Help me hammer Equifax

Discussion in 'Credit Talk' started by Steve A, Apr 14, 2001.

  1. Steve A

    Steve A Guest

    As many of you know I am suing Equifax in Federal District Court over their reporting of simultaneous "I5" and zero balances on credit reports. I am maintaining there is an obligation to update status and report accurately and completely. Therefore, it is impossible to be both 120 days past due and have a zero balance. If they mean that one was 120 days past due, it violates the obligation to update status even if it was true. I have found people unwilling to provide copies of their credit reports for me to take into court. I now realize there is something much better available. It works like this. I will do up what is called a DECLARATION in a legal pleading format. If you are willing to email me with either 1) a fax number, 2) your home address, or 3) an email address (but you have to be microsoft Word compatible because I will include the declaration as an attachement in that format); then I will get you the declaration for your signature. This would be of great help in my trial. Signing this is like standing up in trial and testifying except you don't actually have to go into trial. If I lose this, this would set a very bad precedent for consumers. If I win,it will be a great victory for consumers (and me too). It also could turn into a class action.

    Steve Anderson
  2. molly

    molly Well-Known Member

    how can this help us?

    I emailed you but I would like to know how this helps me?
  3. Steve A

    Steve A Guest

    Re: how can this help us?

    Two reasons: 1) if I win, it sets a precedent that makes the representation of past due status as current a false act and a violation of various laws. That benefits you in that such a notation will most likely be removed from your report or transferred to the prior payment history section of the report where its damage to your credit rating is negligible. I know from conversations with people at Fair Isaac (of the FICO scores) that an I5 status appearing in the status column is (and I quote) "a hundred times worse than an I5 rating reported five years ago appearing in the prior payment history." So, you see, the fact that the balance appears as zero is almost irrelevant. The status rating is what matters. This is so evil. You pay it off, but it remains rated as past due for at least 7 years. 2) this could be converted or otherwise turned into a class action with the availability of punitive damages. Also, this is on the fast track in the Court system since I have a trial date set for October of this year. So anything could happen and it could happen soon. To tell you the truth, if I ended up with say 150 declarations, I would probably just add them all as parties to the action without making it a per se class action, and get each a flat payment for settlement purposes. If I attach 150 declarations to a motion filed in Court, I just don't think Equifax is going to want to drag this out forever.
  4. molly

    molly Well-Known Member

    how many so far?

    How many people have you gotten so far? Equifax is my worst report with three negative items. They are all the same loan, different lenders. Did you get the email?
  5. Steve A

    Steve A Guest

    Re: how many so far?

    Yes. I got the email and I have already emailed you a declaration to sign. Don't ask me yet about the number of declarations. Ask me in a week. I will post a running total once I get some momentum. I have a list of about 65 people though who have complained to me about this problem and am contacting them all now.

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