Consumer complaint received 2021-01-18
Company: SELECT PORTFOLIO SERVICING, INC.
State: CA
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
History : Long before I submitted my application for a temporary reduced mortgage, I was assured by SPS Inc. Customer Relationship employees over the course of 6 months, beginning XX/XX/XXXX ( all on recorded calls ) that my credit score would not be adversely impacted unless I missed a payment, made a late payment or paid less than the agreed amount of any plan offered. This was of importance to me since my FICO score was XXXX and it was something that I worked very hard to maintain. 
On XX/XX/XXXX I received a letter from Select Portfolio Servicing stating that I was approved for a program called Unemployment Plan. Since I lost my job due to Covid-19, the plan would allow seven months at a reduced payment amount of {$890.00} per month. At the end of the term I would pay back the unpaid accrued amount. 
I called Select Portfolio Servicing, Inc. for clarification of the repayment amount that appeared to be incorrect. All calls were recorded. 
The amount of the repayment plan in the letter incorrectly stated the regular mortgage payment of {$2000.00}. It also stated the total repayment amount to be {$14000.00} that wouldnt be correct since I was offered the reduced amount of {$890.00} for seven months. I communicated to the SPS Customer Relations Representative that this information was contrary to my understanding. She agreed that the letter was incorrect and confirmed on the recorded call that she would send an escalation to have it corrected and resent with urgency. I never received the promised correction. 
On XX/XX/XXXX I received an alert from several credit reporting agencies that a missed mortgage payment had been reported by SPS, Inc. for the month of XX/XX/XXXX and as a result my credit score plummeted almost 100 points. This infuriated me because I had never missed a payment, been late on a payment nor had I ever paid less than the revised contractual agreed amount of {$890.00}. I was in compliance with the Credit Reporting clause in the XX/XX/XXXX offer letter. I immediately called SPS and asked to be transferred to a supervisor to report it. I was transferred to a male, XXXX who told me that my file showed a missed payment. What? I asked. This made no sense to me since I had not missed a payment. 
He mentioned that the missed payment was because of the way that SPSs system distributed the funds. He also advised me that the letter ( attached ) is clear with regard to credit reporting and asked me if I read the Credit Reporting clause it. I assured him that I had. I told him I had not been late and that SPS Customer Relationship Representatives confirmed my understanding of credit reporting to be correct, which was that there would be NO DEROGATORY REPORTING to the credit reporting companies as long as I made the reduced contractual payment on time. He advised me that I should have read the letter more carefully. 
The Dodd-Frank Wall Street reform and Consumer Protection Act signed in to law in XXXX states that financial correspondence sent to consumers must be clear and easy to understand. 
To state the obvious, correspondence should also be aligned with what the Customer Relationship Representatives tell SPS customers. Since I approved all calls to be recorded, I request my account have an oversight review by the Consumer Financial Protection Bureau so that they will hear all the recorded calls and precisely what was told to me by SPS employees specifically regarding credit reporting. 
When correspondences sent on a number of occasions were unclear or simply made no sense I called Customer Relations every time to obtain clarification. Each time I received verbal confirmation that my interpretation was correct, always on SPS recorded phone lines. 
Again, I spoke to more than a dozen Relationship Managers who reassured me over the course of 6 months that if I was offered a plan, there would not be any negative report sent to credit bureaus as long as I made the agreed payments on time and in the agreed amount. 
Today, XX/XX/XXXX th XXXX, I submitted payment to XXXX XXXX a supervisor ) with SPS, in the amount of {$3100.00} as immediate repayment amount resulting from the poorly communicated Unemployment Plan. 
SPS unclear correspondences, false statements that I missed a payment in XXXX of XXXX, and unwarranted reporting to credit Bureaus have caused unnecessary emotional stress beyond the stress of unexpected job loss as a result of COVID-19. 
I would like the incorrect derogatory information of a missed payment in XXXX retracted by SPS and all credit Bureaus contacted with urgency to have my credit restored at once.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation