Loker Law

What to Know About Inaccurate Credit Reporting in California

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If you find that your credit report is inaccurate, it is in your best interest to reach out to our firm today to speak with an experienced California credit report lawyer. Our legal team will be on your side each step of the way.

What kind of information can be found on a credit report?

Recognize that credit reports will typically begin with a summary of your personal information including your name, address, telephone number, date of birth, social security number, and employers. Consumers frequently feel overcome by the amount of information that is contained within their credit reports since it is not unusual for credit reports to be 50 or more pages.

With that being said, you will likely see the information concerning the exact accounts that are being reported. Each account, or tradeline as referred to by the Credit Bureaus, will have an introductory section supplying the name of the company, truncated account number, status, balances, and scheduled payments. There will also be a detailed payment history that will follow and will be comprised of various shorthand codes.

If any reported information seems to be incorrect, you will also see the address for the furnisher within the tradeline. You will want to use this address to provide an explicit dispute with any supporting documents that are available. Note that if you are unclear or do not fully describe the inaccuracy, it is unlikely that the mark will be adequately corrected.

What actual damages can be recovered for credit reporting issues?

Actual damages are divided into two categories: (a) pecuniary loss; and, (b) emotional distress.

  • Pecuniary Loss: Pecuniary loss is the amount of out-of-pocket damages experienced by the consumer. These damages are incurred as the result of inaccurate credit reporting can be credit denials, reduction in spending limits, and the inability to purchase or refinance a home to name a few common categories. A claim for pecuniary loss claims that the inaccuracy on the consumer’s credit report resulted in the consumer either obtaining no credit or credit at an inferior interest rate than what the consumer otherwise would have qualified for if their credit history was accurately reported. With the assistance of an economist, these damages can become very high very quickly.
  • Emotional Distress: Consumers can aim to obtain compensation due to the stress, frustration, humiliation, sleepless nights, mental distress, loss of appetite, injury to reputation or creditworthiness, fights with loved ones, etc. that were sustained as a result of inaccurate credit reporting. Typically, the jury is left to decide the value of the damages.

Contact a California Consumer Lawyer

If you are facing any sort of consumer-related issue, such as one involving identity theft, a credit report dispute, or you need a debt collection defense attorney to fight for you, our firm is ready to help. Contact Loker Law, APC today to schedule your initial consultation with our experienced legal team.

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