FactorTrust, Inc

What Is FactorTrust?

FactorTrust, Inc. is a consumer reporting agency owned by TransUnion. The company provides credit information, analytics, and risk assessment services to lenders, particularly those offering short-term loans, installment loans, and other alternative lending products.

Unlike the three major credit bureaus, FactorTrust specializes in alternative credit information that may not appear on traditional credit reports. This can include information about payday loans, short-term installment loans, loan repayment histories, outstanding balances, and previous borrowing activity. Lenders may use this information to evaluate credit applications, particularly when a consumer has limited traditional credit history.

Can Errors Appear on a FactorTrust Consumer Report?

Like any consumer reporting agency, FactorTrust collects and maintains information from various sources. Occasionally, information in consumer reports can be inaccurate, incomplete, or outdated.

Potential reporting inaccuracies may include:

• Incorrect payment histories: Payments reported as late or missed when they were made on time.
• Inaccurate loan balances: Accounts showing amounts owed that do not reflect the actual balance.
• Accounts that don’t belong to you: Information associated with another consumer or resulting from identity theft.
• Duplicate accounts: The same financial obligation appearing more than once.
• Incorrect account statuses: Loans reported as outstanding or delinquent when they have been paid or otherwise resolved.

An inaccurate consumer report can have financial consequences, particularly when a lender relies on that information to make a credit decision.

What Are Your Rights Under the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) establishes requirements for consumer reporting agencies, including FactorTrust.

Under the FCRA, consumer reporting agencies must follow reasonable procedures to assure maximum possible accuracy and conduct reasonable investigations when consumers dispute information they believe is inaccurate.

If you discover an error on your FactorTrust report, you have the right to dispute it. Generally, consumer reporting agencies have 30 days to investigate a dispute, although certain circumstances allow additional time.

If inaccurate information remains after a dispute, and the reporting agency has failed to meet its legal obligations, you may have grounds for an FCRA claim.

Can You Take Legal Action Over an Inaccurate FactorTrust Report?

If inaccurate information on your FactorTrust report has caused you financial harm, you may have legal options.

For example, if you were denied a loan because of inaccurate information, disputed the error, and the information was not properly corrected, you may have a case under the FCRA.

Francis Mailman Soumilas, P.C. represents consumers nationwide in litigation involving inaccurate consumer reports and violations of federal consumer protection laws.

Our attorneys can evaluate whether the circumstances surrounding an inaccurate report may give rise to a legal claim.

Fill out the online Free Case Review Form Or call 1-877-735-8600.