Reboot Your Life: Tampa Student Loan and Bankruptcy Attorney Blog
Punitive damages are increasing as more people start challenging errors on their credit reports.
“Errors” is a funny word. A creditor will likely claim that it was an unintentional “error” that they reported negative information on your credit. But as it really an error?
Punitive damages are on the rise around the nation as more and more people and their consumer attorneys fight back over false information reported on their credit. Inadequate training of personnel, sloppy record keeping, debts being bought and sold repeatedly has led to greater frequency of credit report errors. Errors that can cause consumers thousands of dollars in increased credit costs. The lower someone’s credit, the higher interest rate they can be charged when borrowing money. A lower credit rating for consumers as a whole potentially increases the bottom line for financial institutions across the board.
