Improving Credit Scores May Take A Lawsuit
Consumers, in an effort to improve credit scores, have alleged that the bureaus — Equifax, TransUnion and Experian — are engaging in a practice that artificially lowers their credit scores, and that they are ignoring requests to remove inaccurate information from the reports.
While knowing your credit rating is important, it seems that the credit bureaus are allegedly more interested in selling you your credit score rather than making sure it stays accurate. Law.com reports that the number of this type of lawsuit is on the rise:
“It is becoming more and more prevalent that people are fighting back and suing credit bureaus and information furnishers who can’t get it right without filing a lawsuit,” said James Fishman of New York’s Fishman & Neil, who has handled about 100 credit lawsuits in the last five years on behalf of plaintiffs.
“I’ve always told clients who come in and have been banging their heads against the wall, ‘It takes a lawsuit to get your thing solved,’” he said.
Fishman, who settles about 99 percent of his cases, believes litigation works. “When I go to court, the first thing I’m handed [from the defense] is a clear credit report,” Fishman said. “You don’t get that unless you walk into the courtroom”
In trying to fix bad credit, the first step is create a pile of evidence against the credit bureaus. Interestingly enough, credit repair works by forcing the credit bureaus to respond to your written requests in writing, thereby leaving a trail of evidence that can be used in court.
Posted by: WOODROW JR.
For far too long these credit bureaus have litterly had s strangle hold on people..These companies have their fingers into every thing we do financially, if your scores are poor they see to it that you pay more for everything, this is a vicious way of doing business, and they do not care because of their greed. Hell, we cannot even call these companies and talk to a real human being, and when we eventually do talk to a real human being, they don’t even speak good English, we get no respect. I think the more the average person, who is damn sick and tired of these tactics, start complaining to the FTC, there is strength in numbers.
Posted by: Debbie
I agree. I had inaccurate information on my credit reports numerous times. I had to write letter after letter to get inaccurate information removed. However, after the damage is already done, it is still difficult to get loans after this happens. In my opinion, the “credit score” and FICO is a poor excuse to determine if people are “credit worthy” or not. Everybody runs into difficult times, lose a job, medical problems, etc., and may miss some payments. Unfortunately, they don’t note on credit reports why a payment may have been late or missed just that it happened. I had payments that were reported late because once I sent a payment and forgot to sign a check. Sent a payment and even forgot to put the check in the envelope, or even sent an incorrect check, payment has been late due to payment being lost even though I mailed it, but some how the payment would be found after due date had passed. Again these situations are never noted, there is not a space for credit bureau to inform why payment was late just that it was late. This is just unfair to “good” people that sometimes makes mistakes. However, the businesses are always right, consumer is always wrong.