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The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and rental history records). Here is a…
The IRS requires any entity discharging a debt to file an “information return” on a Form 1099-C with the IRS. See Treas. Reg. § 1.6050P-1(a). Debt collectors or creditors will sometimes mail a form 1099-C to a consumer when debt is settled, discharged, or is no longer collectable. The most relevant requirements for our typical…
Everyone has credit report problems. It can be an incorrect entry, an account that you paid off that’s mis-marked, an incorrect amount, an incorrect delinquency, or a host of other things. Fortunately, you have protection under the Fair Credit Reporting Act (FCRA). The FCRA is a powerful federal law that governs all credit reporting…
FCRA Applies to Background Reports by Potential Employers The Fair Credit Reporting Act (FCRA) is a federal law that applies to credit reports. The FCRA was enacted to protect the accuracy and privacy of consumer information in consumer credit reporting agency files. The definition of “credit report” includes what is commonly known as an employee…