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San Diego-based companies Instant Checkmate and TruthFinder, and three related companies, will pay $5.8 million to settle charges they violated the FCRA and the FTC Act in the course of marketing their consumer background reports as a way for prospective employers and landlords to screen applicants.

Virtually any small business or organization that extends credit to consumers can report this data to the four credit reporting agencies. Experian, Equifax, Innovis, and TransUnion will all accept information about your customers' or tenants' payments.

Most Frequent Violations of the Fair Credit Reporting Act Reporting outdated information. Reporting false information. Accidentally mixing your files with another consumer. Failure to notify a creditor about a debt dispute. Failure to correct false information.

The FCRA gives you access to your credit report but restricts others' access. In general, access is limited to people with a "permissible purpose," such as landlords, creditors and insurance companies.

Common violations of the FCRA include: Failure to update reports after completion of bankruptcy is just one example. Agencies might also report old debts as new and report a financial account as active when it was closed by the consumer. Creditors give reporting agencies inaccurate financial information about you.

Willful FCRA violations: Legally speaking, a willful FCRA violation must have been committed knowingly and recklessly. Plaintiffs in these cases may receive actual or statutory damages ranging from $100 to $1,000 per violation, in addition to punitive damages determined by the courts.