Consumer complaint received 2024-01-04
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CO
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problem with a company's investigation into an existing problem
Sub-issue: Problem with personal statement of dispute

Complaint:
On XX/XX/XXXX I received a credit report notification of a past due payment from my XXXX XXXX credit advisory service. When I logged in to see what payment was supposedly late ( and had been filed as such against my credit bureau reports ) I was shocked to discover that it was for my Bank of America XXXX loan on my XXXX XXXX XXXX. 

I immediately contacted XXXX to inquire why, with an auto-payment in place for this account for more than a year, was I behind in payments. I also said that I would like my credit report corrected as I hadn't had a late payment registered on my bureau reports in over 20 years. The customer service representative immediately stated that Bank of America would not assist me with the bureau entry even if it was Bank of America 's fault. " I'm sorry sir, that is your problem ''. 

We reviewed the account which clearly showed that until XXXX of XXXX I was actually ahead in my payments. I asked, repeatedly how my payments were being applied to my balance and received no answer. As a former and long time technologist in the banking industry I realized that Bank of America DOES NOT apply payment overages to the future payment but only to the principal and interest in that month. This is inconsistent with every single one of my other lending accounts with XXXX XXXX and XXXX. 

When I asked why I had received no late notices, no loan statements, and no phone calls about the overdue amount on my XXXX  loan account I was told that my XXXX  loan was " a self service account ''. I checked my email inbox and I never received a single notice or electronic statement since the loan 's inception. I received no late notices via email. I received no late notices via postal mail. I received no phone calls about any late amounts due on my loan. I did however, show good faith as a customer and set up an auto-payment for this loan a year ago. Bank of America showed zero good faith in managing their customer relationship with me. 

I have since learned that when you choose to go " paperless '' with Bank of America, it does not mean you will receive email statements for your loan accounts. Their selection is " online only '', which means that you are expected to go to your specific loan on the Bank of America site in order to see any information about your account balances, payments and past due items. I am unaware of any bank that equates " paperless '' with no electronic communications at all. 

Bank of America has violated the Fair Credit Reporting Act by placing a negative credit statement on my bureau reports. If it weren't for my long-time relationship with XXXX XXXX , I wouldn't have known about this issue in a timely manner. XXXX XXXX actually informed me about the loan status problem better than and before the bank that actually holds the loan - Bank of America. I believe firmly that Bank of America 's " self-service XXXX  loan '' does not meet the legal obligations and regulatory requirements mandated of lenders in the management of the loans under their care. 

Bank of America didn't even offer, as a courtesy, to remove this negative report. Their customer relationship management is horrible, which only exacerbates their failure to follow the required notification and communication rules that all other lenders follow.

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