Consumers allege that the bureaus — Equifax, TransUnion and Experian — are engaging in a practice that artificially lowers their credit scores, and that they are ignoring pleas to remove inaccurate information from the reports.
While knowing your credit rating is important, but it seems that the credit bureaus are allegedly more interested in selling you your credit score rather than making sure it stays accurate. Law.com reports that the number of this type of lawsuit is on the rise:
“It is becoming more and more prevalent that people are fighting back and suing credit bureaus and information furnishers who can’t get it right without filing a lawsuit,” said James Fishman of New York’s Fishman & Neil, who has handled about 100 credit lawsuits in the last five years on behalf of plaintiffs.
“I’ve always told clients who come in and have been banging their heads against the wall, ‘It takes a lawsuit to get your thing solved,’” he said.
Fishman, who settles about 99 percent of his cases, believes litigation works.
“When I go to court, the first thing I’m handed [from the defense] is a clear credit report,” Fishman said. “You don’t get that unless you walk into the courtroom.”