50 Ways to Protect Your Identity in a Digital Age: New Financial Threats You Need to Know and How to Avoid Them (2nd Edition) by Steve Weisman

Author:Steve Weisman [Weisman, Steve]
Language: eng
Format: azw3
Publisher: Pearson Education
Published: 2012-10-10T00:00:00+00:00

Another Scary Story

In March 2000, when Lorraine Turner found that her 1993 Chevrolet Geo Prism was missing, she reported the theft to the police. In doing so, she learned that the car had not been stolen, but had been repossessed due to her failure to make her car payments. There was only one problem with that explanation. Not only had Ms. Turner been up-to-date in her car loan payments, but she had even completed her payments in full some time ago. She also had in her possession the title to the car, which had, weeks earlier, been returned to her by the bank where she had her car loan. Her car was promptly returned to her and Lorraine Turner thought the incident was over. But she was wrong. Three years later when she went to buy a new car she was turned down for a car loan because her credit report reflected the wrongful repossession of her 1993 Chevrolet Geo Prism. Her efforts to have the bank correct the situation were futile, so she sued the bank for its continuous inaccurate reporting of her car’s repossession and failure to correct the credit-report error caused by their negligence. A sympathetic jury ruled in her favor and awarded her $500,000. Now she can pay cash for her next car.

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