Just recently, you must have heard of the Credit One Bank Settlement Lawsuit, and that’s mainly because the settlement amount is as big as $14 million in total. But before you get to know whether you qualify for this or not, you should at least get to know what the entire matter really was. And whether the company itself is accepting their wrongdoing or not, right? So, let’s just get to that right away.
Background of the Lawsuit
And now, talking about the lawsuit itself, well, it actually brings up two big problems and we must talk about that in order to understand it all.
And sure enough, the first big issue has to do with the robocalls going from 2014 to 2019. As per the details of this case that are made public. see, during this time, Credit One Bank, along with their partners are accused of using automated calling systems to reach out to people without their permission. That may sound like not a big thing, but it really is a sketchy thing. A good number of those contacted couldn’t even be their customers.
The second one? Oh, it has more to do with the financial operations from the years 2022 through 2025. As per the data and whatever is out there, actually, there were over 1,400 grievances lodged, accusing the bank of inflating fees, misreporting credits, and leaving customer disputes unsolved. And sure enough, in some of these matters, the bank was taken to court.
Key Legal Accusations
For now, what we see or understand is that these robocall allegations relate to the Telephone Consumer Protection Act (TCPA). If you know a little bit about it already, see, this legislation limits the use of automated calls or prerecorded messages by companies without obtaining permission. And since there was a clear violation of it, that’s a big talking point in the lawsuit as well. Like, the complaint pretty much says that Credit One Bank kept on calling customers even after the customers had told the bank to stop.
Other than that, the money claims point to the accused’s mismanagement of the bank, such as the imposition of surprise fees, reporting of wrong balances to credit bureaus, and neglecting customer complaints. These are pretty much the reasons that have led the customers to be kinda skeptical about this company now.
Settlement Details
As you might have seen, so many big companies do this; sure enough, Credit One has done the same, like instead of dragging this suit even further, they have decided to settle the matter and have consented or agreed to pay about $14 million in settlement. But the main thing to note here is that even though they have decided to settle, they are not accepting any wrongdoing.
Since there were so many customers who were affected by the fault of Credit One, no doubt, whoever qualifies can get from $100 to $1,000 per claimant, the final amount being determined by the total number of claims approved. And it could be, as per the talks going on, that some people can also get compensation of up to $1,000. That’s pretty much a possibility.
Who Is Eligible?
So, while we’re on the topic of discussing the settlement and how much one can get, let’s go over some qualifying criteria here, shall we?
- You received automated or prerecorded calls from Credit One Bank or its affiliates
- The calls occurred between February 20, 2014, and February 7, 2019
- You did not give consent (customer status does not matter)
For the financial practices settlement, eligibility requires:
- An active Credit One Bank account between 2022 and 2025
- Proof of financial harm, such as unfair fees or incorrect credit reporting
But the thing to note here is that some documentation may be required, but eligible individuals are encouraged to file.
