Consumer complaint received 2022-01-06
Company: TRUIST FINANCIAL CORPORATION
State: IL
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:
On XX/XX/XXXX I called Regional Acceptance Corporation informing them that I had voluntarily dismissed my XXXX XXXX and I would be selling the XXXX XXXX vehicle I had financed through them XX/XX/XXXX. I was assured by the representative I spoke to as long as I paid the balance off in full by XX/XX/XXXX my account would not be marked as a charge off. After hearing this, I called XXXX and informed them of the status of my account with Regional Acceptance Corporation and XXXX was fine with paying off the vehicle. The next day on XX/XX/XXXX, I called and spoke with a representative from Regional Acceptance Corporation and informed them that XXXX had agreed to purchase the vehicle and they would be getting paid off in full. My goal in doing so was to ensure Regional Acceptance Corporation would get paid rather than having the company go through the process of writing off the debt. I again explained this to the representative I spoke to. She explained to me should would speak with management and notated the file. 

She also provided me the number to their internal Charge Off department. I made a call to this department on XXXX XXXX at XXXX pm explaining that I had an appointment with XXXX for later that day and Regional Acceptance Corporation would be paid off in full. The representative told me that as long as I completed the transaction before midnight on the XXXX of XXXX I would be fine because my account hadn't yet been fully processed for being charged off as it was still pending. I sold the XXXX XXXX to XXXX at XXXX pm on XX/XX/XXXX. XXXX called and got the estimated payoff amount from Regional Acceptance Corporation since they were open until XXXX. 

Once XXXX got the payoff amount I had to put {$420.00} to match the 10 day payoff amount. Once XXXX completed the transaction they informed me to let Regional Acceptance Corporation know the balance is paid in full and they will be receiving a check in the mail. 

I called the Charge Off department at Regional Acceptance Corporation on XX/XX/XXXX at XXXX. I spoke to someone named XXXX. XXXX told me to fax over the proof of sale I had from XXXX and she would talk to management to see what could be done since I had sold the car before the deadline before the XXXX XXXX was processed. She mentioned someone would call me back since I was trying to make things right and by paying off the debt completely. 

I proceeded to fax over all necessary documentation to Regional Acceptance and on the afternoon of XX/XX/XXXX and tried calling to confirm they had received the documents. No one would take my call. On XX/XX/XXXX I got a notification from all XXXX Credit Bureaus indicating that Regional Acceptance Corporation had reported my auto loan as charged off. My credit took a huge hit. I am beyond disappointed as I spoke to several individuals who assured me that if I paid off the balance in full I would not have to worry about my account being flagged as charged off. I worked hard to ensure they would get paid in full. I understand that my payments were behind due to the way the Trustee in the voluntarily dismissed XXXX XXXX allocated the payments. I however did my due diligence in trying to work a solution where they would get their money and loan paid in full. I kept my end of the bargain. They did not. Instead they decided to unfairly report my previous loan with them as charged off despite making arrangements with me that this would not be the case as long as the account was paid in full. This is a violation of the Fair Credit Reporting Act. They should not have reported the account as being charged off for the month of XXXX when I paid off the balance in full prior to the end of XXXX. Please see the attached documentation.

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 non-monetary relief