TRUTH IN LENDING: Inaccurate Credit Report 2

TRUTH IN LENDING: Inaccurate Credit Report 2

TRUTH IN LENDING: : If a consumer feels that the information in her credit file (i.e., information held by the credit reporting agency, but not necessarily sent to inquiring lenders or other agencies) is inaccurate, her ultimate remedy is to file a lawsuit pursuant to the Fair Credit Reporting Act, 15 U.S.C. Secs. 1681–1681x. To succeed in such a lawsuit, however, the Plaintiff will need to compile evidence. For example, the courts have held that “to state a claim under § 1681i [incorrect information in credit file], the plaintiff must show that the agency’s report contained factually inaccurate information, and that damages followed as a result.” Collins v. Experian Info. Sols., Inc., 775 F.3d 1330, 1335 (11th Cir. 2015) (“A `consumer report’ requires communication to a third party, while a `file’ does not.”); cited in Losch v. Nationstar Mortgage, LLC, 995 F.3d 937, 944 (Ninth Circuit, 2021). [Quotations reproduced as commentary.]

TRUTH IN LENDING: Inaccurate Credit Report 1

TRUTH IN LENDING: Inaccurate Credit Report 1

TRUTH IN LENDING: If a consumer feels that the information in her credit report (i.e., information actually sent to inquiring lenders or other agencies) is inaccurate, her ultimate remedy is to file a lawsuit pursuant to the Fair Credit Reporting Act, 15 U.S.C. Secs. 1681–1681x. To succeed in such a lawsuit, however, the Plaintiff will need to compile evidence. For example, the courts have held that “to state a claim under § 1681e [inaccurate report], the plaintiff must show that the agency’s report contained factually inaccurate information, that the procedures it took in preparing and distributing the report weren’t “reasonable,” and that damages followed as a result.” Cahlin v. General Motors Acceptance Corp., 936 F.2d 1151, 1157, 1160 (11th Cir. 1991); Nagle v. Experian Info. Sols., Inc., 297 F.3d 1305, 1307 (11th Cir. 2002). [Quotations reproduced as commentary.]

TRUTH IN LENDING: The Fair Credit Reporting Act

TRUTH IN LENDING: The Fair Credit Reporting Act

The Fair Credit Reporting Act, 15 U.S.C. Secs. 1681–1681x, is part of the Federal Consumer Protection Act. It is intended to protect consumers by assuring the accuracy of a consumer’s credit information held and disclosed by the credit reporting agencies. The statute allows a consumer to challenge information in his/her report that is allegedly inaccurate, and requires the credit reporting agencies to investigate alleged inaccuracies, and make corrections, if necessary.

Bankruptcy  Definitions: Chapter 7 Bankruptcy Trustee

Bankruptcy Definitions: Chapter 7 Bankruptcy Trustee

CHAPTER 7 BANKRUPTCY: A person appointed in a chapter 7 case to represent the interests of the bankruptcy estate and the unsecured creditors. (The trustee’s responsibilities include reviewing the debtor’s petition and schedules, liquidating the property of the estate, and making distributions to creditors. The trustee may also bring actions against creditors or the debtor to recover property of the bankruptcy estate.) The Trustee works under the general supervision of the court and the direct supervision of the United States Trustee. [Source: Bankruptcy Court, District of New Jersey; printed here as “Fair Use” under the US Code]

Bankruptcy  Definitions: Chapter 7 Bankruptcy

Bankruptcy Definitions: Chapter 7 Bankruptcy

CHAPTER 7 BANKRUPTCY: The chapter of the Bankruptcy Code providing for “liquidation,” i.e., the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors. [Source: Bankruptcy Court, District of New Jersey; printed here as “Fair Use” under the US Code]

Bankruptcy  Definitions: Chapter 7 Bankruptcy

Bankruptcy Definitions: Business Bankruptcy

BUSINESS BANKRUPTCY: A bankruptcy in which the debtor is a business or an individual involved in business and the debts were incurred primarily for business purposes. [Source: Bankruptcy Court, District of New Jersey; printed here as “Fair Use” under the US Code]

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