Major Consumer Win against Equifax over Credit Report Errors

July 31, 2013 Posted by kingcade

An Oregon woman was recently awarded $18.6 million in what people are referring to as a “major consumer victory” against credit reporting giant, Equifax. She contacted Equifax eight times between 2009 and 2011 to get errors removed from her credit report. The incorrect information included a false name and social security number and debts that did not belong to her. She learned about the errors in 2009 when she was turned down for a bank loan she was attempting to get to help her disabled brother.

Her attorney argued these mistakes have cost his client “her reputation, was a breach of privacy and lost her opportunity to seek credit.” In many cases, credit report errors can even cost people employment opportunities.

While consumers are entitled to one free credit report from the Big Three (i.e. – Experian, TransUnion and Equifax) every year, these three are also required to provide copies to consumers after they are denied credit. Equifax failed to do so in this case.

The jury awarded her $18.4 million in punitive damages and $180,000 in compensatory damages. Studies indicate that up to 21% of all credit reports contain some errors.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

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