Proposed Settlement for FCRA Violations; Delayed Credit Score Disclosure

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If you applied for a Home Equity Loan or mortgage from Bank of America between May 28th 2006 and July 11, 2009, you may be entitled to money from a class action settlement. A settlement has been proposed in a class action lawsuit against Bank of America which relates to the timing of credit score disclosures. Read on for more info on this particular BofA settlement:

Proposed Settlement for Fair Credit Reporting Act Violations
Guest Blogger: Michael A. Aliberti, MSW

As a Class member notified of a proposed settlement with Bank of America, I wanted to submit this brief summary for others to be informed if affected. 
A lawsuit was filed in U.S. federal court on August 8, 2008 (Case No. 5:08CV00066 in the Western District of Virginia, Harrisonburg Division) for Plaintiff Thomas D. Domonoske.  A second Plaintiff, Victor Rivera, was added to this case on October 7, 2010. 
The case concerns the Fair Credit Reporting Act (commonly referred to as "FCRA") and is related to the timing of credit score disclosure provided to individuals who applied for certain mortgage loans between May 28, 2006 and July 11, 2009 on the "Legacy Bank of America" computer systems.
Or, a member of the Settlement Class had a loan application that was processed between August 8, 2006 and September 12, 2008 on the Bank of America computer system known as "ACAPS" primarily used for home equity loans and lines of credit.  Additionally, the credit score disclosure was triggered on that "ACAPS" computer system more than three (3) days after receipt of the application. 
The Complaint states, "Bank of America regularly uses consumer credit scores in connection with applications from consumers for closed-end and open-end loans secured by residential real property."  Such definition is for 1 to 4 units of residential property.
Further quote verbatim, "Bank of America regularly fails to provide as soon as reasonably practicable the consumer credit scores to its consumer applicants whose consumer credit scores were used in connection with applications....and regularly fails to provide as soon as reasonably practicable the disclosures required by 15 U.S.C. § 1681g(g)...." 
Class members must act on or before February 18, 2011.  However, any objection to the settlement must be received no later than February 8, 2011.  A hearing is scheduled with the Court on March 31, 2011 to decide whether to approve the settlement.  Any benefits provided may occur only after eventual Court approval and the resolution of any appeals.
No calls are allowed to Bank of America or the Court but can be made to the Settlement Administrator toll-free at 877-657-8808.
Please visit to obtain a Claim Form, check your PIN Number, review Court documents (which include Preliminary Approval Order, Class Action Complaint, and Amended Settlement Agreement with Exhibits), review Frequently Asked Questions, or find Contact Information.

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