How the FCRA Protects Florida Residents from Inaccurate Credit Reporting

Your credit report is more than just a history of your debts; it’s a critical tool that affects your ability to get a loan, rent a home, or even secure a job. When this report contains errors, the consequences can be devastating. Fortunately, the federal Fair Credit Reporting Act (FCRA) provides powerful protections for consumers in Florida and across the country, ensuring fairness and accuracy in credit reporting.

Your Right to an Accurate Report

The FCRA was designed to protect consumers from the negative impacts of misinformation. A single error—such as an incorrect payment status, a debt that isn’t yours, or outdated negative information—can lower your credit score and block access to financial opportunities, sometimes even leading to business disputes. The law establishes clear guidelines for credit reporting agencies (like Equifax, Experian, and TransUnion) and the businesses that provide them with your information, known as “furnishers.”

The Right to Dispute Errors

If you discover an inaccuracy on your credit report, the FCRA gives you the legal right to dispute it. The process involves formally notifying the credit reporting agency of the error.  Once you file a dispute, the agency is legally required to conduct a reasonable investigation, typically within 30 days. They must review your claim and either verify the information’s accuracy with the furnisher or remove the disputed item. Failure to conduct a proper investigation is a violation of your rights.

Holding Agencies and Furnishers Accountable

Both credit reporting agencies and data furnishers have responsibilities under the FCRA. Agencies must maintain reasonable procedures to ensure the information they report is accurate. Furnishers, such as banks or credit card companies, are required to provide accurate data and are prohibited from reporting information they know to be incorrect. If a furnisher is notified of a dispute, they have a duty to investigate it as well. You also have the right to know who has accessed your file, and businesses can only do so for a legally permissible purpose.

Your Right to Seek Damages

When a credit reporting agency or furnisher violates the FCRA by failing to correct errors after a dispute, you have the right to take legal action. Through a lawsuit, you can seek compensation for any financial damages you’ve suffered as a result of the inaccurate reporting, such as being denied a loan or paying higher interest rates. The law also allows for the recovery of statutory damages and attorneys’ fees, which ensures that you can hold these powerful entities accountable without bearing the financial burden of a lawsuit.

How Shrader Mendez & O’Connell Can Help

Identifying errors on your credit report is only the first step. Forcing a credit bureau to correct them can be a frustrating and complex fight. At Shrader Mendez & O’Connell, our consumer protection attorneys understand the FCRA and know how to make it work for you. We can handle the entire dispute process, from communicating with creditors and credit agencies to filing a lawsuit if they refuse to comply with the law.

If your credit report contains inaccurate information, don’t let it undermine your financial future. Contact Shrader Mendez & O’Connell at 813-360-1529 or contact us for a consultation to learn how we can help you enforce your rights.