The Fair and Accurate Credit Transactions Act (FACTA), also known as the FACT Act, is a federal law enacted by the U.S. Congress in 2003 to amend theFair Credit Reporting Actpassed in 1970. Its purpose was to enhance consumer protections, particularly with regard toidentity theft. The best...
We're a boutique law firm specializing in helping clients correct errors on their credit reports, background checks, and tenant screenings. These costly errors are more common than you might expect, as the FTC estimates that 1 in 4 credit reports contain errors from at least one of the thre...
The article reports on the court ruling which shows that creditor's use of consumers' reports to solicit home loans did not violate the Fair Credit Reporting Act (FCRA) implemented in the U.S. The author points out the class action lawsuit involving George Soroka and JP Morgan Chase & Co....
TheFair Credit Reporting Actprocess differs depending on the nature of your specific concerns. For example, impermissible pulls and incorrect reporting by a debt collector can be immediately actionable, but inaccurate reporting by a bureau or creditor may require a series of dispute and responses befo...
“furnishers” as defined by the Fair Credit Reporting Act) provide credit information about their experiences with a consumer. These experiences can be credit inquiries, on-time payments, late payments, or charge-offs. Furnishers typically provide this information to the credit reporting agencies in...
Dunning Letter A written communication from a debt collector or collection agency. E ECOA Standard abbreviation for theEqual Credit Opportunity Act. End-user The business that receives the report for decision making purposes that meet the permissible purpose requirements of the FCRA. ...
This starts with the validation letter, and if you request a verification letter to get more information, they must provide that as well. Collectors must send the validation letter within five days of first contact. It should contain: How much you owe. The name of the creditor seeking ...