Consumer complaint received 2020-07-06
Company: U.S. BANCORP
State: TX
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, our vehicle caught fire and was deemed a total loss. When we informed US Bank of this, we were told that our account would be frozen and that no further information would be reported to the credit bureaus. Our insurance company worked diligently and issued a payment to US Bank in the amount of {$59000.00} on XX/XX/XXXX. US Bank claims they never received this payment so our insurance company reissued a payment on XX/XX/XXXX. During this time frame, my husband and I were in continuous communication with US Bank and gave them updates as we received them. In two separate phone conversations, we were told by a US Bank representative, that US Bank would be the ones to initiate the GAP insurance claim, which would take care of the remaining balance of our loan. It wasn't until mid XX/XX/XXXX that we found out this information was incorrect as we received notice that a late payment had been reported to our credit. When we reached out to US Bank and asked to speak with a manager, we were put in contact with XXXX XXXX - Customer Service Manager.  While speaking with Mr. XXXX, we informed him that two separate US Bank representatives had given us incorrect information and we were requesting audio recordings be reviewed and forwarded to us as this was hindering our excellent credit. We informed him that the GAP claim had been initiated by us on XX/XX/XXXX and that we had requested our GAP provider to expedite our claim. He stated that the only thing he could was to initiate an internal investigation into this matter and that US Bank would pull the audio recordings for review. We have several emails to Mr. XXXX asking for updates ( XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX ) with little to no response. On XX/XX/XXXX, we received a phone call from US Bank representative XXXX XXXX. This individual works in the banks " charge off '' department. We had informed her that GAP was working on our claim and they were in the final stages of approval. We had sent her an email with documents confirming the GAP was in process and prior email documents with Mr. XXXX. And just like Mr. XXXX, Mrs. XXXX did not respond to our emails. GAP insurance issued payment on XX/XX/XXXX in the amount of {$25000.00}. Again, US Bank claims to have never received this payment so GAP reissued a payment on XX/XX/XXXX. My husband paid to send this check overnight via XXXX so we could ensure that US Bank would receive it as soon as possible. On XX/XX/XXXX, we called US Bank to confirm they received payment, and they did. The gentleman we spoke to in the charge off department stated that the GAP payment would be backdated to XX/XX/XXXX and that the balance on our loan would be around {$82.00} because all of the late payments and interest charges would be cleared out. We are now being told that the balance is around {$1200.00} +/-. So after being in constant communication with US Bank and being given incorrect information from several representatives in multiple phone conversations, here we sit with missed payments and a charge off on our credit report when we clearly had excellent credit to begin with in order for US Bank to give us an almost $ 90k loan.

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