Consumer complaint received 2020-10-27
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NY
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Credit denial

Complaint:
On XX/XX/2020, I went to a local car dealer for a new car. My experience with the car company was excellent. I received a loan through a local bank with a decent rate. My problem has been with Bank of America ( BOA ), the follow up letter dated XX/XX/2020 ( App # XXXX ), they sent rejecting my loan application and their alleged customer service line. In their letter, BOA states that they rejected my application based on a nearly 10 year old Chapter XXXX Bankruptcy that is about to fall off my credit report. In addition to that, the letter stated : " The key factors that adversely affected your credit score are : Derogatory public record or collection filed No recent revolving credit balances Proportion of loan balances to loan amounts is too high Too few accounts currently paid as agreed The letter stated that the BOA got this information from XXXX. I pulled my XXXX  Credit Report. None of the statement made on the letter comports with the report from XXXX. XXXX  listed the Bankruptcy as " possibly negative ; There were no accounts listed a delinquent or late ; I had one recent revolving credit card balance, XXXX, which is now paid in full. I have 2 store cards all in good standing. 
On XX/XX/2020, I called the " customer service line, " XXXX at XXXX. I was transferred me to rep. possibly named XXXX. He stated he used to be an IT tech previously. I gave him my information and asked for an explanation of the letter relating to the statements listed above, specifically what is a derogatory public record item and that I could not find anything that matched it on the XXXX  report. I asked if I could talk to anyone who could explain that. He eventually told me no after a long story about I was not going to get any new information even though he had access to the underwriter notes. He claimed he had no contacts for managers, underwriters or loan officers. I asked him about writing to the PO Box listed and he stated " that my letter would most likely get put some where and not ever get addressed or read. I stated that I didn't think that these statements were appropriate to put on a credit denial letter. That the word Derogatory means something specific and not just negative. 
I informed him that I was a former bank attorney and do collections work and I didn't believe that BOA could make statements regarding a denial or credit report without pointing to something specific. I asked for an explanation of what BOA was referring to as derogatory multiple times and was denied by the rep.

I believe that this letter and the customer service rep 's refusal to assist me is suspicious and violates a number of federal lending and credit reporting laws, in particular the UDPA ( Unfair Deceptive Practices Act ), as the statements made that claim to adversely affect my credit score are false or deceptive as BOA won't explain them and are being used in an unfair manner to refuse a loan or lower my credit score. Also, the aged Bankruptcy should have no real baring on my credit anymore as I successfully paid off car loan, a furnace in the past 2 years and kept nearly impeccable credit. The Bankruptcy is being
used as a pretext to harm my credit by lenders like BOA who may be using other public information like social media or other information not intended to be part of a credit history or score. I need help getting an explanation of where BOA statements came from as it was not XXXX.

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