time limitations ruling on FCRA The Supreme Court just ruled on a TRW/FCRA case yesterday in which the consumer lost. Apparently, the consumer had her identity stolen and did not learn of it until about a year later. In the meantime, the person stealing the identity had applied for credit. The court ruled that the data the clock started ticking was the first time the credit report information was supplied to the companie to which the theif was applying for credit. The Supreme Court ruled in TRW's favor. http://supct.law.cornell.edu/supct/html/00-1045.ZS.html To me, this underscores the fact that you really need to be proactive and pull your credit report on a regular basis. Scary.
Re: time limitations ruling on FCRA The point should be made that the case was "reversed and remanded" which means the court reversed the lower courts decision and the case was sent back to them for further proceedings. Generally they did not agree with the legal reasons given for the decision
Re: time limitations ruling on FCRA Why do they have 7 years to sue us -but we only have 2 years to sue them????????????????????????? ???????????????????????????????
Re: time limitations ruling on FCRA THEY don't have 7 years to sue consumers.... They have 7 years to report the information... the statue of limitations (to sue) for the debt is totally different and NOT regulated by the FCRA. It's regulated by (and different by) the states.... some are as short as 2 years........
Re: time limitations ruling on FCRA This means they are reporting false and inaccurate information for up to the last 5 years of the 7 years. depending on which state:I thought the information had to be accurate!
