Is Bank of America’s identity theft protection plan a scam? 

A federal investigation is underway to determine if Bank of America gave customers what they paid for when they purchased identity theft protection but did not receive the services from Bank of America’s vendors.  The federal government wants to know if the identity theft protection plan had adequate oversight.  Bank of America confirmed it is being investigated by regulators over its identity theft protection services.

The Bank of America investigation started after it announced its “Project New BAC.”  The project focuses on cutting costs to make Bank of America more profitable.  Bank of America recently agreed to pay massive settlements – $10 billion with Fannie Mae over mortgages and $42.4 billion in a shareholder suit over the acquisition of Merrill Lynch.

Bank of America is cutting jobs and decreasing occupancy costs to make more money.  Since Fall 2011, Bank of America has cut 22,000 jobs and reduced its occupancy costs by almost 5%.

Read more here:

Full Story at Bank of America cut 5% of jobs in 2012 |

We represent victims of identity theft.  Under federal law, the Fair Credit Reporting Act, victims of identity theft have the right to 2 free credit reports every 12 months from Equifax, Experian and Trans Union.  This right is in addition to consumers right to a free report: once every 12 months; after a credit denial; when unemployed and seeking employment; as a recipient of government benefits; or, pursuant to state law.

Consumers also have the right to dispute credit report errors.  The credit bureaus must perform a reasonable “reinvestigation” of any information disputed by consumers.  As a part of the “reinvestigation,” the credit bureaus must notify the “furnisher” of the disputed information.  The furnisher is the person who sent the information to the credit bureaus, such as a credit card company or a debt collector.  Upon notice of the disputed information from the credit bureau, the furnisher must complete a reasonable investigation of the disputed information.

Consumers have the right to sue the credit bureaus, creditors and debt collectors in federal court if they do not comply with the Fair Credit Reporting Act.  Most lawyers will handle these cases on a contingency basis because Congress including a fee shifting provision in the law.  In other words, if a consumer wins at trial, then the attorney can ask the court for attorneys’ fees?

For all these reasons, and more, consumers do not need to purchase “identity theft protection” services from creditors.  If you have purchased an identity theft protection services from Bank of America and did not receive the services that you paid for, contact us for a free case review 24/7 at 1-800-263-9091.