An $18 Million Lesson in Handling Credit Report Errors

August 3, 2013
New York Times  

Even after sending more than 13 letters to Equifax over the course of two years, Julie Miller could not get the credit bureau to remove a host of errors that it inserted into her credit report. A jury in Federal District Court in Portland, Ore., last week awarded her $18.4 million in punitive damages, which, according to consumer lawyers, is the largest individual case on record. Industry observers say that despite the huge judgment, little is going to change for the millions of Americans who discover errors in their credit reports. It’s more likely, though, that the Consumer Financial Protection Bureau, which began overseeing the large credit bureaus last September, will have more impact.
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