There is nothing more frustrating than finding an error on your credit report. After all, your credit report is essential to your financial future, so one mistake can destroy your credit. However, if you try to fix the error and the credit reporting bureau refuses, you may not know where to turn. Luckily, you can rely on a California credit reporting lawyer to help if you want to file a credit reporting lawsuit. Not only can this help hold the company responsible for their error, but you may be able to recover compensation. Keep reading to learn more about this process.
Why Might Someone Pursue a Credit Report Lawsuit?
As a consumer, there are laws in place to help protect you and your rights. When someone violates these laws, you are well within your right to pursue legal action.
One common reason many people file a credit report lawsuit is that a reporting company has violated the Fair Credit Reporting Act (FCRA). This act was signed into law as a means to ensure accuracy, fairness, and privacy for consumers. For example, this act gives consumers the right to know what information in their report caused the denial of an application, restricts others’ access to their information, and gives them the ability to dispute inaccurate information.
Generally, most credit report lawsuits are filed as the result of a credit reporting bureau’s failure to correct inaccuracies on your report. There are two kinds of incorrect information that can impact your credit – personal information and credit information.
Though personal information does not directly impact your credit score, it can inhibit your ability to open bank accounts and take out loans. However, wrong information related to your account can directly impact your credit score, such as reporting debts you do not owe or listing false payment dates on your account.
What Damages Can Be Recovered?
When you sue a credit reporting bureau for its inaccuracies, if you are successful, you may be entitled to financial compensation. Generally, the defendant will be responsible for paying your legal fees, such as the cost of your attorney and any court fees the lawsuit generates. Similarly, for each willful violation of the FCRA, you are entitled to statutory damages ranging anywhere between $100 and $1,000.
You may also be entitled to economic and non-economic damages. Economic damages can result if a financial institution accesses your credit report, sees the inaccurate information, and lowers your credit limit. Non-economic damages include instances in which you become anxious, depressed, or suffer emotionally due to the actions of others.
When you need help receiving justice for violations against your rights as a consumer, you’ll want to ensure you contact Loker Law. Our dedicated legal team will work hard to fight for your rights. Contact us today to learn more about how we can assist you during this challenging time.
