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If the credit agency is harming your reputation with an incorrect credit report then the proper term for what they're doing is libel and you can sue them for i
by CoolGuySteve 9y ago
If the credit agency is harming your reputation with an incorrect credit report then the proper term for what they're doing is libel and you can sue them for it.
I'd like to see a startup or non-profit that automates libel civil lawsuits against the reporting agencies. At least then maybe we'd get some responsibility from them.
- seanp2k2 9y agoIANAL but banks have a lot of cash to throw at legal teams. AFAIK you’d have to show evidence of material damages. Seems very hard to automate...might be better for class-action.
- CoolGuySteve 9y agoYa I agree. It seems these firms are relying on the fact that each individual suing them would have to put up considerable time and money, and so most don't . But if some economy of scale could be provided in filing these lawsuits, like those boilerplate will in a box products, then the business of credit reporting in its current form may be made non-viable.
- adanto6840 9y agoI wonder how many of the major US banks have binding arbitration clauses? I don't claim to know one way or the other, though I thought I heard that one major bank did & it had been standing up in court recently, but I may be mistaken. I also have no idea if they'd hold up in general -- but I'd be curious how many of the T&Cs that you sign have these clauses...
- TheCoelacanth 9y agoProbably all of them. So you would just have to find someone who had never opened a legitimate line of credit, but for whom a fraudulent line of credit had been opened.