Your Credit is Your Most Valuable Property Right

Get information and post information on credit report errors not involving theft of identity.
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Your Credit is Your Most Valuable Property Right

Postby Administrator » Sun Oct 02, 2005 11:15 am

Consumers have a vested property right in their credit reports and ratings. It has long been found that credit reports, credit ratings, and the rights thereunder are property rights of each consumer. Kite v. Kaplan, 747 So.2d 503 [La. 1999] [High Court upheld court of appeal's award of $50,000.00 for damage to credit rating and reputation, etc.]; Patterson v. Livingston Bank, 509 So.2d 6 [La. App. 1 Cir. 1987]; Williams v. Equifax, 892 F.Supp. 951 [U.S.D.C. E.D. Mich. 1995]; Riley v. Dun & Bradstreet, 172 F.2d 303 [6th Cir. 1949]; Altoona Clay Products v. Dun & Bradstreet, 286 F.Supp. 899 [U.S.D.C. W.D. Pa. 1968]; McClain v. South Carolina National Bank, 105 F.3d 898 [4th Cir. 1997] [ruled against the plaintiff-consumer but criticized the consumer for failing to properly plead, inter alia, a claim for impairment of credit rating].

A credit issuer's "ability to report on the credit habits of its customers is a powerful tool designed, in part, to wrench compliance with payment terms from its cardholder." Thus, a creditor's "refusal to correct mistaken information can only be seen as an attempt to tighten the screws on a non-paying customer." Miranda-Riviera v. Bank One, 145 F.R.D. 614, 1993 WestLaw 30681 (U.S.D.C. Puerto Rico 1993). An erroneous or careless report serves no purpose but to substantially damage the target of the report, who after publication can do little to correct the damage caused by the report. Bartels v. Retail Credit Co., 175 N.W.2d 292 (Neb. 1970).

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