Credit damage claims can be classified in the broad category of consumer credit claims. You might only know about ppi and consumer credit claims that relate to your credit card, but you should be on the look out for other types of claims. Most of us depend on credit to run our day to day lives including to buy a car, to pay for school, to finance our mortgage or to buy things that we need daily. This means that when your credit is damaged, your ability to borrow money to run your life can be hampered greatly. Can you imagine not being able to acquire funds to start your business or to pay for college fees just because your credit is damaged?
Credit damage is usually caused by lending institutions such as banks when they make errors on the accounts of their customers. These errors can come in the form of failure to record that you have made payments into your account; recording that you made late payments; recording that you have defaulted on your account;or sending erroneous credit reports to the credit reporting companies.
Unfortunately clearing out these errors can take a long time because the lending institutions are either too slow to correct the errors or are unwilling to do so. Just in case you are denied credit by a lending institution, be sure to ask them to give you are reason why, through a letter. This will help you to identify whether there have been errors that have affected your credit score. From here you are able to launch a claim with various agencies such as the Federal Trade Commission or the Better Business Bureau. If This approach does not work you may consider filing a civil lawsuit against the lending institution. Whichever route you take, you might be compensated for the damage caused.