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.
You are 100% correct on all points. TD bank is not one to lend out huge amounts, well on CC's. I guess on car loans they either lend it or pass on it. However, you cant blame it all on the fraudsters. The lenders are not taking the time to verify most of the info on the application so they are leaving themselves open for fraud. I bet if they verified the income, residence status and a few other things many red flags would have come up. Lenders are lax these days and this is how fraud makes its way through.