Three credit bureaus in the United States are being dinged big-time for ignoring consumer complaints about errors on their credit reports and violating the Fair Credit Reporting Act.
When the news swept across the country that a class-action suit rustled up a proposed settlement for damages in recent days, cheers went up from every quarter of the consumer landscape.
If you've ever encountered an error on your credit report and attempted to resolve the issue with one of the the three major credit reporting agencies - Experian, TransUnion, and Equifax - you know what a nightmare that experience can be.
There may be a seemingly endless round of letter-writing to one (or all three) of the credit bureaus - followed by a nasty barrage of requests from the bureau in question for proof of identification - and a demand for signed affidavits that attest to the truthfulness of the facts, for starters.
Meanwhile, the black mark on the credit report may unjustly continue to hound the individual relentlessly from one credit grantor to the next until the frightful issues are resolved in the debtor's favor.
All of these nefarious practices screeched to a halt, however, when the aforementioned class-action suit was filed in a Federal District Court with the jurisdiction over the matter.
In - White et al. v. Experian Information Solutions, Inc. - the plaintiffs alleged in their cause(s) of action that all three credit bureaus (Experian, TransUnion, Equifax) violated the Fair Credit Reporting Act (and state laws) when they continued to report consumer debts past due and delinquent - in spite of the fact - said financial obligations were discharged in Chapter 7 Bankruptcy proceedings.
A settlement fund in the sum of $45 million was negotiated for the express purpose of compensating individuals so situated in the form of damage awards to be based on a set of criteria approved by the court
A consumer is eligible for benefits if he or she received a Chapter 7 Bankruptcy discharge and a credit report issued by the defendants between March 15 (2002) and May 11 (2009) (or, for California Residents in the case of TransUnion, between May 12 (2001) and May 11 (2009) contained debts, accounts, judgments or other obligations discharged in a bankruptcy action that were not reported as "discharged".
Consumers may choose from two options when filing their claims for damages.
The amount of the subsequent award(s) will depend on the number of class members making a claim.
Claims must be submitted (and postmarked) to the address below no later than November 30, 2009.
Information
White et al. v. Experian Information Services, Inc.
c/o The Garden City Group, Inc.
PO Box 9517
Dublin, OH
43017-4817
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