FDCPA and Other Laws Affecting Credit Reporting

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ChrisGreen
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FDCPA and Other Laws Affecting Credit Reporting

Postby ChrisGreen » Thu Jan 14, 2016 7:09 am

There are five laws that affect credit reporting in Washington State. Four of these laws are federal, and the Washington Legislature passed one.

➢ The most influential is the Federal Fair Credit Reporting Act 15 U.S.C. sections 1681 - 1681u (“FCRA”). The FCRA became effective in 1971 and underwent a major revision with the Consumer Credit Reporting Reform Act of 1996, then the Fair and Accurate Credit Transaction Act went into effect in December 2004.
➢ The Washington Fair Credit Reporting Act RCW 19.16.182.010 et seq. (“Washington FCRA”) was based on the old Federal FCRA, but has not been updated since the recent changes in the Federal FCRA.
➢ Washington Collection Agency Act. RCW 19.16. Regulates collection agencies in Washington with most of the regulations and prohibited acts in RCW19.16.250.
➢ Consumer Protection Act RCW 19.86 prohibits unfair or deceptive acts in trade or commerce. Many state consumer protection statutes are preempted where a claim is based on credit reporting.
➢ The Equal Credit Opportunity Act 15 U.S.C. sections 1691-1691f, in addition to prohibiting discrimination in granting credit, requires that credit grantors provide certain notices to people when taking adverse action on an application for credit.
➢ The Federal Credit Repair Organizations Act 15 U.S.C. sections 1679-1679j provide strict limitations on organizations that repair credit for profit.
➢ The Fair Debt Collection Practices Act, 15 U.S.C. sections 1692-1692o, regulates debt collectors and specifically creates liability for them providing false information to third parties (including credit reporting agencies) if they know or reasonably should know that the information is false.
➢ Defamation, Negligence, Invasion of Privacy. Many state common law remedies are conditionally preempted meaning you can’t bring some of these claims unless you can show recklessness.
➢ Real Estate Settlement Procedures Act 12 USC Section 2605 late payment credit reporting during transfer of a home loan. Qualified Written Request.
➢ Fair Credit Billing Act. 15 U.S.C. Section 1666; 12 C.F.R. 226. Applies to "open end" credit accounts (credit cards, and revolving charge accounts). It does not cover installment. contracts - loans or extensions of credit repaid on a fixed schedule.
Christopher Green
Attorney at Law
Two Union Square Suite 4285
601 Union Street
Seattle WA 98101

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