Fraudsters Get $3.5M in Mortgages in Victim’s Name!
Posted by Samantha Martinez on January 9th, 2011
In 2006, Benjamin Woods’ personal identification documents were stolen by fraudsters. Using Woods’ name and information, they obtained mortgages on houses in Concord and Oakland totaling $3.5 million. The fraudsters defaulted on the loans soon after the purchases were complete; months later the mortgage companies foreclosed.
The loans were held by Chase, Wells Fargo, GMAC Mortgage, Green Tree, American Home Mortgage and others and each reported to the credit reporting agencies that Woods was delinquent on the loans. After Woods discovering the problem, Woods sent letters to Experian, Trans Union, Equifax, and the mortgage companies explaining he did not take out the loans. Equifax deleted all but one of the inaccurate reports, but Experian, Trans Union and the mortgage companies refused to correct his credit reports.
In June 2010, we filed a complaint on Woods’ behalf in the federal district court alleging that the defendants had violated the Fair Credit Reporting Act and state law in failing to delete the accounts that were created by the identity thieves. (Woods v Experian, Case No. 10-02669 CW, Northern District of California). The case is pending.
Similar Posts:
- Seven Different Credit Scores for Sale Cause Confusion
- Seven Different Credit Scores for Sale Cause Confusion
- Credit Bureaus Give V.I.P.’s Get Special Treatment
- Large Jury Verdict Against Equifax in Identity Theft Case
- Reform Bill Addresses Problem of Inaccurate Credit Reports
Tags: Name