Credit Bureau Reporting Law in Colorado
Credit bureaus reporting information in Colorado are subject to the laws of the Colorado Consumer Credit Reporting Act and the federal Fair Credit Reporting Act (FCRA). Under these laws, credit bureaus must report information with fairness and accuracy and allow for access and security.
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Responsibilities
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Under the Colorado Consumer Credit Reporting Act (CCCRA) and the FCRA, credit bureaus cannot inject any bias into consumer credit reports and must strive to insure information is correct.
Consumer Accessibility
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The Colorado Consumer Credit Act allows for a free consumer credit report every 12 months. This gives consumers the chance to review the credit information reported by the three major credit bureaus (Experian, Equifax and Trans Union).
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Prohibited Information
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Certain information is prohibited under the Colorado act and FCRA. Medical records cannot be shared without a consumer's written consent. Bankruptcy cases that date more than 10 years from the date of the credit report cannot be published or shared. Civil suits, judgments, liens, criminal records, accounts placed for collection and other adverse information cannot be reported for more than seven years.
Security Freeze
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The CCCRA and the FCRA allow Colorado consumers to place a security freeze on their credit files, which temporarily or permanently blocks their credit files, preventing a creditor from retrieving consumer credit information. This is useful in instances where a consumer has been a victim of credit fraud or identity theft. Security freezes must be requested from the major credit bureaus.
Reporting Penalties
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A person that knowingly violates the Colorado Credit Reporting Act or the FCRA shall be liable for three times the amount in actual damages or $1,000 per violation and attorney's fees and costs, whichever is greater. A violation relating to information reported in a consumer's credit file or a credit file's status (frozen or unfrozen) will incur a penalty of $1,000 per day, if the violation is not corrected 10 days after any entry of judgment for damages.
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References
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