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Fair Credit Reporting Act 15 USC 1681 § 615(a) question. Legal knowledge desired, please.?
Under the above cited law, insurance companies have to provide notice of adverse action for both existing and applied for insurance if the rates they determine they want to charge are higher than standard rates. Insurance companies I have dealt with use a soft pull on my credit reports. Only two of them have sent the notice of adverse action to me explaining why the rate was going to be so high.
My question is, under the cited law, is there some requirement to have actual damages in order to pursue statutory damages? Auto dealer ships have tried to use that using soft pull credit reports nonsense and it has proven that they did so stupidly. The statute states "if a consumer report is used in whole or in part" it does not specifiy if it has to be a hard or soft pull, though.
Anybody with legal knowledge able to answer this for me? There is one insurance company that settled the matter with me. Did I just get lucky? Or am I on to something?
2 Answers
- STEVEN FLv 712 months ago
Under the FACTS as you state them, you have no claim. You didn't even HINT that your rates are any hire than standard rates. That said, the DEFINITION of a hard pull is a pull in connection with an application for credit. ALL pulls for insurance are, BY DEFINITION, soft pulls.
IF an insurance company settled with you, which I doubt, it was a 'nuisance settlement'. That means they tossed you a few bucks to stop being a nuisance even though you didn't have a case.
