Good - Equifax sued successfully and judge awarded $18.6 million

  • Posted by a hidden member.
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    Jul 31, 2013 12:31 AM GMT
    http://www.dailyfinance.com/on/equifax-loses-credit-report-error-lawsuit/
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    Jul 31, 2013 12:36 AM GMT
    They'll just appeal it and eventually get off the hook. The ones with deep pockets invariably win.
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    Jul 31, 2013 1:14 AM GMT
    Lumpynose saidThey'll just appeal it and eventually get off the hook. The ones with deep pockets invariably win.


    This is a very long running problem with collection agencies and credit bureaus. They need gut punched a few times real hard. I hope the judgement stands.
  • Suetonius

    Posts: 1842

    Jul 31, 2013 6:43 AM GMT
    freedomisntfree said
    Lumpynose saidThey'll just appeal it and eventually get off the hook. The ones with deep pockets invariably win.


    This is a very long running problem with collection agencies and credit bureaus. They need gut punched a few times real hard. I hope the judgement stands.

    I don't know the details of this lawsuit, but generally the problem with suing credit agencies is the Fair Credit Reporting Act (passed in 1970 by a democratic majority (supposedly liberal) in Congress that makes credit bureaus almost totally immune from suit. As is also true today in Washington, we had the best congressmen money could buy. Deep lobbyist pockets pour money into the slightly less deep pockets of congressmen. Plus c'est change . . .
  • metta

    Posts: 39082

    Jul 31, 2013 6:56 AM GMT
    freedomisntfree said

    http://www.dailyfinance.com/on/equifax-loses-credit-report-error-lawsuit/
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    Jul 31, 2013 11:19 AM GMT
    Who is her lawyers? I need their numbersicon_lol.gif
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    Jul 31, 2013 1:59 PM GMT
    Turin saidWho is her lawyers? I need their numbersicon_lol.gif


    The case is probably a feature story on a free site name findlaw.com. Once it goes up on appeal you'll find it on Westlaw and Lexis.

    I had my identity stolen 23 years ago and took me ten years to get it fixed and probably a hundred hours of work to do it.

    edit:

    http://blogs.findlaw.com/decided/2013/07/woman-sues-equifax-wins-186m-for-credit-report-errors.html?=features

    They're correct that much of the punitive damages portion of the jury verdict will likely be greatly reduced, but compensatory damages likely will be upheld.
  • BillandChuck

    Posts: 2024

    Jul 31, 2013 2:05 PM GMT
    The real problem isn't the bureaus, it's the FCRA and it's horrendously out-of-date provisions for consumer remedy. The bureaus are, essentially, at the mercy of those reporting, and although the bureaus have responsibility for intermediation and notation on the credit report, they are fairly strictly limited as to what they can edit out of a report. This award is by an activist judge, well out of his purview, and it will definitely be overturned on appeal, regardless of the administration in power when it comes to that level. However, the FCRA continues to need major updating as it still essentially speaks to a process more than twenty years old.