Abigail Field | Wells Fargo and the Credit Bureaus Sued for Deceit

Wells Fargo and the Credit Bureaus Sued for Deceit

Following on the heels of the Nevada AG‘s suit that details profound deception and bad faith dealing by Bank of America, Countrywide and affiliates, consumers in Oklahoma have leveled similar charges against Wells Fargo. Similar, that is, in that the consumers accuse Wells Fargo and the Credit Reporting Agencies of deceptive and incompetent business practices, including the total violation of a settlement agreement. The actual deceptions detailed in the two lawsuits are quite different.

In the Oklahoma case, which seeks class action status, Wells Fargo habitually failed to properly acknowledge receiving the plaintiffs’ mortgage payments, which were always made in full and on time. That is, Wells decided the plaintiffs were in default even though they weren’t, and never had been. As a result, Wells twice tried to foreclose on them wrongfully, and wrongly reported to the credit reporting agencies that the plaintiffs were in default. (This treatment of a current borrower as a delinquent one mirrors what happened to one of the homeowners suing to block the BofA/BNY settlement, see paragraphs 11 and 12 of the complaint.)

After litigation won by the Oklahoma plaintiffs, Wells agreed to work with the credit reporting agencies to fix the plaintiffs’ credit reports, dismiss the foreclosures, and pay the plaintiffs’ attorneys’ fees. But Wells not only didn’t get plaintiffs’ credit reports fixed, Wells kept going after them for money they didn’t owe.

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One Response to “Abigail Field | Wells Fargo and the Credit Bureaus Sued for Deceit”
  1. talktotennessee says:

    Yes, it is a relief that suits are being filed that disclose bad practices of some of these lenders. Wells Fargo is by far one of the worst to abuse borrowers. Their actions defy belief, in deception. In working with someone attempting to modify a loan, when modification efforts began, there was no sale date.
    Wells immediately set a dateand then actually reset it to an earlier date, all without disclosure. This is not only illegal and outside the FDPA. they deny contact with anyone other than customer service representatives who answer calls. It is a completely closed company that takes advantage of minorities, elderly, or those who have fewer resources for help. They deserve the lawsuits filed against them. They operate under other names as well, ASC, America’s Servicing Company is one of their shell identities.
    This is a bank that needs to be shut down. They practices are every bit as deceptive, or more so, with padded fees, force written insurance, etc. etc. as B of A or Chase .

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