Unfortunately, credit report discrepancies are far from uncommon, and often, such a discrepancy can impact a person and his or her financial future for years down the road. If you have an issue with your credit report, it is paramount that you turn to a competent California credit report lawyer as soon as you can. Contact Loker Law, APC today to learn more about how our legal team can assist you.
California Credit Report Lawyer | Helping Individuals Across California
If you believe that your credit report is inaccurate, you need an experienced Arroyo Grande consumer lawyer on your side who can help you navigate the legal process ahead. Fortunately, you’ve come to the right place. We are here to help.
Our Legal Services
Our California credit report lawyer has helped clients through a wide array of credit reporting issues in the past, including the following:
- Common Errors
- Fraudulent Credit Reporting
- Inaccurate Account Information
What Type of Information Is On a Credit Report?
Consumers often feel overwhelmed by the sheer amount of information that is contained within their credit reports since it is not uncommon for credit reports to be 50 or more pages.
These reports will usually start with a summary of your personal information – i.e., name; addresses; telephone numbers; date of birth; social security number; and, employers.
Next, you see information regarding specific accounts that are being reported. Each account – or tradeline as referred to by the Credit Bureaus – will have an introductory section providing the name of the company, truncated account number, status, balances, and scheduled payments.
A detailed payment history will follow from there and is comprised of various shorthand codes.
If any reported information appears to be inaccurate, you will also find the address for the furnisher within the tradeline. As noted below, use this address to provide an explicit dispute with any supporting documents that are available. Keep in mind that if you are unclear or do not fully explain the inaccuracy, it is unlikely that the mark will be properly updated.
What Are the Types of Damages for Credit Reporting Issues?
A successful lawsuit that fixes inaccurate credit reporting will allow you to recover damages comprised of (1) actual damages; (2) punitive damages; and, (3) attorneys’ fees and costs.
Actual damages are split into two categories: (a) pecuniary loss; and, (b) emotional distress.
- Pecuniary Loss: Pecuniary loss refers to the amount of out-of-pocket damages experienced by the consumer. Such damages incurred as the result of inaccurate credit reporting can be credit denials, reduction in spending limits, the inability to purchase or refinance a home to name a few common categories. A claim for pecuniary loss asserts that the inaccuracy on the consumer’s credit report resulted in the consumer either receiving 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. For example, how much more will the consumer have to pay for their home financed through a 30-year mortgage if the interest rate they received as the result of the inaccurate credit report is 1% worse than what they should have qualified for? This issue will force the consumer to pay more every single month for 30 years!
- Emotional Distress: Consumers can seek to recover damages associated with stress, frustration, humiliation, sleepless nights, mental distress, loss of appetite, injury to reputation or creditworthiness, fights with loved ones, etc. that were incurred as the result of inaccurate credit reporting. It is inherently difficult to quantify the value of these damages so the jury is left to decide what will make the consumer whole. How much is the stress, etc. worth? Is it $1? Is it $100,000 or more?
Punitive damages are intended to punish the defendant and send a message to other similar entities. In terms of inaccurate credit reporting claims, punitive damages will be imposed against the defendant if their conduct is found to be “willful.” This term covers both intention conduct as well as actions taken in reckless disregard of the rights of the consumer.
Attorneys’ Fees and Costs
The elephant in the room during many of our initial communications with prospective clients relates to our attorneys’ fees and costs. Fortunately, the consumer protection laws all allow for the successful consumer to recover their attorneys’ fees and costs from the defendant.
Contact a California Credit Report Lawyer
Whether you’re facing a credit card report dispute, an issue of fraudulent credit reporting, inaccurate account information, or any other issue regarding your credit report, you can depend on a California credit report lawyer from our firm to fight for you, each step of the way. Contact Loker Law, APC today to schedule your free initial consultation with our experienced legal team.