Consumer complaint received 2023-12-19
Company: U.S. BANCORP
State: IL
Product: Credit reporting or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a company's investigation into an existing problem
Sub-issue: Problem with personal statement of dispute

Complaint:
To Whom it May Concern- I am a husband and a father who has worked his entire life to provide a quality middle-class life for those I love. To US Bank I should be viewed as a quality customer/client/consumer of financial products. But US Bank has proven to have complete disregard for what I have worked at for my family by creating massive consequences in my small consumer life due to negligence on their end. Furthermore, after the fact being completely dismissed by US Bank with my issue despite support and validation from their own employees on the mistake that was made. As a simple consumer vs a massive organization like US Bank it is a paralyzing and helpless feeling to be treated how I have been treated and watch an organization, whos tag line is the power of possible, helping consumers achieve financial goals big and small ruin my familys ability to consume and be totally dismissed over the issue. 

My wife and I have spent 42 years ensuring that we are credit worthy consumers. Weve never missed a payment on anything. Not on a credit card, a mortgage ( we have over 20 mortgages currently ), a car, a boat, a HELOC, a medical bill, not even a phone line. Both my wife and I have put value in our mid to upper XXXX credit scores. We have been US Bank clients with a mortgage since XXXX when we purchased our most recent personal residence and have utilized a personal wealth advisor sine XXXX for financial advice and an XXXX open line of credit. As a mortgagee we have a jumbo loan for around XXXX on a home that is valued at XXXX which results in monthly payments of principal and Interest of about XXXX. We have automatic payments set up and have never missed a payment. Regarding my personal wealth advisor, I had an open unsecured line of credit for XXXX that Ive renewed annually for XXXX years. I would provide a log of payments made but I cant because this account has been closed by us. I encourage you to look at our payment history as proof. 

So What Happened? 

In XXXX, which is usually around when we renew our open line of credit, we never received the information usually initiated for the renewal by XXXX XXXX. So as a good consumer, knowing this had to be coming, I then attempted to contact XXXX. I was informed that XXXX no longer works there and was sent onto his replacement XXXX XXXX. At that time, XXXX XXXX took over my account and we started to explore the opportunities to renew the line of credit, close the line of credit or transition the line of credit into a XXXX, given the large equity position we have in our home ( whom US Bank holds the mortgage to ). At that time there was a small balance of about XXXX ( on an open revolving line of XXXX ) left on the line of credit which we were told a payment didnt need to be made until XXXX XXXX explored all of our financial product options so long it was before the end of XXXX because if we renewed or moved to a different vehicle the balance would be transferred. When we heard back about the options, we had to choose from we collectively decided to simply close the open line out given the state of interest rates. XXXX XXXX, proceeded to advise us to pay the outstanding balance at that time. Within 24 hours, I then logged into my US Bank account which was before the end of the month and did what I was informed to do and paid off the outstanding balance that was listed on our line of credit, below our mortgage line, which was labeled outstanding balance and there was no more amount due after the payment. 

Fast forward XXXX weeks and I was notified by my credit reporting company that monitors my credit, that my credit dropped nearly XXXX points due to a missed payment ( my wifes has been massively affected as well ). This was incredibly concerning to me, as stated before, I have never missed a payment in my life, so I was concerned about fraudulent activity. On the report it listed US Bank as a delinquent payment. I then logged into my US Bank account and unbeknownst to me the open line of credit somehow still had roughly a {$5.00} balance despite the fact that I paid in full the outstanding balance just weeks before. I have absolutely no idea why there would be a balance when I paid what I was told to pay, the outstanding balance. 
- How would a consumer know to pay a different amount than the amount stated was owed? 
- Why would a consumer pay more than the outstanding balance? 
- Why would a consumer pay more than the amount they were told to pay? 
- Furthermore, why would a consumer who made a XXXX payment, has never missed a payment on their mortgage or line of credit with US Bank, who routinely made payments in the thousands or tens of thousands of dollars leave a {$5.00} balance on this large of a payment. 

Since this transpired, I was immediately in touch with XXXX XXXX, who has been nothing but incredibly helpful, compassionate and understanding about the mistake that was made. He agreed this was a mistake and he attempted to work internally on having it corrected. He escalated it to his supervisors who also agreed this was a mistake and attempted to help have this corrected. We have this communication in email where they are asking the credit reporting team to have this corrected/reversed due to an error. Both XXXX XXXX and his department have been incredibly communicative and helpful in trying to right this wrong. They should be commended on their customer service. Unfortunately, they were shut down, told to stop pursuing this and they can not help me anymore. So, despite the support of those internal XXXX employees closest to the situation, whom were involved in the situation, whom understand the situation intimately, whom work for the same organization that is bullying my ability to consume, they are being shut down and Im left, as a simple small consumer fighting for my ability to consume against one the largest banks in the world. 

Maybe the worst part of all of this, is a few weeks ago we were denied a new mortgage for a vacation home in XXXX XXXX because both of our credit scores are all of sudden in the Mid XXXX range, for the first time in our adult lives. All because we were given poor information and a {$5.00} balance existed, that we wouldnt have known about on a XXXX line of credit that was open for years and always paid in full. 

Im not sure if US Bank is penalizing my wife and I for closing our line of credit as retaliation, because we both dont have a white ethnicity or really any reason why I am being treated so unfairly considering we did was we were informed to do which was pay the outstanding balance. I hope this situation is ultimately handled the right way and corrections are made to have this removed from my and my wifes credit reports before more time passes and our ability to consume as Credit worthy consumers is negatively impacted further. 

Furthermore, as an informed consumer, who has an immediate family member that is the Chief Compliance Officer at a major US Bank, I will be filing a complaint with the CFPB and we are filing an indirect dispute with XXXX and XXXX. 

I WOULD PROVIDE ADDITIONAL DOUCMENTATION OF OUR PAYMENT HISTORY BUT AS STATED ABOVE WE CLOSED THE ACCOUNT AND NO LONGER HAVE ACCESS TO OUR STATEMENTS. YOU CERTAINTLY DO. Additionally, you can see XXXX XXXX emails supporting this as a mistake made and asking for this to be cleared up. 


Please feel free to contact me. 


Respectfully XXXX and XXXX XXXX XXXX XX/XX/XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation