Class Action Lawsuit Filed Against Renaissance Economic Development Corporation and Credit Builders Alliance

June 6, 2023

Renaissance Economic Development Corporation is a financial institution based in New York City with offices in the Lower East Side and Flushing. Credit Builders Alliance is an organization based in Washington, D.C., that provides credit reporting services to other companies. Our firm, Rahman Legal, has filed a class-action lawsuit on behalf of a lead plaintiff and other consumers against both entities. The lawsuit alleges that Renaissance and Credit Builders Alliance violated Section 1681s-2 of the Fair Credit Reporting Act (FCRA) by reporting inaccurate information to one or more credit agencies and by failing to investigate and correct such reporting. The lawsuit also alleges that violations stem from system-wide problems through which multiple accounts were inaccurately reported to credit reporting agencies such as Trans Union LLC.

Section 1681s-2 of the Fair Credit Reporting Act focuses on the responsibilities of entities that furnish information to credit reporting agencies. It requires furnishers to correct or delete inaccurate information and notify credit reporting agencies about any disputes received from consumers. It also mandates that furnishers report the results of investigations to consumers and update information accordingly. Section 1681s-2 promotes accurate and reliable credit reporting, ensuring that consumers have avenues to address and rectify errors or discrepancies in the information provided by these entities.

The lawsuit against Renaissance Economic Development Corporation and Credit Builders underscores the importance of how Section 1681s-2 of the Fair Credit Reporting Act can be used to help protect the rights of consumers against companies who furnish information to credit reporting agencies. The implications of inaccurate credit reporting by furnishers can be far-reaching and detrimental to consumers. It can hinder access to credit, housing, and employment opportunities, among other things. Through this class-action lawsuit, Rahman Legal seeks to ensure that the lead plaintiff and other affected consumers receive the justice they deserve and that necessary measures are taken to rectify any damage caused by the reported inaccuracies.

If you believe your rights under the Fair Credit Reporting Act have been violated, please contact our firm for a consultation. Whether you reside in New York City, Long Island, Westchester, or elsewhere in the state, we are ready to provide you with the guidance and representation you need. Together, we can make a difference and seek justice for all consumers affected by inaccurate credit reporting.

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