My problems with Equifax have been going on for about 10 months now. My attorney informed me recently that Equifax are interested in an early resolution to the case. When discussing settlement with the attorney, he informed me that apart from Equifax actually fixing their reporting on my credit file, actual settlement with credit bureaus are usual in the $1000 range. To me this does not sound right... you can go to trial, hopefully win and depending on severity of credit reporting issues, duration etc i see damages awarded in multiple $100,000's but early resolution and settling out of court nets you around $1000. Can anyone on this site offer any advice, has anyone been through a settlment with a credit bureau out of court ? I am not asking for anything outrageous in terms of $'s but $1000 for all the pain this company has caused me over the past 10 months seems really insignificant. Regards
The amount of one violation for statutory damages is $1,000.00. Typically when someone wants to settle early, they look for about half of the statutory damages. What were the specific violations, and how many times did they occur is the question? For instance, if you only disputed the tradeline once, and there was only one verification of incorrect information, you potentially have 1 violation. Each time you've disputed the tradeline, it's an additional violation. The main questions are were the disputes specific enough that the dispute would have told them exactly what they needed to ask for to verify the correct information. Actual damages are challenging to prove, unless you have proof that a rate was increased SPECIFICALLY because of that SPECIFIC error, and you can then calculate an amount certain of the actual damage over the course of 7 years. If anyone here would have gone through the process of settling with a CRA, more than likely they wouldn't be able to talk about it. Secondly, did you include the DATA FURNISHER in the lawsuit?
