Zions Bancorporation Mortgage Complaint

Zions Bancorporation Mortgage department,

Home equity loan or line of credit Application, originator, mortgage broker Colorado

My spouse and I recently ( - ) purchased a home through a mortgage broker. After the loan closed, my spouse inquired with the mortgage broker about a home equity line of credit ( HELOC ) on our home. The mortgage broker said his company had a relationship with Vectra Bank and would forward the information to Vectra Bank. I was aware that my spouse was wanting to do a HELOC but I did not want to be on the loan. In - 2016, I received a letter in the mail from Vectra Bank showing they ran my credit report and what my credit score was. My spouse and I did n't know why they ran my credit when I did not apply for a loan. I did not contact Vectra Bank at that time, I just assumed they were requiring me to sign on the loan. On - -, 2016 I received a call from the lender at Vectra Bank regarding the HELOC and that they might be able to give us more than was requested. I asked him why they ran my credit report when I did not sign anything allowing them to run my credit. I told


lender was not able to answer my question as to why they ran my credit when I did not apply for the loan. The lender also said they could not remove the inquiry on my credit. On - -, 2016, I received a Notice of Action Taken and Statement of Reasons. The letter said my application for credit dated -/-/2016 was not able to be approved because the value or type of collateral was not sufficient and they had a counter-offer. My complaint is I never applied for credit with Vectra Bank. I did not complete a loan application and they do not have my signature saying I authorized them to pull my credit report. The lender knew this mistake and sent me a denial letter when he knew I never applied for a loan. I believe Vectra Bank violated at least three regulations : FCRA - for not receiving my authorization to pull credit and for not having a permissible purpose to obtain my credit report. They did not have a permissible purpose because I never applied for this loan. ECOA - Reg B ( signature requirements ) - for assuming I was a co-maker on the loan request. Reg P - Privacy - for reviewing my credit without my authorization. I believe Vectra Bank could have a problem in this area. When they receive a loan request through a mortgage broker, they should contact the individuals to make sure they are wanting to do a loan and have them fill out the proper paperwork. They should not make assumptions especially when they are dealing with people 's credit.