Professional Negligence Law Reporter
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Fair Credit Reporting Act violations
November/December 2023Justin Peters refinanced his mortgage with American Pacific Mortgage Corp. For approximately the next five months, American Pacific misapplied Peters’s payments and reported to credit reporting agencies that he had been 30 days late with his payments. Despite Peters’s attempts to correct the record, American Pacific continued to instruct the credit agencies to report the false information. Peters suffered negative financial consequences, including the inability to finance an engagement ring. He was also denied a loan.
Peters filed suit against American Pacific Mortgage Corp., alleging violations of the Fair Credit Reporting Act for the defendant’s failure to conduct a reasonable investigation, consider its own loan file and the correspondence sent about the payment issue, and review its internal payment history.
The jury awarded $800,000.
Citation: Peters v. Am. Pac. Mortgage Corp., No. 2022-CV-030141 (Colo. Dist. Ct. Larimer Cnty. May 26, 2023).
Plaintiff counsel: Matthew R. Osborne, Northglenn, Colo.; and AAJ member Duran Keller, Lafayette, Ind.
