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Consumer Law Keyed to Pridgen, 5th Ed.
Richardson v. Fleet Bank
Citation:
190 F. Supp. 2d 81 (2001)Facts
In 1988, the Richardsons obtained a $50,000 equity loan from Shawmut Bank. After discovering accounting errors in 1992, they sued Shawmut and settled in December 1994, with Shawmut releasing them from the remaining $20,000 balance and agreeing not to report derogatory information. Despite this agreement and multiple correction notices sent to Equifax by both Shawmut and Fleet Bank (which acquired Shawmut), Equifax continued reporting the account as a charge-off under multiple account numbers. The Richardsons disputed the information with Equifax on at least four separate occasions between 1997 and 1999, providing documentation including the discharged mortgage. Nevertheless, Equifax continued to rely exclusively on Fleet’s information during its reinvestigations. In August 1997, BP Oil denied the Richardsons’ credit applications, citing derogatory information in their Equifax credit reports as the primary reason.
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