CLE MicroSeminar: Credit Damage Part I

Credit damage is a form of special damage and can form a significant portion of a damage demand. When negative credit remarks are negligently added to your client's credit report, your client suffers financial harm. This damage to their credit reputation can be measured and they can be compensated for their financial injury. Credit damage has basis in state statute and common law, as well as federal law under the Fair Credit Reporting Act (FCRA). The FCRA places certain duties on CRAs (Credit Reporting Agencies) and credit information furnishers, and when these duties are breached and your clients may seek actual, statutory, or punitive damages under federal law.

Category:

Education

Tags:

• Credit Damage
• Statute
• Common Law
• Special Damages
• Credit Report
• CRA (Credit Reporting Agency)
• Credit Information Furnisher
• Financial Injury
• FICO
• Punitive Damages

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Forthcoming in the Fall is a publication in Forensic Rehabilitation & Economics, volume 4.2, 2011 by Thomas A. Climo entitled "Credit Damage." The article critiques a prior publication in FRE 4.1 by Stan Smith, D. Smith & S. Uhl entitled "Credit Damage: Causes, Consequences and Valuation." The Climo article is analytically superior to Smiths and Uhl's paper establishing a judicial and causal foundation to the dollar quantification of credit damage. The Climo article is helpful. Read it.