Credit Report Problems

Credit Report Problems

The Fair Credit Reporting Act in Illinois

Illinois has enacted a few statutes that can protect a consumer from damaging information appearing on a credit or background report.  The Employee Credit Privacy Act (820 ILCS 70/5) generally prohibits employers from making an employment decision based upon a credit report; prohibits employers from obtaining a credit report or asking the potential employee about their credit history.  This Act does not apply to banks, financial institutions, law enforcement, a surety business, or a debt collector. 

Illinois also has enacted 815 ILCS 505/2S as part of its consumer protection scheme.  This section of the Deceptive Business Practices Act provides that no person may report adverse information to a consumer reporting agency, provide information to a collection agency or take any collection action regarding a cosigner of an obligation unless prior thereto, such person has notified the cosigner by first class mail that the primary obligor has become delinquent or defaulted on the loan, that the cosigner is responsible for the payment of the obligation and that the cosigner must, within 15 days from the date such notice was sent, either pay the amount due under the obligation or make arrangements for payment of the obligation.

Contact SmithMarco, P.C., Today

If you have an error or inaccurate information on your credit report, there are actions that you can take. Contact SmithMarco, P.C., today for a completely free case review.