WARNING! Do not apply for loans at wellsfargo.com!
Question: Here is the disturbing story that happened to me:
>I applied for a home equity loan for remodeling on wellfargo.com on 1/23. >I have 3 checking accounts, savings and morgage with Wells Fargo.
>In my application I specified one of the Wells Fargo checking accounts >as an account to automatically withdraw my loan payments from.
>Since I never got any reply I figured the system was down and applied >next day again: 1/24/02. Still no reply.
>on 1/25 I check my online statement and there is an unknown charge:
>01/23/02 REF=NAAIC2256371/PAY #001 COLLECTION PRINCIPAL $294.21
>I call everyone at Wells Fargo including management, they have no idea what it is >and promice to investigate. They also say they did not get any online applications >from me.
>I order my full credit report and sure enough there are 2 requests for my credit >report from Wells Fargo on 1/23 and 1/24! I request investigation.
>I call Wells Fargo management again and ask if they requested my credit reports >(which have ALL my personal information) They say they haven’t and they do not >know who had. Yet the report says:
>WELLS FARGO INTERNET
Address: 11601 N BLACK CANYON HWY PHOENIX AZ 85029
>I suspect their online application website is broken into and this is really >scary, because whoever it is has access to all the personal info of the applicants >including their full credit reports.
Answer: How do you jump to that insane conclusion??? All I see from your message is that you applied on line twice; the Web site or your browser were broken so you did not get back any confirmation of the applications. This does NOT mean that the application was not properly received by the on-line application system. These software systems are designed to get credit reports AUTOMATICALLY and INSTANTENEOUSLY. If there was a problem with Wells Fargo’s software, records of these credit reports or your appications might not have been properly saved, that’s all. But you might now be a proud owner of one or two home equity lines of credit, the check(s) might be on the way and the $294.21 is the first payment that you owe.
You seem to be assuming that a human is needed to pull a credit report. That has not been true for years now.
Having said that, maybe you have learned a valuable lesson here and would stop giving your bisiness to the terrible Wells Fargo highway robbers. Let me offer you a little clue for free: check out www.deepgreenbank.com to see how much an HONEST bank would charge you for home equity line of credit.
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