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TU employee charged w/changing credit reports

tag
Dirge
Contributor

TU employee charged w/changing credit reports

I haven't found a story about this, but the criminal complaint was unsealed today https://storage.courtlistener.com/recap/gov.uscourts.paed.590678/gov.uscourts.paed.590678.1.0.pdf

 

The FBI says that the TU employee took money from "a credit repair business" to delete balances and inquiries and change accounts from derogatory to non-derogatory for about 80 customers. One person, whose score went up 154 points, then got and defaulted on a $170k auto loan. TD Bank started investigating after a higher than usual number of luxury auto loans originated from an Atlanta car dealership. 

Message 1 of 11
10 REPLIES 10
805orbust
Valued Contributor

Re: TU employee charged w/changing credit reports

Wow... aint that rich. 



Message 2 of 11
ChargedUp
Senior Contributor

Re: TU employee charged w/changing credit reports

Well ain't that a dilly! 

 

I'd be happy with just aging my accounts a bit grin.gif

Message 3 of 11
Mr_Mojo_Risin
Senior Contributor

Re: TU employee charged w/changing credit reports

Always someone on the take somewhere...

Thanks for the post!

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Message 4 of 11
calyx
Super Contributor

Re: TU employee charged w/changing credit reports

Welp, I guess the usual statement of "don't go with a credit repair, there's nothing they can do that you can't" should be amended with "legally"


Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 5 of 11
Rebuild2019
Valued Contributor

Re: TU employee charged w/changing credit reports

Thanks for the post.

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Starting Scores 05/2019: EQ:519, EX:525, TU:574

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Message 6 of 11
NoMoreE46
Community Leader
Senior Contributor

Re: TU employee charged w/changing credit reports

Great read thanks.

Message 7 of 11
stonedog23
Frequent Contributor

Re: TU employee charged w/changing credit reports

I'm not even going to front, I wish I knew this TU employee and I wish he or she had done me a solid too.  Somethings on your reports are not accurate and companies fight like H*ll to keep them on there.  And after a time the credit report agencies will refuse to investigate a duplicate complaint.  

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Message 8 of 11
Anonymous
Not applicable

Re: TU employee charged w/changing credit reports

It took 5 years from the date of the crime to bring charges????

It appears to be an easy case to make but 5 years to investigate it?

Am I missing something here?

Thanks

Mark

 

Message 9 of 11
pizzadude
Credit Mentor

Re: TU employee charged w/changing credit reports

Very interesting stuff for sure.  After wading through the inditment & affidavit, here are a few of my thoughts:

 

-- This inditment is only against the person who worked at TU and made the unauthorized changes to CRs.  I'd assumed the two co-conspirators who recruited and paid them to make the changes will eventually also be indited but who knows.

-- Score impact of inquiries is minmal, disputing / removing them is a waste of time.  Loan holder A.N. had 13 inquiries removed and received 0 pts score increase.  It's unknown if these were all of their inquiries, my opinion is that it likely was, why only remove 13 ?

-- Fraud continues to be a huge expense for lenders.   From this one incident, charge offs exceeded $550K:   $325K for TD Bank, $19K for Barclays, $220K for NFCU, $82K for Regions, $25K for PFCU, $21K for USAA.

-- Fraudulent cash deposits into a bank account constitute interstate wire fraud.  I guess this makes sense, but I never really looked at it from that perspective. 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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