One of the most common questions I hear when I’ve been retained as a credit damage expert witness is, “How are you going to quantify damages?” It’s a simple question with a very complicated answer, that doesn’t apply equally across all credit damage cases. The issues as I see them are;
1) There is no one generally accepted and peer reviewed method for determining credit damages. Some credit damage experts use a “dollar for dollar” credit damage model, which means if you’ve been denied a loan for $100,000 they will testify that you’ve been damaged $100,000. If you applied for that loan with three lenders and they all denied you they’ll testify that you’ve been damaged 3x $100,000. Some credit damage experts will even try to step outside of their knowledge zone and add in emotional distress damages, which is something I won’t do.
2) Some experts will suggest that their job isn’t to quantify credit damages and that they’ll leave it to the jury to do so. This suggests to me that they simply don’t know how to do it and are punting to the jury as a cop out.
3) Some expert will suggest that they are “going” to quantify credit damages but just haven’t done so yet. The problem with that tactic is after you’ve read their expert reports several times and they’re always “going” to quantify damages, it also suggests that they simply don’t know how.
4) Quantifying damages isn’t as difficult as the actions of some credit expert witnesses suggests. As long as your damage assessment is based on solid logic and is well documented it’s hard to argue against the assessment.
If you’ve got a case where you need someone to quantify credit damage or offer rebuttal testimony to the assessment of another credit damage expert, please feel free to contact me at 866.985.8884. I’ve got over 100 cases under my belt and have been adverse to all of the commonly used credit damage expert witness many times.