Oct 03

Banks Accused of Falsely Reporting Foreclosures, Bankruptcies

Banks Accused of Falsely Reporting Foreclosures, Bankruptcies

Banks Accused of Falsely Reporting Foreclosures, Bankruptcies. Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Banks Accused of Falsely Reporting Foreclosures, Bankruptcies. Image courtesy of Stuart Miles / FreeDigitalPhotos.net

A federal judge has refused to throw out a lawsuit by borrowers who claim that their banks wrongfully notified credit reporting agencies that thousands of home owners had gone through bankruptcies or foreclosures.

The judge said that Wells Fargo and Citigroup will have to face accusations in court from borrowers who accuse the banks of allegedly providing inaccurate information to a credit reporting agency and jeopardizing consumers’ ability to get new loans.

A spokesman for Citigroup denied the allegations, and a spokesman for Wells Fargo had not yet responded to media calls for comment.

The lawsuit, filed by borrowers, alleges reporting inaccuracies to credit-reporting agency Experian after borrowers sold their homes in a short sale. A group of mortgage customers from Citigroup and Wells Fargo are accusing the banks of failing to report the transactions as short sales to Experian but instead reporting them as foreclosures or bankruptcies. They also allege in the lawsuit that the banks failed to correct the reports when they were disputed and that the inaccurate reporting greatly impacted borrowers’ credit scores. Experian was also named as a defendant in the lawsuit, accused by borrowers of failing to properly investigate when borrowers complained.

Source: “CitiMortgage, Wells Lose Bid to End Lawsuit Over Credit Reports,” Reuters (Oct, 1, 2014)

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