David and Goliath? Bank of America pays out because of poor customer service

Settlement for a class action against Bank of America was approved in Harrisonburg , VirginiaU.S. District court approved 9.95 million settlement in a consumer protection class action against Bank of America under the Fair Credit Reporting Act.

Loan applicants complained that Bank of America was taking up to several weeks to provide such notice, this prevented borrowers’ chance to negotiate better loan rate by fixing credit problems. The plaintiffs sued under an FCRA provision that requires lenders to notify loan applicants of lender‘s use of applicant’s credit score “as soon as reasonably practicable“.

Bank of America responded in an email from spokes person Shirley Norton: “This is the final court approval of a settlement that was reached in mediation last September. We are pleased to put the matter behind us and we are settling to avoid the further cost of litigation.”

What a shame. Bank of America does not get it. If they had cared about customer service instead of the bottom line, this law suit would have never had to happen. Thank God we have lawyers to protect the little guy.

2016-10-30T13:43:12+00:00

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