While discovering an error on your credit report can be a mild inconvenience for some, it can cause serious financial issues for others. As such, understanding your rights as a consumer is critical. If you’ve endured financial losses due to an inaccurate credit report, you may be entitled to actual damages under the various laws in place to protect consumers. The following blog explores what you should know about these matters and why it’s in your best interest to connect with a Los Angeles, California credit report lawyer who can help with any issues you may face because of a negligent reporting agency.
What Credit Reporting Laws Are in Place to Protect Me?
As a consumer, one of the most beneficial laws in place to shield your rights is the Fair Credit Reporting Act (FCRA). This essentially regulates the information that credit reporting agencies include on consumer reports. Not only does it regulate the data on your report, but it also includes provisions about who can access this information, how long certain information is included, and what happens if you dispute the inclusion of certain details on your report.
Additionally, the FCRA sets guidelines for damages if a consumer suffers because of an agency’s negligence in reporting information.
What Are Actual Damages in a Credit Dispute Lawsuit?
If you suffer due to the negligence of a credit reporting agency, you may endure damages. There are many different types of damages, but you may find that actual damages are some of the most common you can seek compensation for. These are also called compensatory damages and represent losses you’ve endured because of the actions of a negligent agency. These damages include two other forms of loss – economic and non-economic damages. Economic damages represent quantifiable losses suffered because of another party’s negligence, whereas non-economic damages include subjective losses, like anxiety or humiliation.
For example, in a car accident lawsuit, the actual damages you could recover would represent your medical bills. This is also the case in other kinds of civil lawsuits. For example, if the inclusion of false information on your credit report leads to higher interest rates or being denied loans, this would constitute compensatory damages. As such, you can hold the credit reporting agency liable for any losses you’ve suffered if they fail to remedy an issue on your credit report.
Fighting for justice during these matters can be incredibly difficult. As such, it’s critical to connect with an experienced attorney who can help you fight for justice during these complex legal matters. If this reflects your circumstances, it’s in your best interest to connect with an experienced attorney from Los Angeles Legal Solutions who can help guide you through these complex issues. Contact our team today to discuss your circumstances and start the fight for justice today.
