Can one sue Citi Bank for a bad credit report? I had accounts with City Bank and found one day they were billing me for about $4. then they began to call me on the cell phone every day, every half hour for almost three weeks as best as I recall. What happened is that I had a business account and a personal account. The business account had a credit balance of about $2. I asked there person to join the bill to my personal account when the bill came. I was told OK. That did not happen so I charged what I thought was the amount that would wipe out the credit, and tried to pay the difference at Home Depot at the time of purchase and was told I could not do that. In fact I would have to wait till I got my next bill to pay. By the time the dust had settled I got a bill and called and asked where was my credit, and was told it was in a check in the mail.... mind you that check never showed up. In the end Citi Bank reported bad credit, closed account and my credit rating dropped from 749 to 500 something. In the mean time other cards started to close my accounts. Since I believe City Bank is at fault, I think I thought to be able to sue them. Any comments. I ask this because I just found out about the credit report and other cards that I had carried for a long time, are now closed and are refusing to re open them. Thanks.
It appears that any inaccuracy in credit reporting is based on billing issues. It seems that credit reporting is the cart behind the horse.
Action for inaccurate reporting under the FCRA only provides for damages if the reporting is shown to be either knowingly inaccurate or negligent.
FCRA 616, 617.
Issues over billing are covered under the FCBA, and includes a dispute process that provides for the production of account records. Disputes under the FCRA dont compel documentation in order to verify.
I would suggest first making any appropriate disputes under the FCBA before moving to legal action, thus getting more facts.