Experian Consumer Report Class Action Settlement
The credit bureau Experian has agreed to resolve a class action through a settlement. In this deal, consumers who found inaccurate CashCall loan information on their Experian consumer report may be entitled to a new $5 million settlement. In this settlement, the class members can receive payment of about $250.
According to reports, this settlement will be beneficial for the people whose Experian consumer report contained an account from CashCall reflecting delinquency of a loan originated by Western Sky Financial after Jan. 1, 2015.
Plaintiff Wanda Smith asserted that Experian added significant errors on consumer credit reports. She also added that the credit bureau let a deceptive and illegal loan scheme to impact consumer credit scores.
Are you one of the individuals affected by this Experian Consumer Report Class Action? It is possible that you or somebody you know maybe an eligible class member for this lawsuit. Feel free to contact us today.
More About The Class Action Lawsuit
Furthermore, the lawsuit claimed that Experian knows about this scheme, yet they approved the loans because they receive millions of dollars in profits each year. Smith also stated that the firm knows about the pending lawsuits from federal regulators.
“Notwithstanding, Experian continued to approve CashCall’s applications to access more products and services from Experian,” the class action lawsuit stated. “Under the comments section of the membership review, Experian wrote: ‘There are many complaints and lawsuits [sic] against CashCall but nothing definitive [sic] showing CashCall has broken any laws has been found.’”
Smith also argued that Experian failed to abide by the Fair Credit Reporting Act (FCRA). They violated the said act after providing inaccurate credit reports including delinquent loan accounts from CashCall — even after they were deleted in December 2014
Despite allegations, the credit bureau didn’t admit to any wrongdoing in connection to the “rent-a-tribe” scheme. However, they agreed to resolve the claims by paying $5 million.
In this deal, Class Members can receive cash payments of about $250. The exact amount of payouts will be based on the number of Class Members who participated in the settlement plus the net settlement fund after fees and costs are deducted.
Moreover, this settlement does not require any claim form. Eligible Class Members will receive payments under the settlement. For individuals who don’t want to be included in the class action or object to the settlement terms, the deadline is until October 14.
Furthermore, the final approval hearing for the Experian consumer report class action settlement is set on November 9, 2020.
Editor’s note on the Experian Consumer Report Class Action Settlement:
This article accentuates the current development of the Experian Consumer Report Class Action Settlement Settlement. If you are considered eligible to be among the class of consumers described in the article above, you may eventually be able to participate in receiving any compensation the court may award.
We’d be happy to help you take a step in the right direction, fight this issue, and better enable you to join in on any potential consumer class action. If interested, please send an email to Outreach@ConsiderTheConsumer.com, find us on Twitter or Facebook, or even connect with us directly on our website! We look forward to hearing from you all.
Similarly, please check out our current list of Class Actions and Class Action Investigations, here.
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