Consumer complaint received 2020-09-03
Company: LoanCare, LLC
State: CA
Product: Mortgage
Sub-product: VA mortgage
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
SUMMARY OF COMPLAINT : This is a complaint regarding our Loancare Account based on XXXX Credit Dispute Results dated XX/XX/2020, which is still reporting inaccurate information that our Loancare Account is in forbearance. Loancare erroneously reported our account in forbearance back on XX/XX/2020, after we cancelled our forbearance request on XX/XX/2020. Loancare corrected their error by removing the forbearance status off our Loancare Account as of XX/XX/2020. But after 3 months later, XXXX  is still reporting our Loancare Account is in forbearance status. Even after we disputed this inaccurate information directly with XXXX  by submitting letters from Loancare stating they removed the forbearance status from our Account. 
Therefore, we are demanding that our creditor, Loancare update our credit report directly with XXXX  by accurately reporting our Loancare Account is not in forbearance and not deferred by instructing XXXX  to update our credit report as follows : ( 1 ) our Loacare Account is  CURRENTLY NOT IN XXXX BALANCE, ( 2 ) REMOVE all SPECIAL COMMENTS/COMMENTS ACCOUNT IN FORBEARANCE and ( 3 ) REMOVE DEFERRED in TERMS FREQUENCY. 


COMPLAINT IN DETAIL : Credit Reporting Error : XXXX  Credit Report - XXXX  Is Currently Reporting Our Loancare Account As ACCOUNT IN FORBEARANCE and DEFERRED. 

On XX/XX/2020, we submitted a credit dispute directly with XXXX  to remove Comments Account in Forbearance and remove Deferred in Terms Frequency off our XXXX  credit report by attaching letters from Loancare stating forbearance was removed off our Loancare Account. ( Please see Letters from Loancare Dated XXXX2020 and XXXX-2020 ). 
On XX/XX/2020, XXXX  completed their investigation and came back stating : This creditor is currently reporting a zero balance for this account. We have verified that this item has been reported correctly. ( See attached XXXX  Dispute Results for Borrowers Dated XX/XX/2020 ). 
As of XX/XX/2020, our XXXX  Credit Report is still reporting erroneous information as follows : 1 ) In Terms Frequency : DEFERRED and 2 ) In Comments : ACCOUNT IN FORBEARANCE ( See attached XXXX  Credit Reports for Borrowers Dated XX/XX/2020 ). 
We are disputing this entirely since our Loancare Account is currently not in XXXX  balance, not in forbearance nor deferred. 
Our Loancare Account should never have been placed in forbearance status and all payments were continually made, but was due to your system error which your company has acknowledged.

Therefore, we are demanding our creditor, Loancare update our credit report directly with XXXX   by accurately reporting our Loancare Account is : ( 1 ) currently not in XXXX  balance, ( 2 ) instruct XXXX to remove all Comments Account In Forbearance and ( 3 ) remove Deferred in Terms Frequency. 
This inaccurate information is negatively impacting our credit history and credit scores and is preventing us from working with any lenders on obtaining a business loan since it is reporting forbearance status on our Loancare Account. 


Explanation for Correction of Error : Forbearance Status Was Removed Off Our Loancare Account As Of XX/XX/2020 And Is Currently NOT in XXXX Balance. 

Our Loancare Account was never in forbearance and therefore, should never have been reported in forbearance status, but was due to your system error which your company have stated it automatically placed our account in forbearance even after we cancelled the forbearance on XX/XX/2020. Your system automatically reported on XX/XX/2020 to the credit reporting agencies, even after our forbearance was cancelled, which your company has acknowledged this system error. 
On XX/XX/2020, your company recognized your system error had erroneously placed our Loancare Account in forbearance status and therefore, corrected the error and removed the forbearance off our Loancare Account ( See attached Letters from Loancare Dated XX/XX/2020 & XX/XX/2020 ). Therefore, our account should never have been placed in forbearance nor indicate any forbearance history. 


Final Resolution : Loancare to Directly Instruct XXXX  To Update Our Credit Report By : ( 1 )  Reporting Our Loancare Account is CURRENTLY NOT IN XXXX BALANCE, ( 2 ) REMOVE ALL SPECIAL COMMENTS/COMMENTS ACCOUNT IN FORBEARANCE and/or " CODE CP FORBEARANCE '' AND ( 3 ) REMOVE DEFERRED in Terms Frequency. 

We are demanding a final resolution that your company accurately instruct XXXX  to update our credit report as follows : 1. Report our ACCOUNT IS CURRENTLY NOT IN XXXX BALANCE, 2. REMOVE ALL COMMENTS ACCOUNT IN FORBEARANCE, AND 3. REMOVE DEFERRED IN TERMS FREQUENCY Please provide us a letter stating the above, that you have removed All Special Comments/ Comments Account in Forbearance and Deferred in Terms Frequency off our credit reports with XXXX  . This letter will help us dispute any future inaccurate information directly with XXXX  as deemed necessary. 


Supporting Documents Please See Attached Documents : 1. XXXX  Dispute Results for Borrower Dated XXXX-2020 2. XXXX  Dispute Results for Co-Borrower Dated XXXX-2020 3. XXXX  Credit Report for Borrower Dated XXXX2020 4. XXXX  Credit Report for Co-Borrower Dated XXXX-2020 5. Letter from Loancare : Account Removed from Forbearance Dated XX/XX/2020 6. Letter from Loancare Removed Forbearance Dated XX/XX/2020 We look forward to an immediate and expedited resolution. We thank you in advance for your time and effort in concluding this matter.

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