Bank Dispute

What is the name of your state? North Carolina

I filled a Dispute with Bank in August 02. Bank informed me that they will investigate and let me know of the out come. I never heard from them and they went on my credit. My credit went from over 800 points to below 600 points. I could not refinace my house. What are my legal options?

Find another bank or loan institution. If you shop around you will find one who will take your business.

I dont think you understand the Bank destroyed my credit, before they let me know the out come of the dispute. I value my Name and my good credit. I know I can shop around, but thats not the point. There has to be some law that protects me when I file a legal dispute as a consumer. Dont they have to inform me of the out come of the investigation, before they do anything?

[HomeGuru]

Originally posted by izachris
I dont think you understand the Bank destroyed my credit, before they let me know the out come of the dispute. I value my Name and my good credit. I know I can shop around, but thats not the point. There has to be some law that protects me when I file a legal dispute as a consumer. Dont they have to inform me of the out come of the investigation, before they do anything?

**A: you have not stated the history of what happened so how are we supposed to help you. You just stated that you filed a dispute. What kind of duspute are you talking about ie. mortgage payment, interest/ late fee/escrow account/foreclosure, mortgage lender forced placed insurance, real property taxes, PMI, adjustment of an adjustable interest rate, real property taxes paid/unpaid by the lender, personal credit line, home equity line of credit, credit account such as Visa etc.
In addition, have you followed Federal and state laws with respect to dealing with the bank.

My ex-wife won a car in our divorse. She refinanced the car and sent me a copy of the title. She lives in Michigan. The bank still said I owed money on that car. I sent them the copy of the title I recieved from my ex-wife. They told me that they will investigate, and let me know of the out come. How could they go on my credit without letting me know of the out come? and how is it that my ex-wife refinanced that vehicle and they have no record of that.

[djohnson]

Did she actually refinance the car or just take your name off of the title? Sending them a copy of the title is not sufficient evidence that the loan with your name on it was paid off. What was the standing of the loan? Did they still show it outstanding? They must have to have put it on your credit. I don't think that was a legitimate dispute.

[racer72]

We receive many posts in this forum about folks that have received the titles to financed vehicles before the loan is paid in full. Receipt of the title does not mean the loan has been paid in full.

[HomeGuru]

That's correct.

I think you are all missing the point here. If I file a legal disput because my ex-wife claims she paid off the car and as proof sends me the car title. And I send all the paper work to the bank and EVEN IF THEY DONT HAVE ANY RECORDS OR WHATEVER , SHOUDENT THEY FIRST!!!!!!!!!! Inform me of the outcome before they do anything such as go on my credit. I followed all the rules and am a HONEST militery man. I just what some answeres. Is'nt there a law under fair reporting credit act, that they have to let me know the out come of the investigation and give me time to respond or whatever and not just destroy my name. I mean come on, I have no rights?

[djohnson]

It wouldn't be a dispute. Did you contact them to ask if the loan with your name on it was paid in full? It's a simple yes or no from them. It doesn't take any research. The title she sent you doesn't mean anything. It would be your responsibility to verify your loan.

Yes I did I talked to even the vice president because in there computer the car did not have a lean against it. the bank wrote me a letter from the vice president that they will investigate the dispute and informe me of the out come - which they never did and went on my credit. Thats what I have a beef with.

[djohnson]

Maybe they mailed you something and you didn't get it. Did you follow up at all? How long was it before it went on your credit? Them saying there was no lien on the vehicle is not the same as saying loan was paid in full. I think you are confusing issues.

It appears the issue here is a bank is slandering your personal credit rating. I assume the bank in question approved and provided you the loan to purchase a car. You purchased the car and have made regular monthly payments to the bank until you had completed paying this debt at, which point you stopped making payments.

You have now returned to the bank to refinance your home because of low interest rates. The bank has rejected your application because of the history you had with them concerning the car loan. For some reason they feel you have not met your obligation concerning the car loan debt?

I question the issues here because you have a current home loan with this bank. Their reasons for rejection do not make sense because your just renegotiating a current loan not asking for a new one. Can you confirm or clarify the issue here so it can be determined if the bank is actually liable for there action?

I called the bank and they knew nothing of the investigation or the letter I got from the vice president. Why do you assume right away that I am at fault?

[djohnson]

Because you avoid the important questions. Did you continue to follow up? How long between this letter and the reporting and now? Did the loan get paid off? Can you verify that the loan was paid off?

You kept repeating fluff answers that lead us to believe that you did not act correctly in this matter.