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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 37839
Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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I apologize in advance for the story, but you must have all

Resolved Question:

I apologize in advance for the story, but you must have all the facts:

My wife & I went thru chapter 7 and was discharged 12/09. We have worked hard to rebuild our credit for 4 years and now applied for a FHA home loan 10/15/13 and was pre-approved to get a FHA loan, credit score of 668, no problem. On 11/7 we changed our loan over to a FHA 203k loan with a different institution who had better rates as we wanted to do some moderate renovation and they ( bank ) in turn ran a new credit check. We were turned down as a result of my credit score showing 626 & 624. Only 2 weeks later this has happened and devastating.

I subscribe to FCR. com every month and they as well advised me that was my score was still at 668 upon running my 3D credit score inquiry at a cost of $ 32.95, so I didn't understand why the bank had a different score.

When I dug deeper, I found out that US Bank had just sent over to 2 of the 3 credit reporting agencies & FCR.com notice that said US BANK CREDIT CARD RECOVERY has flagged your account as CHAPTER 7 BANKRUPTCY DISCHARGED. I pulled up their listing on my credit report and it was logged as FP ( failed to pay ) and impacted my credit score with the end result of the loan being turned down.

I contacted US Bank and they have agreed to the error in reporting and have issued me a letter to such and says it will take at least 14 days to change the credit reporting agencies i.e. update. We were supposed to close on this house 12/11, we have paid $ 1000 as a down payment and $ 450 for inspection fees and now we don't qualify for the loan. I have also given notice to my employer who has made a transfer for me to a new location, and we have given our notice where we live and it has already been re-rented.

Is there any claim here for the impact they have caused me ?

Thank you for listening....
frustrated Louis
Submitted: 10 months ago.
Category: Legal
Expert:  Dimitry K., Esq. replied 10 months ago.

Louis,

 

Thank you for your question. Please permit to respond and assist you with your concerns.

 

This is a situation where I am forced to provide unwelcome news, so kindly do not blame the proverbial messenger. A this time state and federal law do not see a poor credit report as 'injury'. Since a lowering of the report is not 'injury', there is no injury to sue or based on the error of the bank. I agree that this is a loss of opportunity and additional expenses, but unless you can either prove that this was done with intent and malice (so as to create a claim for intentional interference with your business interests), or it was negligent to the level of criminal neglect, there is simply not enough to file. The logic of the current law (which I personally disagree with) is since the creditors are free to voluntarily disregard your credit rating and still choose to enter into a contract, the report is only one voluntary factor that is not mandatory to transactions, and it is therefore possible to potentially convince the creditors to set aside the terms. In real life that is not usually the case, but this is a situation where the law did not yet catch up to reality.

 

I am sorry.

Customer: replied 10 months ago.


Thanks for your response, even though unhappy. While I understand it is not your fault, I am about to loose not only the $1000 deposit, but out the expense of $ 450 in fee's paid & now I have to find another place to live. Is the reckless actions of someone at US Bank not responsible ? I fully don't understand and appreciate your comments.

Expert:  Dimitry K., Esq. replied 10 months ago.

Louis,

 

For it to be 'reckless' you have to show that they had no standards in place about false or incorrect reporting, or in case of malice, that the targeted you intentionally. If the error was not intentional, and the error was likewise not caused by a systemic breakdown, it is likely not reckless. It is still negligent, but negligent has a bit of an informal scale that denotes serious violations--while this is serious, it is likely not to the point that it was criminal and would therefore not create a potential cause of action.

 

 

I am sorry!

Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 37839
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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