Legal Question in Civil Litigation in Alaska
legal rights as a credit card holder
My concern is with a particular credit card company. Two checks were sent off by me to pay off my credit card debt, one check was cashed ($900) and the other was returned for ($3,000) insufficient funds. Within fourteen days of this notification I called the company and stated to them that the funds were available and that an electronic funds transfer may be done. After the information was given, I was told that the account was closed by the company and that it reflects on my credit report. I find it very unfair that in good faith I have paid off the debt and now I am left with a bad trail from this company, on a first offense of a bounced check. What are my rights and are they allowed to ruin my credit like this? Legally what are my options, considering the fact that they do have policies and procedures to follow? I have already reapplied to reopen the account and have been denied based on these grounds. I could care less about reapplying and becomming a credit card holder again. I only want to reinstate my credit rating back to good standings.
2 Answers from Attorneys
Fla. Cardholder's Credit Rating
Hopefully you have now paid the balance on your account and have proof of payment. Federal law allows you the right to send a dispute letter to the credit agency where they filed the report. Send them proof of payment with an explanation. At least other potential creditors will hear your side and they can then make up their own minds.
Fair credit reporting
There is a Federal law known as the Fair CreditReporting Act. Essentially, you rights underthat law are to demand an explanation of any-thing which shows up on your credit history,and if you dispute such item, the right to sendin a 100 word or less explanation. The creditreporting agency then has to provide that explanation to anyone who inquires about yourcredit. I have sent in such requests for dozensof clients. No one has yet to come back to complainabout there still being a bad credit report.From this I have deducted that the credit reporting companies have deleted the bad reference as it is too cumbersome for them o send out the explanations to anyone who makesan inquiry.
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