Social Question

Dutchess_III's avatar

Do you think this lawsuit will force the credit reporting bureaus to clean up their act?

Asked by Dutchess_III (47052points) July 29th, 2013

This lady won an $18.6 million dollar lawsuit against Equifax. They mixed her information up with someone elses.

I’ve seen so many articles and news reports on how difficult it is to correct inaccuracies on one’s credit report..it’s virtually impossible!

Some desperately needs to be done. Will this be a good start?

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2 Answers

elbanditoroso's avatar

No.

And this $18 million amount will not stand. My guess is that it will be reduced to some amount more like $50,000, which is more likely to be the amount of actual loss that she might have suffered. The jury was trying to send a message, but it will fall on deaf ears in the court.

Equifax doesn’t care anyway. Consumers are not the ones paying their bills.

This

josie's avatar

No. See @elbanditoroso

Equifax’s customers are not that lady. Until their customers think their interests are being compromised by poor credit data, and demand a better product, it will simply be regarded as a mistake. No way Equfax will actually pay $18+million. She wanted the money to help her brother and husband. Even if they had her credit report correct, what is the evidence that she would have gotten the money?

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