Consumer complaint received 2021-06-10
Company: OneMain Finance Corporation
State: NJ
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit repair services
Issue: Fraud or scam

Complaint:
Negligence practices of The Fair Debt Collection Practices Act ( FDCPA ) The Fair Credit Reporting Act New Jerseys Unfair and Deceptive Acts and Practices laws, ie. XXXX New Jersey Code TITLE 17 - CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE XXXX XXXX - Unfair methods of competition, unfair, deceptive acts, practices, OneMain Financial : XX/XX/XXXX, balance was {$9400.00} with a $ XXXX payment. By XX/XX/XXXX, I paid {$1500.00} towards my balance. No payments missed. 

According to my calculations, the balance should be near {$7900.00}, based on the agreed amount of {$300.00}. 

XX/XX/XXXX, I experienced identity theft, which resulted in ( 2 ) Inaccurate Hard credit inquiries from OneMain. ( XX/XX/XXXX, XX/XX/XXXX ). 

Impacted by COVID personally from XX/XX/XXXX to XX/XX/XXXX, I tried working with OneMain on the accurate reporting, while trying to rebuild my delicate health. The added stressed cause more harm to my body. On top, I experienced harassment with the form of communication OneMain used to properly confirm the remaining debt. With no clear choice, sought an third party ( XXXX ) resource to purchase my debt and schedule a new repayment. 

As per multiple phone calls In XXXX, XXXX ( last call XX/XX/XXXX ) to rectify debt to OneMain, the account charged off XX/XX/XXXX. 

No adherence to US CARES ACT made towards the account. 

XX/XX/XXXX, XXXX became third party on the loan in the effort of settling debt while rebuilding negative credit history and consumer services from OneMain. 
The new agreement mentioned a loan balance of {$9400.00}. As reported on signed documents, credit reports and other auxiliary information. 

Request to validate the debt. Remove negative/inaccurate reporting ( hard credit inquiries, incorrect account information ). 
Illegal to harass consumers with incorrect reporting as per Debt Collection Practices ( Regulation F ) Next, XXXX agreed to $ XXXX towards my balance. Not a strong difference in savings but it wasnt OneMain Financial with the goal of showing positive payment history with no interest applied. 

As of XX/XX/XXXX, I have not missed a payment yet my loan balance is incorrect on all Credit bureaus, If calculations were to apply {$200.00} ( removing {$26.00} for any service fee ) * 12 months = {$2400.00}. 

During a global pandemic, OneMain failed to protect their consumer. 


XXXX : According to the Consumer Financial Protection Bureau : The Federal Trade Commission has adopted a rule that says you can't be charged a fee until the debt settlement company has met three requirements : A successful result must be reached. The debt settlement company must have renegotiated, settled, reduced or otherwise changed the terms of at least one of your debts.

There must be an agreement between you and the creditor/debt collector. You must agree to the settlement agreement, debt management plan, or other result reached by the debt settlement company with your creditor or debt collector. 
You must have made a payment to the creditor. You must have made at least one payment to the creditor or debt collector as a result of the agreement negotiated by the debt settlement company. 

Many creditors will not negotiate with debt settlement companies. Also, many creditors and debt collectors will not negotiate how much they will settle for. Instead, they will have standard policies about how much loan principal they will forgive when you haven't made payments for a certain period of time. This means debt settlement companies usually can't get better terms than you could get by negotiating with your creditors and collectors yourself. 


Based upon the regulation guidelines, no terms settled for in charge off, OneMain would have worked the same offer! Provided direct automatic payment to XXXX to ensure accuracy, yet the bottom line was not met. 

Please note, this inappropriate business practices has denied access to property financial management, increased burdens and limited available resources. 




Warm regards, XXXX

Company response to consumer: Closed with explanation