As I am sure you are already aware of, somewhere out there is a credit history or file on you if you have ever applied for a credit card, or applied for a loan, or for insurance, or even when you apply for a job. And of course this file also includes information about you like where you live, where you work, whether you have ever been sued or arrested, filed for bankruptcy, and even how you pay your bills. The type of companies that collect this type of information and sell it to creditors, employers, insurers, and other businesses are called Consumer/Credit Reporting Agencies, and obviously the first of these to come to mind are the three big national credit bureaus, Equifax, Trans Union, and Experian.

Just as debt collectors must abide by statutory rules and regulations, so do credit or consumer reporting agencies. In fact, similar to the fair debt collection laws, state and federal fair credit reporting statutes were created to regulate the manner in which credit/consumer reporting agencies report consumer credit. These statutes promote the accuracy and privacy of information kept and distributed by the nation's consumer reporting companies by defining how information must be recorded, verified and safeguarded. Violating the fair credit reporting laws does not only apply when consumer reporting agencies have reported your credit inaccurately, but also is applicable if the credit report contains information that is incomplete, disputed or outdated. Any inaccurate reporting or violations of these fair credit reporting laws can be quite damaging as your credit report or your credit history can have a strong impact on several aspects of your life, like whether you qualify for a loan or a mortgage, buying or leasing a car, getting insurance, or even getting a job. What are the repercussions of such violations? Well, a consumer that has a legitimate claim and is successful can be awarded compensatory damages, additional damages up to $1000.00 per violation, attorney 's fees and court costs for pursuing the matter, and of course the consumer's credit will not only be corrected, but protected in the future. If you think that you have suffered damages due to incorrect credit reporting by a credit reporting agency or credit bureau, contact the Fair Credit Reporting Attorneys at Smith & Garg today for a consultation.