A shout-out to the Consumer Financial Protection Bureau - Conflict w/Bank of America solved.

Last edited Fri Jun 29, 2012, 06:03 PM - Edit history (1)

After eight months of certified letters and numerous phone calls to the big 3 credit reporting bureaus, a false report of a delinquent credit card (my former wife's problem) has finally been purged and my financial reputation restored.

I started fighting this issue actively in October last year when I discovered that my ex had become delinquent on the account. Actually, I tried unsuccessfully to get it removed from my credit history almost three years ago when the account was current but had a high balance. Bank of America admitted in writing that it had no documentation for the account (e.g. a copy of the credit agreement,) but steadfastly refused to remove my name from the records for the card. Because no harm was being done to my credit scores until some time last year, I didn't have anything of substance to complain about.

I went home for lunch today and found a letter from a high mucky-muck at Bank of America, which was CC'd to the Consumer Financial Protection Bureau, where I filed a written complaint about the matter in mid-April this year. Although the incorrect item had already been removed by the last of the three credit bureaus by the close of business on June 6, Bank of America, without admitting error, now says that "as a courtesy" it had sent a request for the account to be taken off of my records on June 7.

In the same letter Bank of America reiterates its contention that it had been required by laws and regulations to file all of the derogatory credit reports against me related to that account. It's funny how making a federal case out of something can bring out the generosity of a company like B of A, and even get it to violate the laws and regulations it has up until now complied with so diligantly.

Kudos to the Consumer Financial Protection Bureau. Sometimes you need a mouthpiece in order to get yourself heard.

The CFPB is the new cop on the block for consumers. Check them out, and don't hesitate to go to them if you have an unresolved dispute that is covered by one of the areas they serve.

http://www.consumerfinance.gov/

ETA for clarity - Although I had already solved the main problem on my own, the CFPB's follow-up forced B of A to send me a written acknowledgement that they were no longer supporting their (false) derogatory credit reports against me.

I still have a complaint on file with the California Attorney General's office for B of A failing to comply with the California Civil Code's requirement for lenders to notify consumers in writing when they transmit derogatory credit information about them. B of A has tried to claim that it didn't know where I live, which is funny because I have several letters from them AND a stack of mortgage loan statements addressed to me at my correct address.