No private cause of action exists for an alleged violation of 15 United States Code §1681s-2(a) of the federal Fair Credit Reporting Act. The plaintiff, an experienced real estate developer, purchased real property in Florida. The defendant, Wachovia Bank, loaned money to the plaintiff. The note required that the plaintiff pay interest for three years and then pay the principal of $231,220. The plaintiff informed Wachovia Bank he would not be capable of paying the principal payment, when it became due, and Wachovia Bank informed credit reporting agencies that the plaintiff was late. The plaintiff sued Wachovia Bank, alleging it issued false statements to the credit reporting agencies and failed to investigate and to correct, in violation of the federal Fair Credit Reporting Act. Wachovia objected that there is no private cause of action for allegedly issuing false statements to credit reporting agencies, and that the plaintiff failed to state a claim for failure to investigate and to correct, which requires that a dispute be submitted to a credit reporting agency. The District Court granted the bank's motion for summary judgment, and the plaintiff appealed. The Fair Credit Reporting Act provides that allegations of false statements to credit reporting agencies "shall be enforced exclusively . . . by the Federal agencies and officials and the State officials. . . ." As a result, the District Court correctly found that there was no private cause of action for the alleged violation of 15 United States Code §1681s-2(a) of the Fair Credit Reporting Act. The plaintiff did not timely request to amend his complaint, to add another claim, and the District Court did not abuse its discretion when it found that an amendment late in the litigation, after completion of discovery, would prejudice the bank. The 2nd Circuit affirmed the decision of the District Court, Hall, J.

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