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What is this litigation about? What is the Fair Credit Reporting Act? When/where was the case filed? How many people are in the Class? Do I have to attend the Court Approval Hearing on Court Approval Hearing Date? What does E-Loan say about the claims? Why did this case settle if the parties disagree about the claims? Who are the attorneys representing the Class? Who are these firms and how can I reach them? Can I have my own lawyer look at the Settlement? When was the Settlement approved by the Court? Should I accept this Settlement? How do I request my free credit report, credit score, and check for $20.00? What if I do not wish to receive my credit report or credit score? What is the deadline to opt out or exclude myself from the Settlement? How do I opt out or exclude myself from the Settlement? If I opt out, will my rights be affected? What is the deadline to object to the Settlement? How do I object to the Settlement? When will I receive my Settlement Benefits? What is the deadline for me to request my Settlement Benefits? What happens after I receive my credit report? Do I give anything up by staying in the Class? How will I receive my Settlement Benefits? Why should I get a copy of my credit report? Aren’t I already entitled to a free credit report from other sources? Why do I have to provide my social security number in order to receive my credit report? How much will the attorneys be paid? Will I have to pay for the attorneys? Can I throw the Notice away and do nothing? Can you send me a copy of the Notice? Back to top A: Plaintiff sued E-Loan and alleged that E-Loan violated the Fair Credit Reporting Act, 15 U.S.C. §§ 1681, et seq., by obtaining or using consumer credit report information without a permissible purpose. Back to top A: E-Loan is a corporation that markets and originates mortgage loans throughout the United States. If you received a Notice of Class Action Proposed Settlement and Court Approval Hearing, it is because E-Loan obtained or used your consumer credit information for the purpose of mailing you a letter about a loan in early 2005. The plaintiffs alleged that the solicitation letter did not contain a firm offer of credit. Back to top A: John S. White of Florida sued E-Loan on his own behalf and on behalf of all consumers similarly situated. Back to top A: The Fair Credit Reporting Act (“FCRA”) is a federal law first enacted in 1970. It is designed to promote the accuracy, fairness and privacy of consumer credit reports and information in the files of consumer reporting agencies (“CRAs”). Among other things, the law limits the persons or companies to whom CRAs may legally provide a consumer credit report, and the purposes for which consumer credit reports may be accessed. One of the few circumstances in which the law permits the use of a consumer report in the absence of a consumer-initiated transaction is when the person or company receiving the information uses it to extend a firm offer of credit to the consumer. Back to top A: No. You are not being sued. You may be a member of a class of people for whose benefit the case was brought against E-Loan. Back to top A: The defendant is E-Loan, Inc. Back to top A: This lawsuit was filed against E-Loan, Inc. in May 2005 in San Francisco, California. Back to top A: A class action lawsuit is a case brought by an individual or individuals who offer to stand in the shoes of others to represent their interests in the case. The individuals seeking to stand in the shoes of others are called class representatives and believe that other people have suffered the same type of harm that is at issue in the case. Back to top A: Neither side won the lawsuit. Both sides agreed to settle. The Notice you received sets forth the terms of the Proposed Settlement preliminarily approved by the Court. You can view a copy of the Notice in the “Court Documents” section of this website. Back to top A: The Settlement Class consists of all individuals throughout the United States: whose credit report information was obtained or used by E-Loan, Inc. (“E-Loan”), in connection with a credit transaction not initiated by them, and who received a mailer from E-Loan designated as the S501-A mailing or as the S501-B mailing. If you received a mailed Notice of Class Action Proposed Settlement and Court Approval Hearing, you have been identified through Defendant’s records as a member of the class. Back to top A: There are approximately 199,999 class members. Back to top A: No, you are not required to attend the Court Approval Hearing. You will be represented by Class Counsel. Back to top A: The company denies that it acted unlawfully and denies that it committed any violations of the Fair Credit Reporting Act. Back to top A: The parties agree that the Settlement is a compromise to resolve the disputed claims. Back to top A: The Court designated Jill Bowman and Terry A. Smiljanich of James, Hoyer, Newcomer & Smiljanich, P.A. Douglas Bowdoin, P.A., J. Craig Bourne, Esq., Gail Killefer, Esq., W. Roderick Bowdoin, Esq. and Steve M. Fahlgren, Esq. as class counsel for the members of the Class. Back to top A: James, Hoyer, Newcomer & Smiljanich, P.A. is based in Tampa, Florida. Douglas Bowdoin, P.A. is based in Orlando, Florida. J. Craig Bourne, Esq. is based in Orlando, Florida. Gail Killefer, Esq. is based in San Francisco, California. W. Roderick Bowdoin, Esq. is based in Lake City, Florida. Steven M. Fahlgren is based in Orlando, Florida. You may reach Class Counsel by telephone at 1-800-634-0877. Back to top A: Class members may contact their own attorneys to review the Settlement at their own expense. Back to top A: The Settlement was preliminarily approved by the Court on December 5, 2006. The final Court Approval Hearing is scheduled for March 2, 2007. The Settlement is not final unless or until the Court grants final approval on or after March 2, 2007. Back to top A: The decision is yours to make. In most circumstances, we believe that you should. Now more than ever, it's important for you as a consumer to check your credit report regularly to make sure that it doesn't have mistakes. Mistakes in your credit report could cause you to have higher insurance premiums and interest payments. Mistakes could even cost you a job. If you haven't checked your credit lately, this Settlement offers you a free and easy chance to get started. We urge you to take it. In addition, you are eligible to receive a free copy of your credit score and a check for $20.00. Back to top A: To receive your free credit report, credit score, and check for $20.00, you must complete the Claim Form and mail it to the following address: FCRA Settlement Administration, P.O. Box 13005, Birmingham, AL 35202-3005. Your Claim Form must be completely filled out and you must sign your name in Sections III and IV. Your Claim Form must be postmarked on or before April 2, 2007. Back to top A: We strongly suggest that you request your credit report so that you may check it for errors. However, if you wish to receive only your check for $20.00, you may do so by leaving Section III of the Claim Form blank, but by completing the remainder of the Claim Form. You must sign your name in Section IV. Your Claim Form must be mailed to the following address: FCRA Settlement Administration, P.O. Box 13005, Birmingham, AL 35202-3005. Your Claim Form must be postmarked on or before April 2, 2007. Back to top A: The deadline to opt out is February 15, 2007. Back to top A: If you want to opt out of the class, you will not be eligible for any of the benefits available under the Settlement. To opt out of the class you must send your written notice of intention to opt out of the Settlement to the FCRA Settlement Administration, P.O. Box 13005, Birmingham, AL 35202-3005. Your written request must be postmarked on or before February 15, 2007. The information required to be included in your notice of intention to opt out is detailed in Section IV(B) of the Notice of Class Action Proposed Settlement and Court Approval Hearing. You can view a copy of the Notice in the Court Documents section of this website. Back to top A: Any Class Member who opts out will be removed from the Class, excluded from participation in the Settlement, and will be precluded from obtaining a free credit report, credit score, or check for $20.00. In addition, any Class Member who opts out is not bound by the release contained in the Settlement Agreement. Back to top A: The deadline to object to the Settlement is February 20,2007. Back to top A: The deadline to object to the Settlement is February 20,2007. The procedures for filing an objection with the Court are detailed in IV(C) of the Notice of Class Action Proposed Settlement and Court Approval Hearing. You can view a copy of the Notice in the Court Documents section of this website. Back to top A: No, you do not need to obtain your own attorney. If you choose to hire an attorney to represent you, it will be at your own expense. Back to top A: Class members who timely file a claim form will receive their Settlement Benefits if the Settlement becomes final. The Settlement is only final if the Court orders that the Settlement is final after the final Court Approval Hearing and no Class Member files an appeal or any appeal filed is resolved. Back to top A: To receive your Settlement Benefits, you must submit your completed claim form postmarked on or before April 2, 2007. Back to top A: If, after reviewing your credit report you find that errors exist in the report, you must contact Equifax and follow Equifax’s directions for correcting your report. Back to top A: By remaining in the class you maintain the opportunity to receive benefits from the Settlement and you give up the right to hire your own attorney and pursue your claims separately by filing your own lawsuit against E-Loan, Inc. for the types of claims that were made in the lawsuit. The complete text of the release is located in the Proposed Settlement Agreement preliminarily approved by the Court. You can view copies of the Notice and Proposed Settlement Agreement in the “Court Documents” section of this website. Back to top A: If the Proposed Settlement becomes final, your settlement benefits will be mailed to you. Back to top A: Consumer advocates indicate it's a good idea to regularly check your credit report, to make sure there are not mistakes in it. Mistakes could end up costing you more money for insurance or credit. Mistakes in your credit report could even cost you a job offer, if the employer checks applicants' credit. Back to top A: Under federal law, you are entitled to receive one free copy of your credit report from each of the three major CRA’s (Equifax, TransUnion and Experian) once each year. The free credit report available from this settlement is in addition to the free credit report available through that law. Several websites and advertisements advertise other “free credit reports,” but such offers are often in reality an attempt to have consumers sign up for monthly “monitoring” charges costing up to $10 per month, and usually require consumers to give up other valuable privacy rights. Back to top A: Your social security number is required in order to receive your credit report. The reason that your social security number is required is for your own protection. It is to make sure that the person requesting your credit report is you. Your social security number will be kept confidential. It will only be used for the purpose of providing you with your credit report. Your social security number will not be used for any other purpose or revealed to anyone else. Back to top A: The fees and costs paid to Class Counsel will be determined by the Court. E-Loan has agreed to pay the amount of fees and costs awarded by the Court up to $750,000. A motion seeking an award of fees and costs is currently pending before the Court. Back to top A: No. You will not have to pay the attorneys. E-Loan has agreed to pay the Class Counsel in addition to paying the full benefits to the Class Members. Therefore, the fees paid to the attorneys will have no effect on the benefits available to you under the Settlement. Back to top A: You are not required to do anything, but if you do not return your claim form postmarked on or before April 2, 2007, you will not receive a free copy of your credit report or credit score from Equifax and will not be entitled to receive a check for $20.00. If you do nothing and the Proposed Settlement is approved, you will be bound by the terms of the settlement and will forfeit your right to hire your own attorney and bring your claim individually. Back to top A: You can view copies of the Notice and Proposed Settlement Agreement in the “Court Documents” section of this website.
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