First-Stop-Credit.com News

Two private consumers are taking a case against TransUnion and Wels Fargo over alleged false credit reporting. Mr. and Mrs. Fisher had their mortgaged home in San Clemente red-tagged because the land it was built on was deemed instable. After contacting Wells fargo Home Mortgage, their mortgage servicer, the Fishers were issued with a forebearance agreement which put a stop to their mortgage repayments while their home was red-tagged.

Wells Fargo Home Mortgage then transferred the mortgage to Freddie Mac, who acted as the mortgage holder and eventually charged off the loan leaving the Fishers with a zero balance. Up until the property was red-tagged the Fishers maintained a spotless credit history, never missing a mortgage repayment.

However, Wells Fargo reported false credit information about the Fishers by saying they had a history of late repayments and then began to start foreclosure proceedings on the property without any persmission. Because of Wells Fargos’ false credit reporting the Fishers faced difficulties when trying to find another home to move into. The Fishers maintain that Wells Fargo reported incorrect credit information for two years. Meanwhile, TransUnion also were reporting incorrect credit information pertaining to the Fishers even when alerted to the inaccuracies by Wells Fargo and the Fishers.

In order to get TransUnion and Wells Fargo to resolve the issue, the Fishers had to hire a prominent specialist lawyer in credit damage and file a lawsuit against the two companies.

“This is yet another example of how the big players in the credit reporting industry really ignore and neglect the consumers they’re supposed to protect. “The Fishers tried for two years to clean up their credit by themselves, only to have the door slammed in their faces repeatedly. Only when they hired an attorney did things start to improve. But by then a lot of damage had been done,” stated Robert Brennan, the Fishers lawyer.