It looks like the big banks are in hot water again…
And this will destroy the little bit of integrity the big banks had…
Apparently Chase Bank has stopped filing lawsuits to collect outstanding debts from consumers because they used credit card robo-signing
What is Credit Card Robo-Signing?
It is where an employee will sign hundreds and even thousands of documents and affidavits without verifying any of the information.
This is the issue the big banks had over the foreclosures.
Essentially the banks kicked out thousands of hard working Americans from their homes without the right paperwork.
This robo signing of mortgages drew serious criticism and lawsuits fast and the banks halted their foreclosure actions in many states.
Since J.P. Morgan Chase has halted all of their collection efforts through lawsuits right now, you know they did something pretty bad.
By stopping their collection practices right now, they are loosing a lot of revenue.
So how can you benefit from the credit card robo-signing?
One benefit of this fiasco is the potential chance of not getting sued right now from Chase if you are past due.
Times are tough right now and many are behind on payments.
When you owe a bank money and they sue you, there is the chance they can get a garnishment to withdraw money from your paycheck.
Now that Chase has stopped their lawsuits for now, this could save Americans their home, vehicle or simply keep them afloat.
If this credit card robo signing fiasco gets worse, it may mean more banks will stop their lawsuits.
This may also mean it will be easier to find errors on your credit report.
If the banks are not following proper protocol and not verifying the account is yours, you may have an error on your report that gives you the opportunity, to request the negative inaccuracy be removed. This specific technique is explained with a step-by-step guide within the Credit Repair Doctor®
It is sad that the banks use techniques like this(it was recently found that several banks have been doing this since 1998).
Hopefully this credit card robo-signing will aggravate enough people and our government will help out!