H.R.5775

Amends the Fair Credit Reporting Act to set limits on damages in class action lawsuits for negligent and willful noncompliance.

The FCRA Liability Harmonization Act amends the Fair Credit Reporting Act to establish limits on damages in class action lawsuits. For willful noncompliance, the total recovery for the class cannot exceed $100,000 or 40 percent of any actual damages, whichever is less. For negligent noncompliance, the total recovery cannot exceed $500,000 or 1 percent of the defendant's net worth, whichever is less. The act also limits the costs of the action and reasonable attorney's fees to the lesser of $100,000 or 40 percent of any damages awarded.