Dispute with First Premier Bank

[Anonymous]

I filed a dispute with FP through email regarding inaccuracies on my credit report. I sent them copes of my credit reports as well. They responded that they are reporting accurately and not responsible if the credit bureaus use different data field. Then, I filed a complaint with CFPB because I feel certain things should be consistent across the board such as DOFD, status of account, etc. I got a notification that CFPB sent the complaint to the Federal Reserve. I called to find out more this morning. They said that the Federal Reserve regulates that bank and will take over. Is that good or bad?

[torry590]

I would say that is good. The more government agencies that the complaint goes through the better, they will be quick to act or anger a very powerful giant. 

[gdale6]

The CFPB ony deals with banks that have 10B or more in assets, FP isnt anywhere near that so their regulator would be the FR. Whether or not its good or bad remains to be seen dont see to much posting about the FR having handled complaints.

[Anonymous]

Ok. Guess I will have to wait to see what happens as a result of their investigation.

Thank you

[RobertEG]

You have been passed down the regulatory food chain to an agency that does not normally handle compliance with the FCRA.

The CFPB does not have enforcement power over smaller banks.   They refer potential enforcement actions against smaller banks to the established banking regulators.

I personally dont see it as positive, as administrative regulation of the FCRA is explicitly under the oversight of the FTC and CFPB, and your complaint is being referred based on the type of creditor as opposed to the specific statute that is asserted to be in violation.  The Federal Reserve doesnt have the background in dealing with FCRA violations.  The formal deferal by the CFPB removes themselves from the picture, and the Federal Resiere is not bound to communicate anything back to the CFPB.

Please keep us posted on how agressive the Federal Reserve seems to take your complaint based on compliance with the FCRA, which is not their normal ballywick.

[Anonymous]

 I truly hate to be the voice of disdain but I endured this EXACT same thing last year.  I used the script on myFico and sent it off to PRESREF@Fp.com -- got a nasty reply stating exactly what they told you.  Long story short, they WOULD NOT BUDGE even with CFPB intervention, BBB etc -- their lawyer and VP even called me on conference after I demanded a VP call -- the VP was a REAL @ss, and the female lawyer was -- well you know.  It was awful, THEY are truly awful people and a scumbag company.

My CR was SOOOO differently reported it was ridiculous -- different dates reported, lates, CO dates -- you name it.  They blamed the CRAs, and stood their ground for months.  They NEVER removed early -- lucky for me however, it was due to age off in MAY 2016 (now) and I got ALL THREE BUREAUS to delete 6-9 months early by disputing and calling executive CSRs !!!  GONE since November, those dirt bags  AND CAN NEVER COME BACK !!!!!  

If you are between 6 month and 9 month out I highly suggest calling EXEC LEVEL CSR at ALL 3 CRAs -- you may very well have success. If however it is still years away from deletion, you are in for a verrrrryyyy long, most likely losing battle.  Theyre awful and I feel for you, Best of luck to you OP!!!!!

** EDIT TO ADD: Im really unsure as to why the immediately delete for some upon these direct disputes citing "inaccuracies or discrepancies on CR's" and not others -- seems as if someone should sue their RUMPS for discrimination.

[Anonymous]

Any update? Also JoeyZoom how did you get ahold of higher level CSR's? Did you call in and request that or write by mail please? Mine comes off in ten months, but I need it off soon. I disputed with them directly and First Premier stated that he came back verified and they will no longer answer my emails any longer. I just reported them to the Better Business Bureau, my attorney general and the South Dakota Attorney General. I am also going to make a complaint with the Federal Reserve, the controller of currency and with the cfpb. I can't believe that a company can still report on your credit report if they will not prove that it belongs to you. all the person did at the corporate email address with send me a final statement with my current address which I haven't lived at this address for a long time and they say this is account is a back from 2009 and closed April 2010.

[Anonymous]

This just happened to me as well. Can you share what happened with the Federal Reserve?

[RobertEG]

Keep in mind that federal agency review, regardless of the agency, is normally limited only to administrative violations, not asserted violations that require further evidence and evaluation of what that evidency proves.  That normally involves determination by the courts.

If you feel you have a legitimate case supported by evidence, you always have the option of persuing via the courts rather than seeking administrative review of compliance by a federal agency.

Consumers have the right under FCRA 623(c) to bring their own civil action once they have filed a dispute and received a determination of verification of accuracy.

[Anonymous]

Nothing happened. The Federal Reserve person felt it was reporting accurately even though I provide reports from all 3 bureaus showing otherwise. They did admit that FP was wrong to close my account while I was disputing charges. The accounts are still on my report.