Why not the biggest class action lawsuit ever filed?

Christine,

If 70% of all credit reports have inaccurate information on them, why hasn't some big shot law firm started the biggest Class Action lawsuit ever filed in the US?

I'm sure that money is one reason. But if every person in American that was fed up all the BS agreed to submit $5 to initiate a lawsuit, I think that it would be more then enough money to take CRA's down. Then those who would live to be involved in the actual lawsuit at the time of filing would need to submit $30. I think that the overall donation could add up to tens of millions.


This could really change the way they do things, as long as Johnny Cochran does not represent the CRA's. We all know how HE can make the IMPOSIBLE happen.

Johnna

"But if every person in American that was fed up all the BS agreed to submit $5 to initiate a lawsuit, I think that it would be more then enough money to take CRA's down."

Of course it would be plenty of money for legal fees. However, having ran this website since 95, I KNOW that the overwhelming majority of people prefer to spend their money on donations to the CREDIT BUREAUS.

They prefer to order credit reports and monitoring services, not to mention the millions they spend on credit repair.

"If 70% of all credit reports have inaccurate information on them, why hasn't some big shot law firm started the biggest Class Action lawsuit ever filed in the US?"

Credit reports are so screwed up because quality control doesn't exist and doing a GOOD job takes time.

And of course, the more mistakes there are, the higher the finance industries' and CRAs' profits.

In today's economy, the last thing the "regulators" want is increased costs to the CORPORATIONS.

They have no problem with the costs to the consumers. After all, the HIGHER the costs to the consumers, the better for the economy.

If all three bureaus would be subjected to judgments so large that they'd go out of business, America would seize to function. The economy would be as dead as a door nail.

Then congress would either pass legislation protecting the CRAs and creditors, or the president would sign an executive order, vacating the judgment.

At this point in time with the economy being so weak, even if the result of a suit was ONLY to order the bureaus to start a QUALITY CONTROL program, the economy could suffer tremendously due to the loss of income by the finance industry.

Nothing would be simpler than having the bureaus' software reject reports with logical mistakes such as missing credit limits, balances higher than the "most owed," missing DLA, etc.

While consumer can dispute ONLINE and instantly, creditor have to send in updates that can take up to 90 days to be processed. Why?

Not only is it cheaper for the bureaus and creditors, but if it takes three months, that consumer will have the lower scores and pay more interest for 3 months.

Got this link in the Nexus newsletter today:

http://www.lexisone.com/news/ap/ap120602b.html

"Lobbies Push For Consumer Lawsuit Limits

The Republican majority in Congress and the nation's struggling economy are lending new fuel to a push for limits on consumers' right to sue.

....

Lobbyists have taken a verbal cue from the president, who often refers to proposals to limit lawsuits as "job creation bills." They're recasting pitches that have traditionally lampooned trial lawyers to focus more on the faltering economy, arguing that lawsuit curbs will help save struggling businesses, preserve jobs and protect access to health care. "It became an economic development issue," said Bruce Josten, lobbyist for the U.S. Chamber of Commerce, which is among the politically powerful groups leading the charge to restrain malpractice lawsuits.

...."

It wouldn't take much at all to amend the FCRA to limit suits against bureaus, similarily to the FDCPA.

No matter WHAT a collector does, you can NOT sue them out of business.

"(B) in the case of a class action, (i) such amount for each named plaintiff as could be recovered under subparagraph (A), and (ii) such amount as the court may allow for all other class members, without regard to a minimum individual recovery, not to exceed the lesser of $500,000 or 1 per centum of the net worth of the debt collector; and ..."


1% of the net worth or $500,000, whichever is LESS!

Christine, STOP WORKING AND ENJOY THE HOLIDAY.. :D

Although, all this great information, has truly helped me in understanding Credit