Per the HeraldTribune.com, Bank of America could potentially be involved in the same tactics as Wells Fargo a few years ago of opening bank and credit card accounts without customer authorization. This resulted in a billion dollar fine for Wells Fargo.
The U.S. Consumer Financial Protection Bureau announced its investigation last week.
As a bankruptcy lawyer, I can tell you my experience is that it is common to see debts listed on a credit report that do not belong to my clients.
When I obtain credit reports for clients, I use a free service that allows under the Fair Credit Reporting Act to obtain a free credit report once every 12 months.
But, even yesterday with a new bankruptcy client, she was not able to obtain her credit report because the online system prevented her from doing so, stating she had already obtained her credit report during that time period. She didn’t.
Usually, that is indicative of fraud and it is more common than you think. One should always be registered with a credit monitoring service where alerts are received if your credit card is used or if a new line of credit is opened.
In December of 2017, one of my business accounts with Wells Fargo was wiped out, leaving a negative balance.
A month later traveling to Colorado, I was unable to use my Wells Fargo credit card because my account had been maxed out by thousands of dollars. Within the same month, I had a half dozen transactions with Skype on a business debit card.
While everything was resolved in my favor, it was still time consuming and aggravating to say the least. Now I receive alerts requiring me to approve transactions.
While it is more work, it is better than having to deal with the issue after the fact.
Representing clients in the areas of Chapter 7 Bankruptcy, Family Law/Divorce, and car and motorcycle accidents for 20 years.
(904) 712-5565 or (305)-688-LAWS (5297).
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