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…
- 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.
- 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.
- Credit Damage is not a kind of economic damage T F
Answer: FALSE. This is an economic damage compensated for with money.
- 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.
- 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.
- 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.
- Credit damage and credit repair are the same T F
Answer: FALSE. Credit repair only aims to eliminate derogatory information from your credit report .
- 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.
- 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.
- 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.