Who do I file complaints with for credit violations?

[House2021]

I have some banks and collection companies that are reporting inaccurate information. Experian didn't do much to assist and just put that it's disputed, I have gone back to the original creditors and collection agencies and my claims (with evidence) fell on deaf ears. I've learned I can report them to the BBB and CFPB but other than that, is there anyone else I can report them to in an effort to get this resolved? Also do I have any recourse against the CRAs for keeping inaccurate information on there despite evidence showing it's invalid? For those of you that have filed complaints, did that resolve anything?

[OmarGB9]

If you've already filed complaints with the CFPB and BBB, the only other thing you could really do is try to sue the CRAs/CAs in civil court. In your complaints though, did you only file against the CAs or both the CAs and the CRAs?

[RobertEG]

The FCRA removes civil liability for inaccurate credit reporting until the consumer has first filed a dispute with the CRA, and the inaccurate reporting has been verified by the findings in the dispute.  FCRA 623(c).

If you have filed a formal dispute with the CRA and received verification of the accuracy of the disputed information, you now have the right to file your own civil action seeking court review of the reasonableness of the investigation conducted in the dispute process, rather than first bringing civil action for the initial reporting of inaccurate information.

You do have the ability to bring formal administrative complaints, such as with the BBB or CFPB, but they are not courts, and cannot unilaterally impose a binding legal determination.  If, for example, the CFPB, after investigation, determines there is knowingly inaccurate reporting, they could choose to bring civil action on the consumer's behalf, but rarely if ever devote resources to pursuing court judgement on single consumer complaints.  They only take such actions if the reporting is believed to be repeated or effects a broad base of consumers.  

While civil action can be lengthy and costly, that is your ultimate remedy.

[House2021]

Can you sue a credit reporting agency in small claims?

[vntrsc]

You must read your state laws and court rules.  Some states require that businesses must be represented by attorneys.  If your state has this requirement, then you must find out if your small claims court allows attorney representation.  In the event that it does not allow attorneys, you'd have to sue in a higher court.

I suggest that you contact a consumer attorney for advice.

[RobertEG]

Additionally, FCRA 618 places a statute of limitations  upon any initiation of any civil action for liability under the FCRA.

The SOL period is no greater than 2 years from when the consumer became aware of the asserted violation, or 5 years from when the asserted violation occured.

Thus, dates of both when they were asserted to first have committed the violation and of when the consumer became aware of the asserted violation must be established.  Consultation with a consumer law attorney would be prudent if there are any issues as to the civil limitation period on bringing action for any such violation.

[daveg38]

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@House2021 wrote:

I have some banks and collection companies that are reporting inaccurate information. Experian didn't do much to assist and just put that it's disputed, I have gone back to the original creditors and collection agencies and my claims (with evidence) fell on deaf ears. I've learned I can report them to the BBB and CFPB but other than that, is there anyone else I can report them to in an effort to get this resolved? Also do I have any recourse against the CRAs for keeping inaccurate information on there despite evidence showing it's invalid? For those of you that have filed complaints, did that resolve anything?

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Well, apart from the obvious CFPB complaints and available civil remedies, there is one other nuclear missile that one has at their disposal. While there is no "one size fits all" to this available remedy, it is NOT for the inexperienced and definitely takes a personal investment of time to get through properly.

That, my friend, is arbitration.

Equifax is the ONLY credit bureau that disallows FCRA-related matters to be arbitrated. It only takes having a relationship with Experian at any capacity to be bound by their arbitration agreement. Your data being warehoused on their servers constitutes such a relationship.

For most consumers, arbitration can cost $0 out-of-pocket if you can prove to Experian you are below the Federal poverty line. Otherwise, those fees are capped at $200-250.

Experian (et al.) is NOT a fan of the arbitration forum. It is:

• Costly; ($3200 with AAA just to initiate it, plus whatever fees their attorneys impose, which means companies could fork over $10k or better just to fight your claim)
• Time consuming; and,
• Often a fruitless endeavor for the Respondent (Experian, et al.) because they do not get fees returned unless your claim is made frivolously or in bad faith.

While I cannot disclose particulars due to language in agreements, I CAN tell you that I am yet to have an arbitration claim make it to the hearing stage. THAT'S how much companies hate being bound by their own arbitration agreements, and would rather give you (close) to what you are seeking, if not above and beyond it just to have you kick rocks.

Arbitration is not illegal. It is not nefarious. In fact, I would surmise 2 out of 10 consumers with a relationship with a company who has an agreement in place actually utilize it, despite the fact companies who have these agreements MAY or MAY NOT motion the court to Compel Arbitration on consumers who take them to court.

Before jumping into this more "intimiate" forum, however, you had BETTER become a student of AAA/JAMS arbitration rules and understand the FCRA. You WILL get eating alive and MAY end up paying for a frivolous claim if you bring said claim to arbitration that lacks any legal standing or may question arbitrability.

I just wanted to let you know this option does exist.