- The FCRA sets strict limits on the amount of time a given notation can remain on your credit report. This is called the reporting period. After the reporting period of an item has expired, the item must be removed from your credit report.
- Only accounts that belong to you may legally appear on your credit report.
- When a lender reviews your credit, an inquiry appears on your credit report. Inquires can affect your score. It is illegal for a company to pull your credit and leave an inquiry on your report without your approval.
- It is illegal for a company to intentionally report incorrect dates on an account in an attempt to bypass the legal reporting period.
- You may file a lawsuit against any company illegally reporting information to the credit bureaus, but only an attorney general may file a lawsuit against the credit bureau placing the information on your credit report.
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