Consumer complaint received 2023-03-31
Company: JPMORGAN CHASE & CO.
State: CT
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Their investigation did not fix an error on your report

Complaint:
I founded a start-up company in Connecticut about 5 years ago. There were only two employees including me and a board of 3 people who owed a majority of the stock. I did all the work, and the junior partner did all the banking and accounting. My partner and the board told me to be the CEO/President, and my partner was named the CFO/COO. When we opened the business account at CHASE, I was told that the savings and checking accounts come with a debit and credit card and it was 'thru the company ' and had no personal liability. My partner and I each got a credit card. 

Over the years, I hardly ever used it, and the few times I did were only for business items. I was told that all our bills ( rent, phone, etc. ) were only paid by bank transfer from the CHASE account. In around XXXX of XXXX, we suddenly lost our major account worth millions. We thought and were told it was going to happen. The monies would have sustained us for years and years and let us grow. With no revenue coming in, the board immediately decided not to reinvest in salaries and stopped paying me but required me to work. In XX/XX/XXXX, they wanted to buy equipment for XXXX taking 30 weeks to build. In XXXX of XXXX, the Board asked me to wait with no pay, and my shares would be diluted to teen digits when I returned. They told me not to come into the office anymore, limit emails and involvement and 'go find freelance work '. I decided it was time to start looking for other work. 

XXXX passed with no infusion of cash, so I had to start the process of leaving, and collecting my personal materials, and looking for work. I submitted my resignation via registered mail on XX/XX/XXXX. I returned my keys and computer on XX/XX/XXXX. I met one board member and the CFO/COO at Chase on XX/XX/XXXX to be signed off all accounts and sign on the Board member who would assume the role of CEO/President. I was told everything was done and completed and I was asked to leave. 

I continued to do my personal banking at CHASE, and their newly updated app started sending updated credit reports. On XX/XX/XXXX, my score was XXXX. By mid-week, I suddenly started to get what I thought were fraudulent text messages about my credit score plummetting over 218 points to a credit score of XXXX. I visited the bank multiple times and found out what was happening. 

The CFO/COO had been using the credit card in my name for the company and some personal expenses for years without my knowledge. The company had been accumulating thousands of dollars of interest and penalties but had paid the minimum amount on time in XXXX and XX/XX/XXXX. Unbeknownst to me, the company stopped paying anything in midXXXX, XXXX, and the beginning of XXXX. 

I met the board member at CHASE on XX/XX/XXXX and he pulled out his personal checkbook and wrote a paper check out to CHASE for {$26000.00}. I was working with my banker and the branch manager and telling them EVERYTHING that was going on in regard to this situation. Once I found out what was happening, I got the board member to pay the money immediately. Over the last few days, I have been deeply hurt and dismayed to learn that CHASE refuses to expunge my credit score. They will not help me.

It took me years to elevate my credit score after years of taking care of my children from an unfaithful wife and subsequent divorce.

Company response to consumer: Closed with explanation