Those most affected by incorrect credit scores will have no financial ability to sue a multibillion dollar credit agency.
Those with the financial ability will have little incentive to do so.
Those with the financial ability will have little incentive to do so.
My sister, who works for 15$ an hour, has successfully sued two very large companies when they don't hold up their end of a contract.
Even if only 'some' of the people wronged sue, it will lead to better practices for everyone.
It's an arrangement called "contingency": https://www.legalmatch.com/law-library/article/contingency-l...
The downside is that a lawyer is likely not going to work with you unless they're sure they can get some decent money out of the case.
it’s a fictional character but that really sums up the type.
She also sued a large solar-panel installation company because their installed panels didn't work after several months of techs coming over. This was only a partial success as the company liquidated. They had apparently done the same thing to a few other people, and got sued into oblivion.
Lawsuits are a good thing for society sometimes.
In what world? c'mon.
Juries hate when companies do wrong by the little guy, because they are themselves the little guy.
Not every case drags on for years. People regularly sue, for example, insurance companies. Both parties kind of know where they stand, and judges prefer that parties find a settlement that works.
My mom is unemployed and medically unfit to work. She was given a credit card, which I found out about after a few years. I spent 2 years passively trying to sort the issue out with the bank, to no avail.
I finally went to the banking ombud earlier this year, and the bank wrote off her debt a few days after. I could have gone further and tried to get her "bad credit" from the bank expunged (there's a complaints process), but it disappears after 2 years, so I just left it to be.
There needs to be a third party regulatory agency with real teeth where you don't need a pile of money to refute claims, just a little time for the regulatory agency to pressure them on your behalf. The courts aren't it although they probably should be.
The problem with our legal system is that in large part pointed out by GP, there's often a financial correlation in just how much you can utilize it which makes it ripe for exploitation by those with piles of capital laying around.
The CFPB could probably use sharper teeth
"Class actions" achieve very little; the only thing they do is make lawyers wealthier and if by some miracle the case succeeds, everyone else will get a 5$ coupon.
Real change requires changing laws by the democratic process and that can only happen when the population unites to hold the government strongly accountable.
I would argue that any other solution is a bandaid.