10-10-2012 01:00 PM
Hello. Back in 2007 I had a CO with Wells Fargo. The next year I paid a CA in full " not a settlement" for the entire amount. Well fast forward 5 years later and I am in the process of starting to buy a home. Wells Fargo has my account on all the Agencies as paid for less than full amount. I have spent 5 weeks dealing with them. I am always in contact with their internal collections department. They try to be helpful. Even the manager tells me it is reporting wrong and should be reporting "paid in full". The problem is they are telling me that nothing can be changed without their Executive Office doing it. This office sends me a letter saying that it is reporting correctly and asks me to be more specific on what I was disputing. I mean really. I have faxed all the information over to them 3 times now. On top of that they did a Hard Pull that dropped my middle score from 690 to 679!! Why on earth would they do a Hard Pull? Of course I can not speak to anyone in this TOP SECRET OFFICE.
Can I make them report correctly? I have disputed with all three agencies and all came back verified.
Can I make them remove my Hard Pull? I see no reason they should have done one.
I am honestly getting sick of this. I did file a complaint with the BBB about these issues.
10-10-2012 02:25 PM
In my opinion, you are correct on both points. How to get it taken care of? Not so easy.
First, your legal basis.
Any party who has reported information to a CRA has the statutory obligation under FCRA 623(a)(2)(B) to "promptly" update with the CRA so as to maintain the accuracy of the reported information. The fact that their internal procedures set obstacles that prevent timely action is their problem.
They have apparently admitted inaccuracy, so it is contradictory for them to verify accuracy if you have sent them a direct dispute.
Did you send them a formal direct dispute? That requires verification, correction, or deletion within 30-ish days.
If a direct dispute with the furnisher fails, I would send a formal complaint to the FTC for their violation of section 623(a)(2)(B).
BBB complaints are fine, but the statutory enforcement of the FCRA is delegated to the FTC. BBBs are only informal players.
Remaining recourse is to file your own civil action against them. Their admission of inaccuracy along with their lack of concern over their "promptness" requirement would most likely impress any judge.....
10-10-2012 02:51 PM