Consumer complaint received 2020-06-15
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MD
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account status incorrect

Complaint:
The below is the letter I sent to Bank of America requesting accurate reporting of my information. 


My name is XXXX XXXX XXXX, and I have been a Bank of America customer for 20 plus years. I am experiencing the most dreadful process regarding a past account. I am unsure if this is becoming a racial discrimination matter or just a form of gross incompetence. 

In XX/XX/XXXX, I entered into a settlement agreement for a Visa credit card. There was a discrepancy with the transfer of funds on my first payment, which threw off my final payment date. The last payment of {$500.00} was missed, and my account went into Charge Off status. I contacted the bank and asked for a supervisor ; it took several days for someone to return my call. I finally spoke with a manager, and she agreed to honor the original settlement terms and accepted my final payment. 

My BOA settlement was finalized on XX/XX/XXXX, and at that time, I believed I was in good standing with BOA and that they would accurately update my information accordingly. 

In XXXX, I noticed on my credit report the account was still listed as past due. I completed a dispute with all three credit bureaus and was later informed that BOA was reporting correctly. Although a huge mistake, I did not challenge the credit bureaus findings at that time. 

On XX/XX/XXXX, I began the process to refinance my home ; and once again, I was informed about a past due BOA balance. Due to the recent derogatory reporting, my fico score is too low, and I was made aware that I do not qualify for the current interest rate. Although I shared the information about my previous settlement in XXXX, my lender is unable to accommodate my refinance application. I immediately made a call to BOA to inquire about this error on my credit report ( shown below ). I spoke with a young lady who did a deep dive into my previous account and identified where the problem was. She corrected the information and made sure the system acknowledged my final settlement payment in XXXX. I requested a letter with the corrected updates in effort to be re-scored by my lender. She told me it would take 15 days to receive a letter by mail, so I asked to escalate my request to a manager. I was transferred to a person named XXXX, who told me he could not help me, but promised that the letter would be sent. 

I placed a follow/up call on the XX/XX/XXXX, ( four days after the initial call ), to ensure the letter had been sent ; unfortunately, it hadn't been requested. I was given the option to have it faxed within 24/48 hours, which I accepted. I received the faxed letter on the XXXX, but it read as if I'd made a recent payment, which is not accurate. The language validates the delinquent reporting and balance due over the past six years. I placed another call to request precise information regarding the actual date the settlement was complete. The final settlement payment was made on XX/XX/XXXX, but I was reported as having a derogatory account with a balance due as recent as XX/XX/XXXX. I was told another letter would be faxed, but they could not confirm its content. 

On the XX/XX/XXXX, I received another letter stating that I have a current balance of {$2500.00}, only after receiving the first fax saying my final payment was received. I immediately called BOA and spoke with three different people ; the last person XXXX was insulting and rude. He told me that since I did a settlement, he could not change my information and that my recent derogatory dates and past due balance were reported correctly. I repeatedly told him the information he was sharing was not correct. 

After a thorough review of the fair credit laws, which require accuracy and fairness of consumer credit reporting, I believe Bank of America is in violation. It also appears that Bank of Americas practices are a form of a systematic and racial discrimination. 

I am respectfully requesting an immediate review of my XXXX settlement and would like this matter resolved by Friday, XX/XX/XXXX. 

Thank you in advance for your immediate assistance. 

Bank of Americas reporting as of XX/XX/XXXX XXXX XXXX XXXX, Current Account Holder XXXX Attachments : XXXX _ Settlement Letter ( 1 ) XXXX _ Settlement Letter ( 2 )

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