Many people have come to us with the question of what “meets FCRA requirements” means on their credit report. Often times, an account being reported will have this comment attached to it. Every time, it is an account that the consumer had once issued a dispute over.
The Fair Credit Reporting Act (FCRA) is a law that protects consumers when it comes to challenges over the accuracy of their credit files. The law provides, among other things, that when a credit bureau receives notice of a dispute it must reasonably investigate the claims. The investigation must be performed within 30 days. Often, when the investigation is complete, the credit bureaus may add information to the account that it was a disputed account by the consumer. Then, they add that they are “meeting FCRA requirements.”
Does this mean that they are? Just because the credit bureaus say they are in compliance with the FCRA, it doesn’t mean they are. The FCRA requires that credit bureaus and creditors utilize all reasonable procedures to assure maximum accuracy. A simple statement on a credit report that they are in compliance does not necessarily make it so. Thus, if they tell you that the report meets all requirements, you may still want an attorney to review the matter for you.
If you are dealing with an inaccurate credit report and want a completely free case review, contact SmithMarco, P.C. today.
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