What is the Statute of Limitations for a Lawsuit Under the FCRA?

Your credit report is the key that unlocks the door to various financial benefits, such as loans, insurance rates, and more. When there has been a reporting mistake or credit reporting agencies do not properly handle your information, you may be able to file a lawsuit under the Federal Credit Reporting Act (FCRA). However, it is important to consult our Florida FCRA lawyers at 561-655-3925 right away, as the statute of limitations may vary depending on your situation. 

Florida FCRA Lawsuits are Subject to Two Statutes of Limitations

You have several rights under the Fair Credit Reporting Act that dictate how your credit report can be used and who can access it. When you discover that a credit report agency has mishandled your information, you can file a lawsuit. There are 2 statute of limitation periods for FCRA lawsuits, and the date of discovery plays an important role in which one is used. 

According to 15 U.S. Code § 1681p of the FCRA, individuals may either have 5 years from the time that your credit report violation occurred, or 2 years from the date of discovery if it was not noticed until much later. The applicable statute of limitations is generally determined by whichever timeline is earlier. 

Reporting Agencies That Can be Liable for Florida Credit Report Errors

While Equifax, Experian, and TransUnion are the reporting agencies individuals are most familiar with, other consumer reporting companies may have access to your credit as well. These may include lenders, banking institutions, employers, debt collectors, and insurance companies, to name a few. Any one of these agencies could be at fault for incorrectly reporting or handling your credit information, causing mixed file errors, unlawfully accessing your credit, or engaging in fraudulent activities. Reporting agencies must follow very specific rules regarding your credit, and they can be held liable for these and other violations under the FCRA. 

The FCRA Allows You to Take Action on Florida Credit Reporting Violations

When you discover errors or violations on your credit report, you have the right to file a lawsuit, dispute the error, and file a claim so your credit report is fixed. If the error resulted in losses, you may also be able to recover compensation from the applicable reporting agency. It can be beneficial at this point to consult a lawyer who can help you through submitting a complaint, communicating with the appropriate agency, and taking further action by filing a lawsuit if the opposing party fails to comply or uphold their FCRA obligations. They can also help you recover damages for losses you may have suffered.

Act Before the Statute of Limitations Expires in Florida

It is important to protect the information in your credit report, as well as the viability of your claim. With a limited amount of time to resolve your lawsuit, it is important to not delay when hiring a lawyer to guide you through the legal process. Sharmin & Sharmin P.A.is committed to protecting our clients and we work diligently to secure a favorable outcome in your case. Contact our FCRA attorneys today for a free consultation at 561-655-3925.