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View Diary: Oregon woman awarded $18.6 million after Equifax failed to fix errors on her credit report (114 comments)

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  •  Thanks (3+ / 0-)

    Right there in the statute....

    Wish there were an analogous provision in the Fair Debt Collection Practices Act--banks and loan servicers would really have to watch out...

    •  Vicarious Liability (3+ / 0-)
      Recommended by:
      LilithGardener, chimene, MKS

      The banks and loan servicers are certainly included either directly or indirectly in the FDCPA, The Dodd-Frank Act (X)
      the FCRA and FACTA.

      Even if they are not directly responsible for damages, they can be ( and have been) held liable for the actions of their agents, ( the collection agencies).

      The real problem, IMO, is not the erroneous reporting or even the improper use of the credit data, it is the collection agency industry which has become a bloated unregulated monstrous blight on the economy.

      The current so called "consumer regulations" are too little and too late. The only recourse consumer victims have is to file complaints AFTER the damage has been done.

      This is like only being able to report a mugging after you have been knocked down and had your $$ stolen, and not have any laws that PREVENT it from happening.

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