The financial impact to someone’s credit profile after it has been harmed.
Figuring out the financial impact of harmful information: credit reporting, credit scoring and credit damages calculations expert Doug Minor says:
Harmful information being reported to one’s credit profile can have significant financial consequences. Working with consumers and many attorneys over the past 30+ years it still strikes me how not more people have realized how prevalent this issue is.
To gain a better idea of how broad the scope and how many ways this can happen, consider these areas I have seen in litigation: improper reporting of mortgage payments, the responsible spouse as stated in a divorce settlement agreement misses payments on what is a joint account, unable keeping up with payments due to a car accident, breach of a contract, identity theft, fraud, and being wrongfully terminated from a place of employment, to give you a few ways.
So should you pursue the recovery of financial compensation since your credit score has been lowered? Is your credit being in good standing important to you? If you answered yes to either of the questions, then taking action to inform yourself about what the possible outcome and/or the amount of money you may be able to recover should be the next question you ask yourself.
In today’s economy now more than ever before, compensation for credit damage is recognized. And as my own experience has shown me, the amounts reached in this type of litigation have many times been in the six-figure range. With reported cases having been reported in excess of a million dollars. Thus, finding the right attorney and a credit expert who can accurately calculate the many ways credit harm can impact one’s life is important.