Looking for advice....

Discussion in 'Credit Talk' started by tmitchell, Aug 8, 2003.

  1. tmitchell

    tmitchell Well-Known Member

    Hi all,

    I've found myself with what I think is a golden opportunity to stick it to TU and I'm not sure how to go about it. Here's the deal:

    I got a mortgage from LoanWorks (IndyMac) in 10/2002. Countrywide purchased the mortgage in 12/2002. TU began listing both mortgages as open ($134K each).

    I disputed the LoanWorks entry back on July 17th as being sold/transferred with $0 balance. TU told me today that LoanWorks responded yesterday and said the TL was correct (open with balance of #134k).

    Here comes the damages part: I applied at Beneficial for a $7K personal loan to consolidate the balance of a high-interest car loan and some high-interest credit cards (remnants of my 550-FICO days) and was told they cannot approve the loan because TU says I have two open mortgages and my debt-income ratio is too high.

    She said if I can prove COuntrywide bought the loanworks loan, they will approve it. I called LoanWorks last night and they said they will fax corrections to TransUnion today and to me as well.

    I don't think TU ever verified. If I can get written acknowledgement from LoanWorks that they never verified, what's my next step?
  2. tmitchell

    tmitchell Well-Known Member

    self-serving bump...
  3. LKH

    LKH Well-Known Member

    Hey, where ya been?

    I'd say your next step if you can get such a letter, would be to send an intent to sue to TU advising them they are in violation of section 611 of the FCRA for wilfully not investigating and then lying with the results. Demand xx $$ or sue them. And then do it if they fail to cough up the $.
  4. BrettS

    BrettS Well-Known Member

    I have no legal experience, so take my advice with a grain of salt, but IMHO if you can get written verification from Loanworks, then I think you have a case against TU.

    The other option is try to verify with TU again and if it still comes back verified then sue Loanworks for placing false information on your CR. It's possible that this will get most or all of the way to court and Loanworks will claim that they were never contacted by TU, but if this does happen it would only provide you a nice strong case against TU.

    If you do decide to go with the first option and try to get proof from Loanworks that they didn't verify with TU you may want to mention that if they don't respond you can only assume that they provided the false information to TU and you will be suing them instead.

  5. tmitchell

    tmitchell Well-Known Member

    Hey LKH! Been around here and there answering posts once in a while. Been busy with the new house and new neighborhood. It definitely has been a while!

    Anyway, I just got off the phone with LoanWorks and they said they updated the TL as transferred/$0 back in Feb! I told them that they were currently on the hook for about $10K in damages for willfully reporting false info to a CRA. They got all bent outta shape so I told them to get me a letter stating that they updated to transferred back in Feb and that would get them off the hook and that I would then set my sights on TU.

    They said they should be able to get me that letter without much hassle today via fax. TU is toast if I get it.
  6. BrettS

    BrettS Well-Known Member

    Let us know if you get that letter:)

  7. tmitchell

    tmitchell Well-Known Member

    Will do!
  8. tmitchell

    tmitchell Well-Known Member

    I got the letter! Loanworks told me TU tried to talk them out of sending it, saying it wasn't necessary since they fixed my credit report immediatley when the bank called them today.

    Does anyone have a good intent-to-sue letter? Or, should I just file suit? The bank may go ahead and approve the loan now that the UDF has been sent by the old mortgage company though so I'm not sure I could prove damages.

    Any suggestions?

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