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Colorado man wins fight against one of the country’s largest mortgage bankers

Colorado man wins fight against one of the country’s largest mortgage bankers

LARIMER COUNTY, Colo. — A Colorado man fought one of many nation’s largest mortgage bankers after his credit score was wrecked, and he gained.

After a three-year battle, a Larimer County jury handed down an $800,000 verdict and vindication for Justin Peters, an Adams County enterprise proprietor and Air Nationwide Guardsman, who stated he’s a stickler for paying payments on time.

“I imply, excellent. I’ve by no means had a missed cost,” stated Peters, who first obtained a discover in 2020 from American Pacific Mortgage that he had missed his June cost, adopted by one other discover that he had missed his July cost.

“I known as and despatched proof that I had paid,” Peters stated. “They first instructed me they misapplied the cost. They instructed me that it obtained misplaced within the system. Then, they instructed me they by no means acquired it.”

In December 2021, American Pacific Mortgage despatched a letter to doc the error for credit score reporting bureaus, blaming a “information error” and stating “the adverse reporting shouldn’t have occurred.”

Nonetheless, for months, Peters stated, he obtained the runaround, as his credit score rating plummeted.

“It felt like a David versus Goliath scenario,” stated Matthew Osborne, a shopper safety legal professional who took the case in opposition to American Pacific Mortgage. “Behind the scenes, [American Pacific Mortgage] have been nonetheless telling the credit score bureaus to maintain reporting him late. And but, they have been telling Justin that they might repair it, however they by no means did.”

Beneath the Truthful Credit score Reporting Act (FCRA), mortgage banks should report correct data on customers, and if the data is disputed, the establishments have an obligation to analyze.

As an alternative, Osborne factors to inner information displaying third-party investigators spent only some minutes — or as little as 23 seconds in a single occasion — trying into Peters’ complaints.

In the meantime, Peters stated as he waited, he didn’t qualify for financing his fiancée’s engagement ring, and he was denied a House Fairness Line of Credit score he wanted for house repairs.

“It affected me so much. I form of typically neglect how a lot it affected me till I discuss it,” stated Peters, who recalled getting collections telephone calls throughout his birthday dinner. “It was a dagger to the center. I suppose you might say dagger to the ego.”

A Larimer county jury discovered American Pacific Mortgage negligent beneath the FCRA, awarding $800,000 for emotional misery — one of many largest verdicts of its form.

Whereas American Pacific Mortgage has requested a brand new trial and diminished damages, Peters stated the jury knew what it was doing.

“On the finish of the day, the quantity isn’t a lot vital as simply consciousness, so different individuals don’t should undergo this,” Peters stated. “What I’ve realized is it’s very, quite common, however what’s not as frequent is individuals understanding that they’ve the suitable to do one thing about it.”

Contact Denver7 acquired this assertion from American Pacific Mortgage:

“American Pacific Mortgage values its buyer relationships and takes its credit score reporting obligations very significantly. We strongly disagree with the plaintiff’s characterization of the info and jury findings. Nonetheless, it’s American Pacific Mortgage’s coverage to not touch upon ongoing litigation. The decision continues to be beneath assessment by the District Court docket. Commenting additional on the decision or the quantity of the decision at the moment could be untimely.”

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