Can You Sue for a Damaged Credit Rating?

If a company or bill collector damages your credit through no fault of your own, you have the right to sue and potentially win a settlement. Many civil courts are starting to recognize good credit as a valuable asset. However, trying to prove a company or agency damaged your credit rating requires the skills of an expert credit researcher and an attorney willing to take on your case.

A damaged credit rating typically occurs when you fail to make payments on time or a collection account shows up on your credit report. If you have a history of not making payments on time, then there is nothing you can do about your score. If the collection account on your credit report is your debt, then you have very little recourse.

If, however, anything shows up on your credit report that is not your debt and causes a damaged credit rating, you can dispute those debts with one of the major credit reporting agencies- TransUnion, Experian or Equifax. For example, if a company continues to inquire about your credit and you did not initiate the inquiry, you can have the credit reporting agency remove the inquiries. Too many hard inquiries can damage your credit rating. Keep in mind that offers of credit that you see in your mail have no effect on your credit score. These types of inquiries are known as soft inquiries.

If your damaged credit rating was egregious, you can hire an attorney and credit researcher to determine just how much harm the damage caused you. If the damage prevents you from qualifying for a loan, or you are forced to pay a higher interest rate, your attorney can take your case to the courts based on non-monetary losses such as harm to your credit reputation and loss of credit capacity. If you are used to qualifying for financing whenever you apply, you can sue for the loss of your credit expectancy.

If your credit was damaged through no fault of your own, contact the consumer protection attorneys at CounselOne to discuss your circumstances.

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