This lawsuit, which had been covered up by three major credit reporting agencies (TransUnion, Equifax and Experian), was brought against several credit card companies and certain private credit lenders. It is interesting to note that almost all of the three agencies declined to take the case, as the settlements for each of the companies involved were significantly smaller than what would have been required to litigate.
Although the actual dollar amounts paid are in dispute, a total of between twenty and forty-five million dollars has been paid out in settlements to individuals who claimed that the reporting agencies had been negligent in their handling of their individual credit reports. The companies who were sued claimed that their practices of charging fees for credit checks that they were not legally allowed to charge were unreasonable and unethical.
The three agencies denied these claims, and many credit reporting agencies did not provide any information to the credit reporting companies as to whether the individual credit reports were incorrect or not. These agencies conducted these credit checks without providing any reason at all as to why the credit reports were incorrect and therefore breached the Fair Credit Reporting Act. Although there was a minor setback in the case, there was no damage done to the credit ratings of the consumers involved.
In fact, most of the people who received settlement checks claimed that their credit scores actually went up after the lawsuit was settled. The credit scores at the time of this article were taken on January 1st, so it is possible that the credit scores could increase in the next couple of months.
Although the three agencies denied involvement in the Talisman Casualty Lawsuit, it is evident that the reports by the agencies were inaccurate and their practices were illegal. As a result of the settlements that were reached, the three agencies have agreed to provide detailed written information to the consumer if they request the details from the credit reporting agencies.
Of course, this does not mean that they will automatically pay a large sum of money to a consumer.However, the settlement amount is much lower than what Talisman Casualty Insurance Company is necessary to litigate. The agencies also have to shell out millions of dollars in attorney’s fees and court costs.
If you were not part of the original twenty to forty five million dollar class, then a large settlement may be possible. Just be aware that it may take several months before the final numbers are released.
Talisman Casualty Lawsuit has been settled, and you will receive your settlement check in six to eight weeks. Get started on improving your credit scores and you may well have a better chance at landing a decent job and saving money in the future
