What is Fair Credit Reporting?

Fair credit reporting is a term associated with your credit report. Credit reports are files featuring details about your identity, your employment history, your address, and other important information about your borrowing and repayment history. Creditors use this information to determine whether or not to extend you credit when you request a loan.

Credit reports are generated by credit reporting agencies. These companies are governed by the Fair Credit Reporting Act, which is a federal law regulating what they can and cannot do. This ensures the information provided to creditors is accurate and fair.

Consumers are entitled to one free copy annually of their report from each of the three main reporting agencies (Equifax, Experian, and Transunion). They may request as many copies as they wish, but might be charged a fee beyond the one per year. However, if you are denied a loan, a job, or insurance coverage because of poor credit, you are entitled to a free copy of your credit report within 60 days of the denial. This enables you to review the report and ensure it is accurate.

How is the Fair Credit Reporting Law Beneficial to Consumers?

The law benefits consumers in several ways. It ensures everyone has free access to his or her credit report. It requires that credit reporting agencies use reasonable procedures for meeting consumer credit needs. It ensures the dispersal of information is fair, confidential, accurate, relevant, and used appropriately.

There are several important things consumers should know about the Fair Credit Reporting Act and how it affects them, including:

• Credit reporting agencies are not permitted to release information to employers without your written permission.
• You are entitled to free access to copies of your credit report annually and whenever you are denied credit or anything else based on a poor credit rating.
• You have the right to dispute any entries you believe are erroneous on your report.
• Outdated information must be removed or not reported from your credit report.
• You are entitled to take legal action against a reporting agency if your rights are violated under the Fair Credit Reporting Act.

If you would like to know more about the Fair Credit Reporting Act and how it affects you or you are struggling with credit and would like to discuss your options, contact the law office of Frank J. LaPerch, PC at 845.942.5500.

Frank LaPerch

Admitted: New York and New Jersey State Bar; U.S. District Court, Southern District of New York.

Experience: Frank J. LaPerch graduated from the Quinnipiac University School of Law in 1998. During law school, he interned for the Rockland County District Attorney’s Office. Upon admission, Frank focused his private practice in the following areas: Bankruptcy, Family Law, Real Estate and Criminal Law.

Frank is an active member of the Family and Criminal Law Assigned Counsel program of the Rockland County Bar Association. He has also taught several paralegal courses for the Washington Online Legal Institute (WOLI). Frank is also a former Acting Justice for the Village of Suffern in Rockland County, New York. In his judicial capacity, he has presided over misdemeanor criminal matters, vehicle and traffic cases, felony arraignments, small claims and civil cases.

Education: Quinnipiac School of Law, J.D. 1998; Marist College, B.A. 1995.