Credit Damage and Interference With Credit Expectancy: A New Field of Endeavor in Forensic Economics

Credit Damage and Interference with credit expectancy is s~mething ~very consumer is aware.While a 700+ score from a Credit Reportmg Agency (Equifax, Experian, Trans Union) may yield a low-interest rate for a mortgage loan and the lowest interest rate on a credit card or for purchase of an automobile or for a durable :purchase at a store, a 600, ~r worse, a 500 score, generate directly opposite results._Wh_en the Cred~t Reporting Agency places wrong and harmful information m your credit report, whether through their error or the error of a reporting retail or financial entities opportunities in utilizing credit are diminished, and the consequences i~ having to pay high interest rates are assured.This article reviews many cases associated with credit damage issues, and, sadly, concludes that far too many otherwise genuine Plaintiff-driven cases of credit damage and interference with credit expectancy are dismissed in summary judgment owing to the failure of Plaintiff Counsels to understand the manner Defendant actions must be articulated to the Court as a violation of one or all four of the following pieces of Federal legislation: Fair Credit Reporting Act 15 USC 1681 (FCRA), the Equal Credit Opportunity Act, 15 U.S.C.