Unfortunately, identity theft is a severe problem. The AARP cites a study estimating that Americans lose nearly $50 billion each year to identity theft. Dealing with the aftermath of identity theft can be stressful, frustrating, and overwhelming.
The Fair Credit Reporting Act (FCRA) is one of the most powerful, effective tools that you have to protect your financial interests and clear your good name. Here, our identity theft attorney explains the key things to know about your rights and options under the FCRA.
Identity Theft Can Cause Very Serious Damage to Your Credit
Identity theft is far more than a mere inconvenience—it can wreak havoc on your credit. Fraudulent accounts, missed payments for debts you never took out, and maxed-out credit lines can tank your credit score. It can make it harder for you to get loans, subject you to higher interest rates, make it more difficult to rent an apartment, and could even lead to a denial of employment. The frustration of dealing with creditors and credit bureaus can feel downright overwhelming. You do not have to face it alone: Legal options are available. The FCRA is a powerful tool for consumers. Identity theft on a credit report can and should be fixed.
How the FCRA Protects Victims of Identity Theft
The FCRA is a federal law that protects consumers, including the victims of identity theft. Indeed, the law gives people powerful rights to correct fraudulent and inaccurate information on their credit reports. Under the FCRA, you have the following rights:
- You can request a free copy of your credit report to identify unauthorized accounts and/or unauthorized transactions.
- You can dispute inaccurate information—challenging any effects of identity theft.
- You can place a fraud alert or credit freeze to prevent further damage.
Note: If credit bureaus or creditors fail to follow the law—meaning they fail to fix errors/fraud—you may be able to take legal action under the FCRA to recover compensation.
Know the Steps to Take Under the FCRA to Correct Identity Theft
Were you harmed by identity theft? You need to fix your credit report. Here are four steps to take under the FCRA to exercise your rights to correct the harm caused by identity theft:
- Get a copy of your credit report from each of the three major credit reporting agencies;
- Gather and organize all relevant documents and financial records;
- Proactively dispute any inaccurate or fraudulent information; and
- Consult with an experienced FCRA attorney as soon as possible.
Contact Our FCRA Lawyer for a Confidential Consultation
At The Kim Law Firm, LLC, we help victims of identity theft get justice, compensation, and fix their credit report. If you or your loved one was the victim of identity theft, our attorney is here to help you navigate FCRA issues. Call us now or contact us online today for a free, no obligation case review. We provide nationwide representation in FCRA cases.
Admitted in Pennsylvania and New Jersey; available to appear pro hac vice in other federal courts.
Were you a victim of identity theft?
The Kim Law Firm helps consumers with identity theft and your credit report under the FCRA and FDCPA. Get a free case review or call 855-996-6342 — you pay nothing unless we win.
Where fraudulent accounts tend to appear
Identity thieves do not open accounts at random. They go where approval is fast, where the application can be completed entirely online, and where a store or retail card can be issued and used within minutes. That is why the first fraudulent tradelines a victim finds are so often retail and subprime cards rather than mortgages, and why the same handful of issuing banks turn up again and again in identity theft files. Each of those issuers is a furnisher with its own obligation to investigate what you report as fraud.
- Synchrony Bank — issues store cards for a very large number of retail brands.
- Comenity Bank — another issuer behind branded retail credit programs.
- Credit One Bank — a subprime issuer with a fast online approval path.
- Capital One — a major issuer across the full range of credit tiers.
- Citibank — issues both its own cards and many co-branded programs.
- Barclays Bank Delaware — the issuing entity behind several partner card brands.
File an identity theft report and send it to each bureau along with a written dispute, because a properly documented report triggers blocking obligations that an ordinary dispute does not. Send the same package directly to every issuer whose name appears on a fraudulent account, since the furnisher has to stop reporting information it knows resulted from identity theft. Ask each issuer for the application records associated with the account, and keep the fraud alert or freeze in place while the reinvestigations run.
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