Equifax-Logo-2008

 

Of course, we’ve heard of similar incidents in which credit reports were never rid of discrepancies. But, this story may be the first that concluded with a huge payout.

 

According to the AJC, a woman in Oregon was recently awarded $18.6 million in damages after a judge found Equifax guilty of negligence.  As one of the nations largest credit bureaus, Equifax is responsible for maintaining the integrity of individual credit reports, what is reported on them, and the credit ratings.  Millions of Americans rely on credit reports to find out what lines of credit or loans are outstanding. Most businesses, also, rely on a person’s credit report and score to determine if that individual is in good standing. So, the credit report is very important.

 

Julie Miller filed a lawsuit against Equifax after they failed to correct several errors (i.e. fake accounts, collections-related items, wrong Social Security number and birthday).  Miller claims that she contacted Equifax numerous times, completing the required paperwork, but never received a corrected credit report. She says that some of the same discrepancies were spotted on her Transunion and Experian. But, both of those agencies conducted their research and eventually corrected her report.

 

Once she was made aware of the issue in 2009, after being denied at a bank in December of that year, Miller says she spent 3 years contacting Equifax with no luck.

 

 

RELATED ARTICLE: [THE 6-STEP PROCESS TO DEBT RELIEF]

 

“There was damage to her reputation, a breach of her privacy and the lost opportunity to seek credit,” said Justin Baxter, a Portland attorney who worked on the case with his father and law partner, Michael Baxter. “She has a brother who is disabled and who can’t get credit on his own, and she wasn’t able to help him.”

 

 

Equifax has not yet made a public statement regarding the case.  Some speculate the agency will appeal the decision.