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• 10 SUVs That Keep Going and Going and Going...: by Eric Mack Monday, July 20, 2009
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Case Results

• Virginia Lemon Law
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• Virginia Lemon Law Cases
• Lemon Law Case Results With Chrysler Vehicles
• Lemon Law Case Results With General Motors Corporation
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• Chrysler Violates Lemon Law, Has To Repurchase the Vehicle And Pays Over $70,000 in Legal Fees
• Auto Fraud
• Richmond Dealer Guilty of Fraud, Punitive Damages Awarded

Awarded: $34,000 in punitive damages

• Dealership Found Guilty of Fraud in Sale of BMW
• CAR DEALER ORDERED TO PAY $140,000 + FOR FRAUD, CLAIMS POVERTY
• Auto Fraud Case Results
• Charlie Falk Auto Wholesale, Inc. Pays Judgments
• Settled Case - Auto Fraud
• Settled Case - Prior Wreck Auto Fraud
• Automobile Fraud
• Auto Fraud - Settled Case
• Car Dealership Pays Over $114,500 For Fraud In Selling Wrecked Vehicle

Awarded: Over $114,500

• Misrepresentation costly for Norfolk dealership

Awarded: $114,400

• Fair Debt Collection Practices Act
• FDCPA- Case Results and Settlements

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The Consumer Law Group, P.C. Practice Areas

Credit FAQs

Your Credit Report: What you should know

In today's rocky economy, having a good credit standing is vital for the typical consumer. Few of us go through life without needing to borrow money from a bank or finance center. Whether you are approved for the loan and at what rate you will be required to pay off the loan depends largely on your credit history.

At the Consumer Law Group, we understand the importance of maintaining good credit. In our interest of promoting consumer fairness and awareness, we have provided the following summary of rights and protections you are afforded when it comes to your credit.

If you've ever applied for a charge account, a personal loan, insurance, or a job, someone is probably keeping a file on you. This file might contain information on how you pay your bills, or whether you've been sued, arrested, or have filed for bankruptcy.

The companies that gather and sell this information are called Consumer Reporting Agencies, or CRAs. The most common type of Consumer Reporting Agency is the credit bureau. The information sold by Consumer Reporting Agencies to creditors, employers, insurers, and other businesses is called a consumer report. This generally contains information about where you work and live and about your bill-paying habits.

In 1970, Congress created a law that gives consumers specific rights in dealing with Consumer Reporting Agencies. The Fair Credit Reporting Act protects you by requiring that Consumer Reporting Agencies furnish correct and complete information to businesses for use in evaluating your application for credit, insurance, or a job.

Here are answers to some questions about consumer reports and Consumer Reporting Agencies.

Was I denied credit because of a bad credit report?

If you applied for and were denied credit, the Equal Credit Opportunity Act requires creditors to tell you the specific reasons for your denial. For example, the creditor must tell you whether the denial was because you have no credit file with a Consumer Reporting Agency or because the Consumer Reporting Agency says you have delinquent obligations. This law also requires creditors to consider, upon request, additional information you might supply about your credit history.

How do I locate the Consumer Reporting Agency that has my file?

If your application was denied because of information supplied by a Consumer Reporting Agency, that agencies name and address must be supplied to you by the company you applied to. Otherwise, you can find the Consumer Reporting Agency that has your file by calling those listed in the Yellow Pages under ?credit? or ?credit rating and reporting.

Do I have the right to know what the report says?

Yes, if you request it. The Consumer Reporting Agency is required to tell you about every piece of information in the report and, in most cases, the sources of that information. Medical information is exempt from this rule, but you can have your physician try to obtain it for you. The Consumer Reporting Agency is not required to give you a copy of the report, although more and more are doing so. You also have the right to be told the name of anyone who received a report on you in the past six months. (If your inquiry concerns a job application, you can get the names of those who received a report during the past two years).

Is this information free?

Yes, in certain circumstances. If your application was denied because of information furnished by the Consumer Reporting Agency, and if you request a copy of your report within 60 days of receiving the denial notice you are entitled to the information without charge. You are also entitled to one free report once in any 12-month period, if you certify in writing that you:

• Are unemployed and intend to apply for a job in the next 60 days;
• Are receiving public welfare assistance; or
• Believe that your report is wrong due to fraud.

If you don't meet one of these requirements, the Consumer Reporting Agency may charge a reasonable fee, usually about $9.00.

What can I do if the information is inaccurate or incomplete?

Notify the Consumer Reporting Agency. Be as specific as possible. They are required to reinvestigate the items in question. You should also contact directly the creditor or other person which gave the incorrect information to make sure their records are in order. If the new investigation reveals an error, a corrected version will be sent, on your request, to anyone who received your report in the past six months. (Job applicants can have corrected reports sent to anyone who received a copy during the past two years). If you dispute the accuracy of the information in your file and the Consumer Reporting Agency deletes it, the agency cannot put the disputed information back into your file without notifying you in writing.

If you contact a consumer reporting agency to dispute the accuracy or completeness of information in your file, the reporting agency may forward your dispute to the creditor or other person who furnished the information to the agency. But you also should still contact that source of information directly. Many creditors have a special address for this purpose, and have a duty to avoid reporting inaccurate information. Also, if you tell anyone that you dispute the accuracy of information, then that person must note that the information is disputed whenever it is provided to a consumer reporting agency.

What can I do if the Consumer Reporting Agency won't modify the report?

The new investigation may not resolve your dispute with the Consumer Reporting Agency. If this happens, have the Consumer Reporting Agency include your version of the disputed information in your file and in future reports. You may submit a written statement of any length to be included in your file, although if the Consumer Reporting Agency provides assistance in writing a clear summary of the dispute, the statement may be limited to 100 words. At your request, the Consumer Reporting Agency will also show your version or a summary of your version to anyone who recently received a copy of the old report. There is no charge for this service if it's requested within 30 days after you receive notice of your application denial. After that, there may be a reasonable charge.

How long can Consumer Reporting Agencies report unfavorable information?

Generally, seven years. Adverse information cannot be reported after that, with certain exceptions:

• bankruptcy information can be reported for ten years;
• information reported because of an application for a job with a salary of more than $75,000.00 has no time limit;
• information reported because of an application for more than $150,000.00 worth of credit or life insurance has no time limit;
• information concerning a lawsuit or judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.

What if I think a Consumer Reporting Agency has violated my rights under the law?

You may wish to seek the advice of an attorney. In some cases, but not always, a Consumer Reporting Agency which has violated the Fair Credit Reporting Act must pay your attorney's fees.

Although the Federal Trade Commission cannot act as your lawyer in private disputes, information about your experiences and concerns is vital to the enforcement of the Fair Credit Reporting Act. Please send questions or complaints to the FTC, Washington, D.C. 20580.

To order copies of your credit reports, write to each of the following Consumer Reporting Agencies:

EXPERIAN
P.O. Box 9595
Allen, TX 75013
(800) 583-4080
www.experian.com
FEE: $9.00 ($3.00 for MN residents)

TRANS UNION CORPORATION
Consumer Relations Center
P.O. Box 1000
Chester, PA 19016-1000
(800) 888-4213
www.transunion.com
FEE: $9.00 ($3.00 for MN residents)

EQUIFAX CREDIT INFORMATION SERVICES
P.O. Box 105873
Atlanta, GA 30348
(800) 685-1111
www.equifax.com
FEE: $9.00 ($3.00 for MN residents)

CSC CREDIT SERVICES
P.O. Box 674402
Houston, TX 77267-4402
(800) 759-5979
FEE: $9.00 ($3.00 for MN residents)

Along with the appropriate fee, you must provide your full name, current address, date of birth, and social security number, as well as a copy of your driver?s license or state identification card (with current address listed); or a copy of a current utility bill showing your name and current address.

Can anyone get a copy of the report?

No, it is given only to those with a certain specified permissible purpose.

Can I restrict access to my credit reports?

Yes. Many creditors will access your credit report for promotional purposes. These creditors receive your name, address, and credit score in order to make an offer of credit. Under recent changes to Federal law, you have the right to prohibit information contained in your credit report from being used in connection with any credit or insurance transaction that is not initiated by you. You may exercise this right by contacting the credit reporting agencies? notification systems at 1-888-567-8688 or write to them separately at:

• Experian Target Marketing
  P.O. Box 919
  701 Experian Parkway B2
  Allen, TX 75013;
  
• Equifax Options
  P.O. Box 740123
  Atlanta, GA 30374-0123;
  
• Trans Union Corporation
  Attn: Marketing Opt Out
  P.O. Box 97328
  Jackson, MS 39288-7328.

What is a FICO score?

A California company, Fair Isaac & Company, Inc. has developed a computer model that assembles information from your credit report and assigns a score. Frequently, lenders and merchants use this score as the primary basis in deciding whether to extend you credit.

How do I find out my FICO score?

Unfortunately, you must pay a small fee to Fair Isaac & Company, Inc. to get your FICO score. You may contact them at their web address: www.myfico.com., or at P.O. Box 11746, San Rafael, CA 94912-1746.