Identity Theft
Identity theft involves the unauthorized use of another individual's personal information to commit fraud or theft. This can happen through various means, such as stealing mail, phishing emails, hacking, or using malware to obtain sensitive information.
If you believe your identity has been compromised, you should immediately place a fraud alert on your credit reports, report the theft to the Federal Trade Commission (FTC) via IdentityTheft.gov, and file a report with your local police department. Additionally, contact all financial institutions and credit card issuers where your accounts may be affected.
To safeguard your information, regularly monitor your credit reports, use strong passwords, and enable two-factor authentication on your digital accounts. Additionally, be cautious about sharing personal information, especially on unsecured websites or in response to unsolicited requests.
Yes, a lawyer specializing in consumer protection and identity theft can assist you in navigating the complex processes involved in disputing fraudulent charges and accounts, securing your credit, and ensuring your rights are protected under the law.
Immediately report the unauthorized charges to your credit card issuer to dispute the charges and request the reversal of any fraudulent transactions. It's also advisable to change your account passwords and implement additional security measures on your accounts.
Inaccurate Credit Reporting
The Fair Credit Reporting Act (FCRA) is a federal law that promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. It provides consumers with the right to view and dispute inaccuracies in their credit reports, and mandates that credit bureaus and information providers adhere to strict guidelines for data accuracy.
You are entitled to one free credit report annually from each of the three major credit bureaus—Equifax, Experian, and TransUnion—available through AnnualCreditReport.com. Review your credit reports regularly to spot any unfamiliar accounts, incorrect personal information, or errors in account statuses.
If you identify inaccuracies, you should:
Initiate a dispute with the credit bureau(s) reporting the error.
Provide a detailed explanation and any supporting documentation.
You can also dispute directly with the information provider (such as banks or credit card issuers).
The credit bureau typically has 30 days to investigate and respond to your dispute.
Yes, under the FCRA, you may have grounds for legal action if credit bureaus or information providers fail to correct errors after a dispute. This can include suing for damages if the inaccuracies have led to financial losses or other significant impacts.
Inaccurate credit reporting can lower your credit score, affect your ability to secure loans, influence interest rates, and impact job opportunities. Ensuring your credit report is accurate is crucial for your financial health.
A credit bureau collects and maintains individual credit information, distributing it to creditors who request it. An information furnisher is an entity that provides information to credit bureaus, such as a bank or credit card company.
Regular monitoring of your credit report is crucial. You should take advantage of your right to free annual reports from each of the three major bureaus. Promptly dispute any inaccuracies, and always keep your personal information updated with financial institutions.
Fraudulent Bank Charges
The Electronic Funds Transfer Act (EFTA) is a federal law that protects consumers when they transfer funds electronically. This includes transactions such as ATM withdrawals, debit card purchases, and online banking activities. The EFTA ensures consumers are protected from unauthorized transactions and errors in electronic fund transfers.
If you discover an unauthorized electronic fund transfer, you should immediately notify your financial institution. Acting quickly can limit your liability for those charges. According to the EFTA, if you report the unauthorized transaction within two business days, your maximum liability is $50.
You should report any unauthorized transactions within 60 days from the date of the statement that shows the transaction. If reported within this timeframe, your liability is limited to $500. Delaying beyond 60 days might result in unlimited liability.
Financial institutions are required to investigate any disputes regarding electronic fund transfers promptly. They must resolve the dispute within 10 business days after receiving notice from the consumer but may extend the investigation to 45 days if provisional credit is given to the consumer's account during the investigation.
If a financial institution fails to resolve your dispute satisfactorily, or if you believe they have not complied with the EFTA regulations, you can contact a consumer rights attorney or file a complaint with the Consumer Financial Protection Bureau (CFPB).
The EFTA covers various types of electronic transfers including, but not limited to, ATM transactions, direct deposits to and withdrawals from bank accounts, transfers initiated through telephone, and point-of-sale transactions.
Yes, the EFTA covers transactions initiated through electronic means, which include mobile payment apps such as Venmo, PayPal, or Zelle, as long as they involve personal consumer accounts.
If the bank concludes that there was no error following their investigation, they must provide you with a written explanation. You can request the documentation used in their investigation. If unsatisfied with the outcome, you may seek legal advice to escalate the complaint.