Phil entered into an agreement with Marina Boats for the purchase of a new sailboat for $21,000. The purchase was to be on credit, subject to a favourable credit report on Phil. Marina Boats checked with Credit Reporting Company and was informed that Phil had defaulted on a number of debts, and presently had judgments in the amount of $30,000 against him. Persons using credit who have reason to believe that the files of a credit reporting agency contain inaccurate information, may have their files corrected, or include their own explanatory notes concerning the information.

Question

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Under the Fair Credit Reporting Act (FCRA) in the United States, consumers have the right to dispute inaccurate information in their credit report and have it corrected or to add a statement to their report explaining their side of the story.

Phil Entered into an Agreement with Marina Boats for the Purchase