How to value FCRA damages for litigation

[Determined1]

I am sending a pre-suit demand letter to a Bank for damage to my credit standing. The item they are reporting should not be on my credit report at all. Multiple written demands to correct the problem were ignored. They have no proof to back up their reporting, the error is theirs, and the damage prevented me from being approved for credit cards. The incorrect reporting continues.

 

I have two questions about how to value my damages. First, it is my understanding that FCRA damages are $1,000 per instance. Are they stackable? I have read conflicting comments on this, so if anyone can clarify it would be very helpful.

 

I'd like to include a punitive damage demand in my letter. The amount I have in mind is $2500 per instance of denied credit. I choose this amount because its equal to the civil fine amount the FTC can levy, and an amount low enough to open up a pre-suit discussion and correction of the overall problem.  Any thoughts on how to value this aspect of my damages?

 

Thanks for any feedback you can offer!

[BV80]

The FCRA's statutory-damages scheme contains a smaller range starting at $100 per violation, with liability for a single violation capped at $1,000. Harris v. Mexican Specialty Foods, Inc., 564 F.3d 1301, 1311 (11th Cir.2009).


Murray v. New Cingular Wireless Services, Inc., 523 F.3d 719, 725-26 (7th Cir. 2008) ("statutory damages . . . may range from $100 to $1,000 per violation whether or not the consumer was injured.").

[Determined1]

Great feedback BV80 - thanks! Any thoughts on how to value actual and/or a punitive damage amount?

[BV80]

Wow, no.  That's beyond me.  I'm thinking you'd have to show that due to the violation, one of the following occurred:

 

1.  you were denied credit

 

2,  your interest rates on current cc cards were raised as a result of the violation

 

3.  interest rates on a new card or loan were higher than they should have been

 

As to how to assess such damages if they're not concrete, no idea.