30 days of receiving the request. Some companies are reluctant to release this information claiming it is proprietary information or that they are protecting the consumer. However, the FCRA states that businesses are required to provide applications and business transaction records to help victims document fraudulent charges. The FTC outlines the obligations for businesses here.
• You have a right to ask for your credit score. Credit reporting agencies provide these. In some instances, mortgage lenders will tell you your score when you apply for a loan. Also, some credit card issuers now include up-to-date scores in their monthly statements.
• You have a right to dispute incomplete or inaccurate information in your report.
• Credit reporting agencies are obliged to correct or delete inaccurate, incomplete or unverifiable information.
• Reporting agencies must not report out of date or inaccurate information.
• Information in your file is limited to those with a valid need for it.
• You must give written consent for credit agencies to send your credit report to employers.

There are no up front costs to our clients. Under the FCRA, the credit agencies are required to pay for attorney fees if there are violations. If attorney fees are paid you will receive a 1099 and recommend you consult with an accountant to determine if taxes need to be paid.

In most circumstances our clients do not receive any compensation from creditors or the credit reporting agencies. If our clients have had proven financial damages that exceed our attorneys fees they may receive a small amount of compensation.

The credit reporting agencies have 30 to 45 days to investigate your file. They will either determine their information is accurate or correct the information in your credit file.

The attorneys at MinnDak law have the experience you need to contact the credit repair agencies and creditors to dispute inaccurate information on your credit report. We can usually resolve these issues within 6 months.