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Fair Credit Reporting Act

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The health, stability, and strength of a nation’s economy is directly linked to its banking system. The health, stability, and strength of a nation’s banking system is directly related to a fair and accurate credit reporting system. Congress realized how damaging inaccurate credit reports can directly impair the efficiency of the banking system and therefore passed the Fair Credit Reporting Act (“FCRA”) in 1970. This provides strong protection for New Jersey residents in financial difficulty.

The Fair Credit Reporting Act was enacted to eliminate abusive debt collection practices that contributed to personal bankruptcies, martial instability, loss of jobs, and invasions of an individual’s privacy. The Act’s purpose is to ensure fair debt collection.

The Fair Credit Reporting Act prohibits debt collectors from communicating with a debtor, in connection with a debt, if the debt collector knows the consumer is represented by an attorney. The FDCPA specifically prohibits debt collectors from engaging in any harassing, oppressive, or abuse conduct in connection with debt collection. For example, repeatedly calling a person with the intent to annoy, abuse, or harass that person has been found to violate the act.

The act also prohibits debt collectors from using any false, deceptive, or misleading representation to collect a debt. For example, a misrepresentation of the legal status of the debt or use of any false representation to collect the debt is a violation of the FDCPA.

The act also prohibits debt collectors from using any false, deceptive, or misleading representation to collect a debt. For example, a misrepresentation of the legal status of the debt or use of any false representation to collect the debt is a violation of the FDCPA.

The Fair Credit Reporting Act applies to personal, family, and household debts. That means the FDCPA applies to the collection of debts ranging from the purchase of a car, medical care, or even the collection of a home mortgage.

This act is also designed to protect consumers by requiring credit reporting agencies (“CRA’s”) to furnish correct and accurate information to any company requesting a consumer credit history. Any consumer whose credit application is denied must be told specifically the name, address, and phone number of the credit reporting agency that provided the consumer report.

Any inaccurate information can be disputed at the request of the consumer. If a credit reporting agency is informed that a consumer’s file contains inaccurate information, then the consumer reporting agency must investigate the inaccuracies. If the CRA determines that there is inaccurate information in the consumer’s file, it must either remove it or correct the information within 30 days.

If the Fair Credit Reporting Act is violated then several different federal agencies, including the Federal Trade Commission, may enforce the act. Additionally, consumers may sue, pursuant to the act, in either federal or state court.

If you have been the victim of abusive debt collection practices or have had inaccurate credit information reported our New Jersey Attorneys can help. Our New Jersey Attorneys have significant experience representing individuals in prosecuting claims under the FCRA. We also help those in financial distress seek protection through bankruptcy. To learn more about what we can do to help, e-mail us or call one of our lawyers at (973)890-0004 or e-mail us, we are conveniently located in Totowa, New Jersey, near Routes 80, 46, 3 and 23 and the Garden State Parkway.