In May of 2015, Nevada Attorney General Adam Laxalt announced a $6 million settlement with Equifax, Experian, and Trans Union for ongoing credit reporting violations. As part of the settlement, the bureaus agree to implement changes in their information gathering techniques, update their investigation procedures for disputed items, and initiate consumer education efforts. Laxalt, the grandson of former Nevada Governor and U.S. Senator Paul Laxalt, announced the settlement as part of Nevada's efforts to protect consumers by ensuring stricter guidelines for credit reporting agencies.
Despite this landmark settlement, credit reporting agencies continue to report false information on Nevadan's profiles at an alarming rate. Below is a list of common credit reporting errors:
The only way you can ensure these reporting errors are corrected is to pull a copy of your 3-bureau credit report, review each account for accuracy, and send a written dispute to the bureaus listing all incorrect account information. The bureaus have 30 days to investigate and update the report. If they fail to properly investigate and update your account(s), you have a claim under the Fair Credit Reporting Act, which permits damages of up to $1,000 (or actual credit damages, if proven) along with payment of your attorney's fees and costs.