Lawsuits brought under the Fair Credit Reporting Act (15 USC 1681 et. seq.) may yield sizable settlements or awards. All attorneys working on correcting credit reports should keep an eye out for cases with serious litigation potential.
Q: What are the FCRA (Fair Credit Reporting Act) cases?
A: High-value individual cases arising from credit reporting errors and other violations.
Q: What damages are recoverable under the FCRA?
A: Actual, statutory, punitive, attorney fees and costs.
Q: Who are the defendants in the credit reporting errors FCRA cases?
A: Credit reporting agencies, creditors, and others furnishing of information to credit reporting agencies.
Q: What are the best FCRA credit reporting cases?
A: The easier cases to prove are arguably those where the reporting agency was notified of the error and did not correct it. However, agencies may be liable in some cases in absence of notification, in mixed reporting cases for example.
Q: How common are credit reporting errors and violations?
A: Very common.
Credit reporting agencies cannot be sued for every inaccuracy in reports. They are required to “follow reasonable procedures to assure maximum possible accuracy”. 15 USC 1681e. Agencies can be sued for negligent or willful failure to abide by this requirement, including the negligent or willful reporting of obsolete information.
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