Credit Damage Quiz

Credit Damage IQ Quiz

While credit damage has been court recognized as a compensable damage since 1912, yet there is much misunderstanding about it.   Check your own understanding…

  1.  I do not need to have perfect credit  to be paid for damage to my credit             T    F

Answer:   TRUE.  You only need credit that is good enough to damage.

  1.  I can get paid for credit damage even if I do not have an attorney                         T    F

Answer:   TRUE.   You must have proof of the measured damage to satisfy a judge.

  1. Credit Damage is not a kind of economic damage                                                       T    F

Answer:   FALSE.  This is an economic damage compensated for with money.

  1. Credit Damage is not a standalone cause of action, it is an economic damage     T    F

Answer:   TRUE.   The must be a legal reason for you to seek justice.

  1.  I do not need to have sufficient active credit at the time of the damage to be compensated    T F

Answer:  FALSE.  If you do not have active credit at the time of injury, it cannot be damaged.

  1.  It is important to know the value of the damage to credit before starting settlement   negotiations                                                                                                                         T    F

Answer:  TRUE.  If you don’t know how much the value is, it is difficult to get fair value.

  1.  Credit damage and credit repair are the same    T    F

Answer:  FALSE.  Credit repair only aims to eliminate derogatory information from your credit report .

  1. There is no specific education for lawyers on preparing a credit damage demand      T    F

Answer:  FALSE.  Economic damage must be proven to the court or it will be denied.

  1. Credit Damage valuation may include cancelled credit cards, and new credit denial  T    F

Answer:  TRUE.  If the cards were cancelled because of what the defendant did.

  1. Credit Damage valuation may include  increased out-of pocket costs   T   F

Answer:   TRUE.  Any change financial change that is caused by the defendant be compensated by settlement or court order.

Ready to see how you did?