Consumer complaint received 2023-09-27
Company: FinCo Services Inc DBA Current
State: CO
Product: Credit reporting or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
In XXXX of XXXX the Bank " Current '' started offering a " Build '' card that is designed to report your spending to your credit report. It acts like a credit card but in essence is a debit card designed to build credit. This did not appear on my credit report until XX/XX/XXXX. 

When it appeared on my Credit Report on that day. It shows I had a debt to Current in the amount of {$140.00}, it reported my payment of {$140.00} on XX/XX/XXXX as derogatory and showed as a debt. There is now a new account balance from Current on my credit report. Current shows that I in fact made my payment on time. 
The key thing to understand about this situation is I have autopay turned on. 
Autopay sets aside the balance and pays it each month so I don't have to worry about it. 

According to Currents Build Credit Card agreement section H subsection A states the following If you enable automatic payments, funds from your Secured Account will be used to pay up to your Total Due automatically twice a month : the first ( XXXX ) and fifteenth ( XXXX ) days of each month when your Card Account reflects a Total Due amount outstanding ( the " Automatic Payment Dates '' ). 

I have autopay turned on. Current claims I made a late payment which is impossible since I have and use their own autopay. 

I have had a few late payments in late XXXX. In XXXX of XXXX I decided I was going to rebuild my credit with onetime payments. I went from a XXXX to XXXX by slowly paying off a credit card each month. I was looking for ways to supplement and improve my score and when Current offered a build credit card I saw it as a good way to build my credit. I placed my trust in them. 

When I noticed this on appear on my credit report on XX/XX/XXXX I immediately contacted customer support but did not hear back until XX/XX/XXXX when I was told that I made a late payment and denied that there is an account balance. 

There is in fact a debt from current in the amount of {$140.00}. It does not appear as a late payment. This caused my credit score to go down by XXXX points, My credit utilization increased and I lost financial opportunities due to this event. I have not been able to get any response from corporate after answering their emails and showing them that what they claim is true. 

a support agent told me the following. 
Our most recent reporting reflects your account status and payment activity up to XX/XX/XXXX. This means any payment activity that took place after XX/XX/XXXX, will be reflected during the following month after we provide an updated report to XXXX. 

Its also important to note that an account balance on your credit history is not the same as a past-due balance. Your Build Card account should be in good standing if youve fully paid off your past-due balance on time. 

according to their own agreement automatic payments are made on the XXXX and XXXX.

Company response to consumer: Closed with explanation