New Consumer Friendly Fair Credit Decision

On August 7, 2012, the Ninth Circuit issued a decision interpreting the Fair Credit Reporting Act that favors consumers (Drew v. Equifax Information Services, LLC). One aspect of the opinion concerns the FCRA’s statute of limitations–how long consumers have to file suit. The other aspect concerns what notice triggers a furnisher’s obligations to investigate a disputed report. On appeal, the defendants in the case were Chase Bank and and FIA Card Services, a unit of Bank of America. The FCRA has a statute of limitations of two years after the date of discovery by the consumer of the violation that...

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