Consumer complaint received 2023-02-19
Company: Porsche Financial Services, Inc.
State: MI
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Improper use of your report
Sub-issue: Reporting company used your report improperly

Complaint:
I discovered that Porsche Financial Services has violated the Fair Credit Reporting Act by reporting my late payments to all three credit reporting agencies ( XXXX, XXXX, and XXXX ), resulting in a significant drop in my credit score and negatively affecting my financial stability. As a responsible borrower, I made every effort to make timely payments, but the financial hardships caused by the pandemic prevented me from doing so. Despite this, Porsche Financial Services continued to report late payments to the credit reporting agencies. 

These actions are in direct violation of the following sections of the Fair Credit Reporting Act : Section 623 ( a ) ( 2 ), which prohibits the reporting of inaccurate or misleading information to credit reporting agencies Section 623 ( a ) ( 4 ), which prohibits the reporting of information that is not timely updated Section 623 ( a ) ( 5 ), which requires the furnisher of the information to promptly notify the credit reporting agency of any dispute regarding the information it provides.

Dear Sir/Madam, I am writing to file a formal complaint against Porsche Financial Services for violating my civil rights as a borrower and violating the Fair Credit Reporting Act. I financed a vehicle through Porsche Financial Services and made a down payment of {$5000.00} at the time of purchase. However, I now believe that I was taken advantage of because I was not fully aware of the terms and conditions of the agreement. 

Porsche Financial Services violated the Fair Credit Reporting Act by reporting my late payment in XX/XX/XXXX to all three credit reporting agencies ( XXXX, XXXX, and XXXX ), despite the fact that I have made every effort to make timely payments throughout the duration of the loan. To be specific, I made payments on time with no late fees or late payment history for the months of XXXX, XXXX, XXXX, XXXX, XXXX, and XX/XX/XXXX, and for the months of XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, and XX/XX/XXXX. While my payment was past due for 30 days in XX/XX/XXXX, I immediately paid it once I realized my mistake. Since then, my account should have been balanced and marked as closed due to all accounts being paid and up to date. I believe it is unfair and ridiculous that this is still reflecting on my credit report. 

The reporting of inaccurate or misleading information to credit reporting agencies is prohibited by Section 623 ( a ) ( 2 ) of the Fair Credit Reporting Act. Additionally, Porsche Financial Services violated Section 623 ( a ) ( 4 ) of the Act, which prohibits the reporting of information that is not timely updated, and Section 623 ( a ) ( 5 ), which requires the furnisher of the information to promptly notify the credit reporting agency of any dispute regarding the information it provides. These violations have negatively impacted my credit score and caused significant financial hardship, making it difficult to take care of my family and invest in creating financial stability.

Moreover, Porsche Financial Services violated the terms of the agreement by retaining my down payment, which is a clear violation of my civil rights. This behavior is in violation of Section 1638 ( a ) ( 6 ) of the Truth in Lending Act, which requires that a creditor provide a disclosure of the terms of the credit transaction, including the amount financed, the finance charge, and the total payments.

These violations have had a significant impact on my financial stability and have caused me to be denied access to a HELOC loan due to my low credit score. Therefore, I am requesting that Porsche Financial Services be held accountable for their actions and that I be compensated for the damages they have caused. I also request that the credit reporting agencies be notified of the errors in my credit report and that the inaccurate information be removed. 

Thank you for your attention to this matter. 

Sincerely, [ Your Name ]

Company response to consumer: Closed with explanation