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.
Always someone on the take somewhere...
Thanks for the post!
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"
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.
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?
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.