Your credit score will be the determining factor in whether you are able to borrow money or get new credit cards. These companies have a large amount of power, and federal law requires that they use it properly.

There are three major credit bureaus, each of which will give you a score. The major bureaus are:

• Equifax
• TransUnion
• Experian

Your credit score is based on a number of factors. The credit bureaus accept the information from creditors and assign you a score. They maintain credit information on you, including derogatory information about missed and late payments. They also tally your available credit and how much of it you have used.

The credit bureaus maintain your information as part of a credit report. If you are applying for credit, the prospective creditor will review your credit report to see whether you are a worthy risk. If you have a low credit score or a poor history, you may not qualify for credit.

Credit bureaus must follow strict federal requirements, or else they can face legal issues. The Fair Credit Reporting Act allows you to receive one copy of your credit report per year from each of the major credit bureaus. If there is incorrect information in your report, you have the right to challenge it. Your credit report cannot contain incorrect information. If the credit bureau does not follow the FCRA, you can file a lawsuit and obtain financial compensation. Thus, it is essential that you be proactive about checking your own credit report and contesting anything that is incorrect.

Contact a Los Angeles Consumer Protection Attorney Today

If you are experiencing issues with a credit bureau, you should call a lawyer at Martin & Bontrager to see if you have a potential legal case. You can reach out to us online or call us today at 888.698.2177