So, i'll try to be as brief as possible. I am in the process of buying a car and applying for a loan. Come to find out that I don't qualify for best financing because of a CR from one of the Big 3, who they name. WTF. File an online report, get it, and its a bleepin mess. 9 different last names, 6 different addresses, 5 different creditors outstanding, hell 3 different new accounts in good standing. I don't have a common last name so its like they've hodgepodged everyone close to it into my account. Soon my CC limit is halved due to this inaccurate. The other two reports dont have these errors. I read up, have learned theres soft and hard inquiries, and include both i've never heard of. I write a letter with all the errors to Big 3. They say they'll investigate. 28 days later, they send a new report, and say they'll settle for $1000. Hmmm. Everythings right except new soft inquiries for dates prior. WTF. Did they take this seriously? I read up on FCRA and it seems $1000 is the reward for 1 account messup called willful damages? Are they admitting fault? But this doesn't fix my limit nor does it fix my loan % higher than it should be? How about those other 5 messups? Can I go after these guys!? I'm just tired of this, and googling led me here. You all sound knowledgeable. Worth a shot.
If you can show actual damages (higher interest rates, less favorable loan terms), this is worth far greater than 1k. 617. Civil liability for negligent noncompliance [15 U.S.C. § 1681o] (a) In general. Any person who is negligent in failing to comply with any requirement imposed under this title with respect to any consumer is liable to that consumer in an amount equal to the sum of (1) any actual damages sustained by the consumer as a result of the failure; and (2) in the case of any successful action to enforce any liability under this section, the costs of the action together with reasonable attorney's fees as determined by the court. ...and yes, sending you an offer in writing to settle for 1,000 sounds like an admission of wrongdoing to me.
