Consumer complaint received 2018-07-23
Company: MoneyLion Inc.
State: CA
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Incorrect information on your report
Sub-issue: Account status incorrect

Complaint:
MoneyLion shows my payments current, but reports as delinquent. XX/XX/2017 - Loan Approved XX/XX/2017 - First payment of {$170.00} due and set to withdraw from my XXXX  XXXX XXXX checking account, but the account was not funded so I added my XXXX XXXX, XXXX. account ending in XXXX to my profile. XX/XX/2017 - MoneyLion attempted to debit payment from my XXXX XXXX account. I received an email from XXXX XXXX notifying me that payment was not complete. I forwarded the email with the explanation to XXXX. I did not receive a reply ( email attached ). XX/XX/2017 - Automated email from MoneyLion that scheduled payment was not processed successfully. XX/XX/2017 - Notified via email that account has been placed into Collections. I called and spoke with a MoneyLion representative and explained the situation with accounts. She informed me that when you add an account online, it does not do anything. New banking information must be added over the phone. I told her to keep the XXXX XXXX account ending in XXXX the same and we can use that account going forward. I was set up on a new plan. I expressed my concern about any fees I had acquired since I did make the banking change online and contacted MoneyLion support via email. I was told an adjustment would be made and my payments would be for the correct amount, without penalties. I funded my account for {$170.00} and a withdrawal was attempted for {$200.00}. After numerous phone calls, I eventually connected with XXXX XXXX, Retention Department Account Manager. Once I had her email, I continued to use her as my point of contact. Our entire email conversation is attached. She was able to see the confusion in my file and get my payment organized. I spoke to her about my concern with my credit report. She on multiple occasions told me via email and phone that my concerns have been escalated to a supervisor and they would be addressed. I never heard from a supervisor and have never again spoken with XXXX. MoneyLion shows my payments current, but reports as delinquent ( screenshots of both my MoneyLion account and credit report attached. ) When I did finally speak to a supervisor, they told me that I am in their in-house collections, so even though my loan is receiving regular and current payments, MoneyLion will still continue to report my account as delinquent until the loan is paid off. I do not know if XXXX was collecting as a first or third party collector, so I don't know my rights under the FDCPA and Federal Trade Commission XXXX Opinion. For months I was misinformed about my credit reporting. When I spoke to the supervisor, I asked him to read me all the notes on my account. He informed me that XXXX had escalated my claim, but management decided not respond. Because of the damage this 90 - 119 day delinquency status has done to my credit file, I have had other accounts closed or credit limits decreased citing 'SERIOUS DELINQUENCY '' and " TIME SINCE DELINQUENCY IS TOO RECENT OR UNKNOWN ''

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