Question from eaglefish, What to Do if a Bank Closes Your Account and Accesses Your Credit?
Answer from AI:
If Wells Fargo closed your account without your knowledge and accessed your credit file multiple times without a permissible purpose, you may have several options to address this situation. Here’s a general guide on what you can do:
Understanding Your Rights
Under the Fair Credit Reporting Act (FCRA), companies must have a permissible purpose to access your credit report. Permissible purposes include:
- When you apply for credit or a loan.
- When a creditor reviews your account.
- For employment purposes, with your consent.
- For insurance underwriting.
If Wells Fargo accessed your credit file without a permissible purpose, this could be a violation of the FCRA.
Steps to Take
- Request a Credit Report: Obtain a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) at AnnualCreditReport.com. Review the inquiries section to confirm the number of times Wells Fargo accessed your credit file.
- Contact Wells Fargo: Reach out to Wells Fargo’s customer service to inquire about the account closure and the credit inquiries. Request an explanation and documentation of their permissible purpose for accessing your credit file.
- File a Dispute with Credit Bureaus: If you believe the inquiries were unauthorized, file a dispute with the credit bureaus. Provide any evidence you have that supports your claim.
- File a Complaint: Consider filing a complaint with the Consumer Financial Protection Bureau (CFPB) if you do not receive a satisfactory response from Wells Fargo. The CFPB oversees financial institutions and can investigate your complaint.
- Consult a Legal Professional: If the issue is not resolved, or if you believe your rights under the FCRA have been violated, consult with a consumer rights attorney. They can provide personalized legal advice and help you understand your options, including potential legal action.
Legal Resources and Considerations
– The Federal Trade Commission (FTC) provides resources on the FCRA and your rights regarding credit reports.
– The Consumer Financial Protection Bureau (CFPB) offers tools and resources for consumers dealing with financial institutions.
When to Seek Legal Advice
If you suspect that Wells Fargo’s actions have caused harm, such as affecting your credit score or leading to financial loss, it is crucial to seek legal advice. An attorney specializing in consumer protection or banking law can help you navigate the complexities of your case and determine the best course of action.
Remember, while this guide provides general information, it is not a substitute for professional legal advice tailored to your specific situation.
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Disclaimer: The information provided in this response is intended for general informational purposes only and should not be considered as legal advice. While we strive to provide accurate information, we make no guarantees regarding the accuracy or legal validity of the information presented. Laws and regulations vary by jurisdiction and can change over time, and the application of laws can vary widely based on the specific facts and circumstances involved. Therefore, you should consult with a qualified legal professional before making any decisions related to legal matters. Do not rely solely on the information provided in this response for any legal decisions. We disclaim any and all liability with respect to actions taken or not taken based on the contents of this response.
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