Suing credit bureaus-Discover the 4 violations credit bureaus could be sued for
Collection agencies, creditors, and credit bureaus know that most consumers will not sue them in court because of the time and expense required. As a result, agencies often take advantage of the average person by violating the consumer laws put in place to protect you. However, with a little knowledge on how the law and the small claims court system work, you can turn the big agencies bad ways against them and make them follow the law. If the credit bureau violates any of the four laws, talk with a lawyer about a possible lawsuit
Suing the credit bureau
Suing the credit bureau - First cause of action
If the credit bureau refused to correct information on your credit report after being provided with proof, you can sue them for defamation and willful injury. (FCRA Section 623). Recovery-extent of damages incurred by the wronged party, as deemed by the courts.
Suing the credit bureau - Second cause of action
If the credit bureaus reinsert a removed item from your credit report without notifying you in writing within five business days, you can sue them for violating FCRA Part (A)(5)(B) which carries a fine of $1000.00.
Suing the credit bureau - Third cause of action
If the credit bureaus fail to respond to your written disputes within 30 days, a 15-day extension may be granted if they receive information from the creditor within the first 30 days, you can sue them for violating FCRA Section 611 Part (A)(1) which carries a fine of $1000 per violation.
Suing the credit bureau - Fourth cause of action
If a creditor or credit bureau tries to re-age your account by updating the date of last activity on your credit report in the hopes of keeping negative information on your account longer, you can sue them for violating FCRA Section 605, which carries a fine of $1000.00 per violation.
As a bonus I'm proving you with the following laws if the creditor violates any of the following laws, they could be sued in court.
Suing the creditor
You are well within your rights to sue the creditor if they violate any of the following laws under the FCRP/FDCPA:
First cause of action
If a creditor reports your credit history inaccurately, you can sue them for defamation, and financial injury. See US Court of Appeals, Ninth Circuit, No. 00-15946, Nelson vs. Chase Manhattan for precedent. This violation carries a fine of $1,000.00 per violation.
Second cause of action
If you dispute a debt with the creditor, and they fail to report the dispute to the credit bureaus, they will be in violation of Section 623, which carries a fine of $1,000 per violation.
Third cause of action
If the creditor pulls your credit report without your permission, you can sue for injury to your credit report and credit score, which carries a fine of $1,000.00. (FRA Section 604 (A)(3).
Concluding, education, and action is the key to getting the credit bureaus to stop violating your rights and follow the law. Every day the credit reporting agencies are breaking the law because they know that most consumers with bad credit are unaware of these four laws. But, now that you know how to fight back with your new weapons, hold the bureaus accountable if they violate the law.
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