Question

You are shopping for a new car. You find the perfect vehicle and are now applying for a loan from your local bank. Unfortunately, the bank rejects your application. You are surprised, because you have always paid your bills on time. You decide to examine your credit report. You discover that the credit agency is wrongly reporting that you are delinquent on a credit card bill. You have asked the agency to remove the inaccurate entry, but it has failed to do so.

Answer 1

The liability faced by the credit agency for its incorrect reporting of your credit history is that  your actual damages, plus an additional amount not to exceed $1,000, plus attorney’s fees.

What is liability?

• A liability is a debt that a person or business has, typically in the form of money. Through the transmission of economic benefits like money, products, or services, liabilities are eventually satisfied.
• Liabilities are items that are listed on the balance sheet's right side and consist of debts including loans, accounts payable, mortgages, deferred income, bonds, warranties, and accumulated expenses.
• Assets and liabilities can be compared. Assets are items you own or owe money to; liabilities are things you owe money to or have borrowed.
• A liability, in general, is an obligation between two parties that hasn't been fulfilled or paid for.
• A financial liability is an obligation in the realm of accounting, but it is more specifically characterized by prior business transactions, events, sales, exchanges of assets, or services.

Under the Fair Credit Reporting Act, your damages are not $5,000 only. It is also not actual damages plus or $3,000 plus the attorney's fees.

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