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If a creditor reports false information to the credit bureau and refuses to change it can you sue for malicious libel or is it only for incorrect credit reporting with the FCRA cap of 1000 dollars?

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2005-12-02 16:00:06
2005-12-02 16:00:06

If the creditor reports false information then all you need to do is dipute this with the 3 major credit bureaus, experian, equifax, and trans-union. Screw the creditor b\c if they can't prove it, the bureaus take the information off. Cut them out of the loop entirely, suing them is only going to cost you money. The previous answer is naive. A lot of creditors refuse to correct erroneous information. Many times when the credit bureau contacts the creditor after your dispute, some "law of minimum effort" jerk who gets $8.00 an hour just sends back an e-mail to verify without bothering to do the work. Sometimes they're just plain mean. All a credit bureau can do is report what is given to them by the creditors -- garbage in/garbage out. You can sue them for actual damages, to answer your question.

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That depends on what you mean by "can't find or locate a creditor". If you get a copy of each of your credit reports, they will list the contact information for each of the creditors that are reporting any type of information about you on your credit report. if you cannot get a response from the creditor after locating their contact information on your credit report, then you may want to "dispute" the information with the credit bureau that is reporting the information. Simply write a letter to the credit bureau stating that the information being reported on XYZ account is not accurate. Please remove this information from my credit file. The bureau will contact the reporting creditor...if the creditor does not respond within a timely fashion, the information will be removed from your credit file.

Credit reporting agencies collect their information from several sources including direct investigations, trade creditor and banking connections, and public and insurance records

Credit reporting agencies collect their information from several sources, including direct investigation, trade creditor and banking connections, insurance records, and public records

Yes, reporting to your credit by a collections agency does not effect the reporting originally made by your creditor. It most normal cases you would see the original creditor having reporting the account as a "charge off" regardless of any reporting made by a collections agency afterwords.

Even though credit reporting agencies work hard to keep your credit file up to date, it's still possible for errors to show up in your file. This includes incorrect, incomplete or outdated information. If you discover such errors in your credit report, you have the right - and responsibility - to correct them right away, since inaccuracies could hurt your score and could lower your chances of getting the loans and credit products you seek. If you find an error, or if you see evidence of fraud, you should file a credit file dispute: Contact the credit reporting agency that is reporting the item in question. You will need to tell them why you believe the information is incorrect and, if possible, supply any supporting documentation. The reporting agency will then investigate the disputed information. This includes notifying the creditor that supplied them with the disputed information that you believe the information to be incorrect. The creditor will then have the chance to review and investigate the information in question and report back to the credit reporting agency. When the investigation is complete, the credit reporting agency will notify you of the results and make any necessary changes to your credit file. You should then obtain a current copy of your credit report to verify that all the information is accurate. For more information on specific steps to take, visit: http://www.equifax.com/online-credit-dispute/ provided by Equifax.

Go to the website for the credit reporting bureau (the major ones are Equifax, Experian and TransUnion) that has the error. There will be a link to the form to request a check of the incorrect entry. The agency will send the form to the creditor and ask for a correction or confirmation that it is correct. If the creditor says it is correct, you can place an objection or your explanation why it is incorrect on your report. That will go out with the credit report whenever it is requested. I suggest making sure you have a proper objection before you do that. Consult a local lawyer.

Misrepresenting any form of information in a credit report is incorrect and a crime too. Irrespective of who is misrepresenting the information, doing so is wrong.

The banks send your information to the major credit reporting agencies. In order to freeze your bank account the creditor must obtain a court order to collect on a debt from you. With that court order they can get your account information from the bank to process the freeze/collection.

If you are denied credit, the Equal Credit Opportunity Act requires that the creditor give you a notice that tells you the specific reason your application was rejected or the fact that you have the right to learn the reason if you ask within 60 days. If your credit application was due to information obtained from your credit report, the Fair Cedit Reporting Act requires the creditor to give you the name, address and phone number of the credit reporting agency that supplied the information. The credit reporting agency can tell you what is in your report but only the creditor can tell you why your applicaton was denied.

Sounds like defaulted abbreviated by reporting creditor.

Technically this should be very easy. Write a letter to the (3) credit reporting agencies stateing that this information is/may not be accurate. They will then request that the creditor verify the information. If the creditor does not respond in 30 days then the entry should be removed. That's the way the law is written, though some credit agencies will give more time to the creditors before removing.

The "Truth in Lending and Consumer Leasing Acts" allow borrowers to sue a creditor or credit bureau that verifies incorrect data about his or her credit history.

write a goodwill letter to your creditor who is reporting the lates

If you do not owe the creditor, then you should make sure they understand that the account is not yours. If the number they are using is wrong but the account belongs to you, the debt is still yours to pay. Unfortunately you need to work it out with everyone so that your credit reporting information is correct.

To get in touch with the 3 credit agencies, go to: Transunion.com, Experian.com, Equifax.com. You may have to order credit reports from all three and it will show you the reporting creditor and their contact information.

Your post indicates that you have already followed the procedures for disputing the information with the credit reporting agency. They have contacted the creditor and the creditor has verified the information. That is the limit of the agency's responsibility. You can require them to attach a copy of your dispute to your credit report. My experience is that this rarely happens but maybe you will have better luck. You will need to contact the creditor directly and have them correct the report. Send them a letter CRRR along with any supporting information. If they fail to correct your report your only options are to file a complaint with the FTC or to retain an attorney. lwpat

The simple answer is "as soon as the creditor or collection company reports it" The problem is that they have very little to no incentive to rush that reporting. A good tactic would be to get a time frame for the reporting from the creditor in writing if possible before giving them any money.

Absolutly - they must by law do so. All you need to do is request a copy of your credit report from the three major credit bureaus, and contact information will be provided for each creditor.

As much as I hate to say it, as it makes more work for collection agencies, dispute inaccurate information with the bureau it is listed with. They require the reporting agencies to at least mark the information disputed. In addition to that, agencies must have proof of debt, and must respond to the bureau. Bureaus are a pain and they love the hold function on their phones, but are effective if you have the patience.

Negative information cannot be removed from a CR if it is a valid entry. The debt will remain on the report for the required amount of time, generally 7 years. If the debt is paid or satisfied the CR entry should reflect the action. Negative information that is VALID cannot be removed from the report until the requied time limit has expired. Any creditor who falsifies a report by stating a validly reported debt was a mistake is subject to penalties by the FTC under UCC laws. *That is incorrect. Any information can be removed by the source. if that were true than incorrect information would never be able to be removed. Incorrect information is removed all the time. If a creditor decides to strike a deal with you to remove information they provided to a credit bureau all they have to do is file to have it removed as misinformation.

Unless you can prove that the bureau singled you out in order to ruin your reputation as a borrower (which is highly improbable no matter how you feel about the bureaus) you cannot sue the credit bureau. You can, however, request that incorrect information be removed from your record. If the creditor that you feel is fraudulent cannot provide records to prove that you are behind or have the account, the credit bureau will remove the item from your report... If you do feel singled out by one particular bureau and want to obtain credit, then ask the to-be-creditor to check your report from a different bureau and not from the one you feel has fraudulent information. They might concede with your request if they feel the situation is extreme enough...

It is totally up to you who you share your credit report info with, but it is against the law for a creditor or credit reporting agency to disclose any information regarding your file, only you have the authority to access your credit file and unless there is a permissible purpose as defined by law no one else including a creditor can access your file.

As long as your employer is reporting you wages to the goverment they can garnish them.

It means that the particular item on the credit report has insufficient reporting information from the creditor and therefore cannot be rated at that particular time. IUR might stand for Information un-rated. This could apply to a new account or an account that does not report information to the particular credit bureau.


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