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Inaccurate Wells Fargo Credit Report

Inaccurate Wells Fargo Credit Report

Wells Fargo paid more than $3.7 billion to settle claims that it harmed more than 16 million consumers.  These violations impacted consumers with auto loans, mortgages, and deposit accounts.  According to the Consumer Financial Protection Board, Wells Fargo illegally assessed fees and interest charges on car loans and home mortgages.  As a result, some consumers had their vehicles illegally repossessed, while others were assessed unlawful overdraft fees.  These illegal fees charged by Wells Fargo could lead to inaccurate credit reports that could have substantial negative effects on impacted consumers.

Wells Fargo Customers Should Review Their Credit Reports

Wells Fargo reports credit information on consumers to the major credit reporting agencies: Equifax, Experian, and TransUnion.  Consumers should review their credit reports to see if Wells Fargo reported inaccurate credit file information about their mortgage or credit card accounts.  Given that Wells Fargo settled the CFPB’s lawsuit related to illegal interest charges and fees, consumers may have inaccurate information reported by Wells Fargo in their credit reports.

Wells Fargo is a national bank and the fourth largest bank in the country.  Because Wells Fargo is such a large company, it necessarily credit reports on millions of consumer accounts to the credit reporting agencies.  Wells Fargo, like other financial institutions, may falsely report fraudulently opened identity theft accounts, misreport the status of accounts in bankruptcy and fail to accurately report other account information.  Consumers should review their credit reports and make sure that Wells Fargo is not reporting inaccurate credit information about them.

If you have inaccurate credit report information reported by Wells Fargo and the credit reporting agencies will not correct the inaccuracy, you need the help of a credit reporting lawyer.  Blankingship & Christiano, P.C. assists consumers who have been victimized by inaccurate credit reporting.  Please feel free to contact us to discuss your particular situation. If you have an error on your credit report and need legal help getting it corrected contact the Virginia Credit report error lawyers at Blankingship & Christiano, P.C. (571) 207-8331 or fill out our contact form to discuss your case.

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