Incorrect reporting First Bank vs Wells Fargo

[JBinBigD]

Wells Fargo bought my mortgage from First Bank in Nov 2017.  First Bank says they had the loan until March 2018 and reports it as 90+ past due.

WF says incorrect and provided all documents including acquisition letter for FB.   FB still won't correct the info with CRAs after dispute inquiries.

I've been fighting First Bank for five months.  What else can I do?

[JVille]

Write a letter to your states Attorney General and the Banking Commissioner. Provide all your documentation complete with year end stmts before the sale of the loan and cancelled checks or proof of payment to sale of loan. Write a brief and easy to understand letter to your State Officials and back up proof.

A letter from an attorney to you Loan Servicer is an additional option. But get your state regulatory authorities should light a fire under someone’s ass.

[RobertEG]

If the orignal loan holder is still reporting, they have an obligation under FCRA 623(a)(2) to promptly update any reporting that they determine to be inaccurate.  You have made that assertion in a formal dispute, which requried the CRA to refer the dispute to them, and required them to then conduct a reasonable investigation and respond back to the CRA.

That they have done, and they reported to the CRA that they verify the accuracy of their reporting of the contested late.

You now have the explicit right under FCRA 623(c) to bring your own civil action against them for lack of reasonable investigation of your dispute.  It is an explicit right under the federal FCRA.

You would apparently have an excellent factual case if the current owner concurs that they owned the debt at the time the prior owner asserts that you were delinquent in payment obligation to them (i.e., the prior owner).

They have thus made an unreasonable investigation and verification of accuracy of information that they clearly have no right to report, as there was not delinquency with them during a month where they did not own the debt.

I would consult an attorney with intent to bring civil action under FCRA 623(c) for their violation of the reasonable investigation provision of the FCRA.

[JVille]

This may sound like a stupid question but if you have only contacted them over the phone , that would be what’s wrong!
You must contact them in writing along with your documentation. Short, clear, concise and back up by easy to understand proof.

Have you sent them a letter or only called on the phone?
Have you disputed thru the Credit Bureau, which one is it being report wrong to?