Perspectives

Your credit report plays a crucial role in your financial well-being. It can impact your ability to secure loans, rent an apartment, and even land a job. To ensure that consumer credit information is accurate, fair, and private, the federal government enacted the Fair Credit Reporting Act (FCRA). Understanding your rights under this law can help you protect your financial reputation and take action if inaccuracies arise.

What is the Fair Credit Reporting Act?

The Fair Credit Reporting ACt is a federal law designed to promote the accuracy, fairness, and privacy of consumer information held by consumer reporting agencies, commonly known as credit bureaus. The three major consumer reporting agencies in the U.S. are Equifax, Experian, and TransUnion.

Key Consumer Rights Under the FCRA

Here’s a breakdown of your most important rights under the FCRA:

You Must Be Notified if Information in Your Report is Used Against You: If a company or lender denies your application for credit, insurance, employment or other benefits based on information in your credit report, they must notif you. They are also required to provide the name, address, and phone number of the credit bureau that supplied the information.

You Have the Right to Know What’s in Your Credit File: You are entitled to one free credit report every 12 months from each of the three major credit bureaus. To accesss your free reports, visit AnnualCreditReport.com. You may also request a free report it:

• You’ve been denied credit due to your report
• You are a victim of identity theft
• Your file contains fraudulent or inaccurate information
• You are on public assistance

You Can Dispute Inaccurate or Incomplete Information: If you find errors on your credit report, you have the right to dispute them. The credit bureau must investigate your claim unless they determine it to be frivoulous. If the information is incorrect, the agency must correct or delete it, usually within 30 days.

Outdated Negative Information Cannot be Reported: Consumer reporitng agencies are prohibited from reporting negative credit information beyond a certain timeframe:

• Most negative information: Cannot be reported after seven years
• Bankruptcies: Cannot be reported after 10 years

Employers Must Have Your Permission to Access Your Credit Report: If an employer wants to check your credit report for hiring or employment purposes, they must obtain your written consent before doing so.

You Have the Right to Seek Action Against Violators: If a credit bureau, lender, or company violates the FCRA, you may have the right to sue in state or federal court. This could allow you to recover damages for any harm caused by incorrect or improperly shared information.

Take Control of Your Credit Health

Your credit report is a vital financial tool, and errors can have serious consequences. By regularly reviewing your credit reports and understanding your FCRA rights, you can take proactive steps to ensure your financial reputation remains intact.

If you believe your FCRA rights have been violated or need assisstane disputing inaccuracies, consider reaching out to a trusted legal professional to guide you through the process. Don’t hesitate to seek legal counsel if you believe your credit report has been unfairly used against you.

When it comes to navigating legal processes, few topics feel as overhelming as probate. At WFJ, we specialize in simplifying the complex. Probate is a court-supervised legal proceeding that ensures your property is properly transferred after your death. Let’s break it down so you feel comfortable and informed.

What is Probate?

Probate is the legal process of administering a deceased person’s estate. During probate, a personal representative is appointed by the court to manage and settle the estate. The personal representative ensures debts are paid and property is distributed according to the deceased’s will or state law if no will exists.

Types of Probate Proceedings

Probate can be formal or informal. depending on the complexity of the estate and whether court supervision is necessary.

• Informal Probate: This streamlined process allows the personal representative to administer the estate without the court’s ongoing supervision. Informal probate is ideal for straightforward cases where all interested parties are in agreement.
• Formal Probate: Formal probate may be supervised. It is typically used for more complex estates that require judicial involvement to resolve disputes, address ambiguities in the will, or handle other legal challenges. Supervised formal probate involves ongoing oversight from the court, while unsupervised formal probate grants the personal representative more autonomy.

Where Does Probate Take Place?

Probate proceedings must offuc in the country where the deceased was legally residing at thet ime of their death. For non-residents who owned property in the state, probate must take place in the county where the property is located.

What are Non-Probate Assets?

Not all assets are subject to probate. Non-probate assets are those that bypass the probate processand transfer directly to beneficiaries. These typically include:

• Property held in joint tenancy
• Joint bank accounts
• Life insurance policies with named beneficiaries
• Payable-on-death (POD) accounts
• Real property with a valid transfer-on-death deed recorded in the appropriate county

Proper planning can help ensure that your non-probate assets are distributed efficiently and according to your wishes.

Why Work with WFJ?

Probate doesn’t have to be overwhelming. Whether you’re planning your estate or managing the probate process for a loved one, our experienced attorneys at Wagner, Falconer & Judd are here to help. We’ll guide you through the process with clarity and confidence, ensuring your interests are protected every step of the way.

Simplify the complex. Contant WFJ today to learn how we can assist with your probate and estate planning needs.

The Corporate Transparency Act (CTA) is fast approaching its critical deadline of January 1st, 2025. This law, designed to enhance transparency and combat illicit financial activity, requires certain business entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). If your business falls under this new mandate, now is the time to act. (Learn more about the CTA in our previous blog post: here.)

Why the Deadline Matters

Failing to comply with the CTA by the January 1 deadline could result in severe penalties, including fines of up to $10,000 or imprisonment for up to two years. Compliance isn’t optional, and businesses that miss the mark could face significant risks. Preparing now ensures your business remains compliant and avoids unnecessary complications.

Is Your Business Ready?

Many businesses, including corporations, LLCs, and other entities formed under state law, must submit reports identifying their beneficial owners-individuals who own or control at least 25% of the company or exercise substantial control over it. Even if you’re not sure whether your business is required to report, it’s essential to seek legal advice to determine your compliance obligations.

How Can WFJ Help?

• Assessment and Planning: We’ll help you assess whether your business must report under the CTA and develop a plan to gather the required information.
• Accurate Reporting: We’ll guide you in accurately identifying and documenting your beneficial owners, ensuring your filings meet FinCEN’s standards.
• Ongoing Support: The CTA isn’t just a one-time requirement; reporting obligations may change as your business evolves. We offer ongoing support to keep your business compliant beyond January 1, 2025.

Don’t Wait-Act Now

Time is of the essence. The January 1, 2025, deadline will arrive sooner than you think, and preparation is key. Partner with WFJ today to ensure your business is ready and compliant. Our experienced team is here to provide the legal support and guidance you need, so you can focus on what matters most-running your business.

Contact us today to schedule a consultation or take the first step towards meeting your compliance obligations. 

Homeownership is a significant milestone, but it comes with its own set of legal challenges that can create headaches if not properly managed. From title issues to contractor disputes, homeowners must be aware of the potential pitfalls to safeguard their investments and ensure smooth property ownership. Let’s delve into the most common legal issues homeowners face, and learn how an experienced attorney can help address them.

Title Issues

• Unclear title: Inadequate title searches can lead to discovering liens, easements, or disputes over property boundaries.
• Boundary Disputes: Issues with neighbors regarding the exact property lines can lead to legal battles.

Homeowners Association Rules

• Violating HOA Covenants: Failing to adhere to HOA rules can result in fines, liens or legal action.
• Unpaid HOA Fees: Non-payment of HOA fees can lead to penalties and potential foreclosure.

Zoning Laws and Permits

• Unpermitted Work: Performing renovations or additions without the proper permits can result in fines and the need to undo the work.
• Zoning Laws: Using the property in ways not allowed by local zoning laws can lead to enforcement actions.

Disclosures

• Failure to Disclose: Not disclosing known issues, such as mold, water damage, or structural problems, when selling a home can lead to lawsuits.
• False Disclosures: Providing inaccurate information about property condition can also lead to legal action from buyers.

Mortgage and Foreclosure Issues

• Missed Payments: Falling behind on mortgage payments can lead to foreclosure.
• Predatory Lending: Signing up for a mortgage with unfair terms can result in financial difficulties and legal challenges.

Tenant Issues (for rental properties)

• Violating Tenant Rights: Not adhering to landlord-tenant laws, such as failing to return security deposits or provide habitable conditions, can result in lawsuits.
• Eviction Procedures: Improperly handling evictions can lead to legal repercussions.

Environmental Regulations

• Violation of Environmental Laws: Issues such as improper disposal of hazardous materials or not addressing asbestos or lead paint can lead to fines and legal action.

Property Taxes:

• Non-Payment of Taxes: Failing to pay property taxes can result in liens and potential loss of the property.
• Disputes Over Assessments: Challenging property tax assessments without proper legal grounding can lead to prolonged legal battles.

Insurance Issues

• Insufficient Coverage: Not having adequate insurance can lead to significant out-of-pocket expenses in case of damage or liability.
• Claim Denials: Disputes with insurance companies over coverage and claims can lead to litigation.

Contractor Disputes

• Breaching Contracts: Issues with contractors regarding the quality of work, timelines, or payments can lead to legal disputes.
• Mechanic’s Liens: Contractors or suppliers not paid for work done can place a lien on the property.

Being a homeowner is rewarding but requires diligence and awareness of potential legal issues. By proactively addressing those common challenges, homeowners can protect their property and avoid costly legal battles. Whether it’s ensuring a clear title, adhering to HOA rules, or obtaining the proper permits for renovations, taking the necessary steps to manage these legal matters will lead to a more secure and stress-free homeownership experience. If you encounter any of these issues, consulting with a legal professional can provide the guidance needed to navigate them effectively. Having an attorney in your back pocket can not only help you navigate any of these legal pitfalls, but keep you from encountering them in the first place. Reach out today to learn how.

Navigating the rental market can be a daunting task, with both landlords and tenants seeking clarity on their rights and responsibilities. Minnesota has recently introduced new landlord-tenant laws aimed to enhance the rights and protections for both parties involved in the rental agreement.

Pet policies

Good news for pet owners! If you are renting a place in Minnesota, your landlord cannot demand declawing or devocalization of your furry companions.This ensures that pet owners can access housing without having to put their pet through an unnecessary and potentially harmful (and expensive!) procedure.

Your Right to Move-in/Move-out Inspections

Before moving in or out of a rental property, tenants now have the right to request inspections. This not only ensures transparency but also allows both tenants and landlords to document the condition of the rental property, helping to avoid disputes over security deposits down the road. So don’t hesitate to ask for the inspection-it’s in your best interest!

Transparent Fee Disclosure

Say goodbye to hidden fees! Landlords are now required to disclose all non-optional fees in addition to rent in the form of a “total monthly payment.” This transparency ensures that tenants are fully aware of all the costs associated with their rental agreement upfront. No surprises, just straightforward and honest dealings.

Minimum Heat Standards

Nobody likes shivering through the winter months. Thanks to the new law, landlords must ensure that heating is provided- maintaining a minimum temperature of 68 degrees Fahrenheit from October 1 to April 30. Allowing tenants to remain comfortable during the chilly Minnesota winters without having the crank up their own heaters.

Fair Eviction Practices

If you are facing financial difficulties and are at risk of eviction due to non-payment of rent, landlords are now required to send a letter at least 14 days prior to filing an eviction action. This will give tenants a fair chance to address issues before facing eviction proceedings.

Advance Notice for Entry

Under the new law, landlords must provide at least 24 hours’ notice for non-emergency entry into the rental property. Additionally, entry may only occur between 8 a.m. and 8 p.m., allowing tenants to plan and prepare for any necessary access by the landlord.

Lease Renewals

Planning ahead is crucial, especially when it comes to where you live. Landlords are now prohibited from forcing tenants to renew a lease more than six months before the current lease expires. This allows tenants to make decisions based on their changing circumstances without feeling pressured.

These new landlord-tenant laws are designed to create a more fair and transparent rental market for everyone involved. They aim to foster healthier landlord-tenant relationships and protect both parties from legal risk. Whether you are a landlord or a tenant, it’s essential to stay informed about your rights and responsibilities under these new regulations.

If you have concerns about a rental agreement, or are a landlord looking to protect their property, don’t wait! Take the time to review your rights and obligations under these updated regulations-and don’t be afraid to reach out to Wagner, Falconer & Judd to help you simplify the process!

These tips are from a LegalShield blog-previously posted on 11.21.2022.

In anticipation of flight delays, cancellations, and all the challenges that go with holiday travel, 19% of respondents in a recent survey are feeling “extremely” stressed. This is understandable as those who traveled during the previous holiday season experienced the following:

• 62% had a delayed flight
• 34% reported a flight cancellation
• 34% were on an overbooked flight
• 29% missed a connecting flight due to a delay
• 26% lost baggage
• More than half (53%) were able to make it to their destination but arrived late
• 78% said it took as long as five hours to resolve the flight issue

Despite all the challenges they face, one-third of the survey respondents still do not know their legal rights from the airlines when they experience travel issues. Knowing your legal rights when traveling can make all the difference in terms of saving time and reducing stress. 38% said their stress level would improve if they had a dedicated advocate that could assist in case of flight disruptions.

LegalShield offers dedicated, affordable advocates who can provide legal assistance during travel. Once you experience a flight disruption, LegalShield shares four things to remember this holiday season:

1. Stay calm. It’s easy to be flustered or frustrated when experiencing a delayed or canceled flight. Keep up to date on information from the airline, as they should provide constant communication with travelers and provide alternative transportation options.
2. Keep track of the details. Take screenshots of app/SMS communications, photos of boarding passes and other helpful information. Track airline policies so there is a record of the experience and record waiting time.
3. Consider not accepting vouchers. Before accepting a voucher, understand the rules and ask questions. In some instances, accepting a voucher will disqualify the traveler from receiving monetary compensation for the disruption.
4. Talk to a lawyer about your travel rights. A lawyer is a dedicated advocate to help a traveler understand travel laws and rights. Through LegalShield, a member can text or call in the mobile app.

“Although a fun and festive time of the year, the holidays can be very stressful for those coordinating travel arrangements. It’s a financial and time investment and oftentimes, there are flight challenges out of our control,” said Keri Norris, Chief Legal Officer at LegalShield. “LegalShield exists to help people navigate these issues and ensure they are legally equipped to handle anything.”

This LegalShield study was conducted on October 8, 2022. LegalShield surveyed 812 adults, 18 and older, who live in the United States. The sample was balanced by age and race, among other demographic variables, according to the U.S. Census.