Consumer complaint received 2020-05-17
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: SC
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
I obtained a loan from Bank of America in XX/XX/XXXX for a new boat in the amount of {$120000.00}. For three years I paid on time, full amount due each month never late. In XXXX of XXXX, I decided to sell my boat due to XXXX  XXXX I could no longer manage the use of the boat ( I became XXXX XXXX VA  XXXX ). In the process of preparing to sell the boat, I contacted B of A to obtain a payoff. I spoke with Ms. XXXX ( XXXX ). Ms. XXXX, along with Mr. XXXX from her office, apologized for my physical hardship situation, and suggested a possible resolution. She suggested I file for a " Hardship Waiver '', which I had never heard of. She explained it was to help people in my situation who had an unfortunate situation. Since I had always paid my laon payment, and had perfect credit, it was precisely what the program was intended for. She further stated it would have zero effect on my credit, which was to that point and since perfect. The only thing I would be required to do, if the waiver was approved, was pay the taxes on the difference of what I sold the boat for and what I owed on it ( I would receive a XXXX ). I agreed and submitted the waiver request. 

Although Ms. XXXX said it was a longshot, I learned a couple weeks later the waiver had been approved. Knowing this, I quickly sold my boat since I couldn't used it, a month later. Soon after selling it, I received a XXXX for the difference, which I filed and paid, with my taxes in XXXX. I kept in close contact with Ms. XXXX and Mr. XXXX throughout the process and still made my monthly boat payment, even though I could not use the boat because of my XXXX. As promised and mentioned by Ms. XXXX and Mr. XXXX, my credit report made no mention of the waiver, recorded my B of A account for the boat as closed by customer, paid in full as agreed, never late, and no negative comments ... exactly like the many previous loans I had had and paid off over the years. I monitored my credit monthly, as I always have done. My loan was reported like normal, as it was offered to me by B of A, as a condition of having my waiver approved. 

In XXXX, XXXX, almost three years after I had closed out my loan with B of A, with no warning or reasoning, I received a warning from my credit monitoring service that my credit rating had taken a 85 point reduction. I immediately requested a copy of my credit report and was shocked to see B of A, seemingly out of thin air, had suddenly and with no communication or reasoning, recorded my account as 120 days delinquent and now had added a comment that my account had been " settled for less than the full amount '' and was a " collection ''. None of these were correct, and this was almost three years later!!! 

I have been trying to get it resolved since ( over one year ) without success. I have personally spoke with Mr. XXXX, who is still employed with B of A in their collections department. He was very supportive regarding my situation, apologized for it happening, and assured me he could get my credit returned to what had been reported the previous three years. He described the sudden false reporting of my credit history in XX/XX/XXXX as a result of B of A " realigning '' some of their records since that was the time B of A ended the boat and RV financing part of their portfolio. It has been shoveled about at the B of A between his supervisors and the collections department, meanwhile my credit has been ruined. I have recently spoken with Ms. XXXX XXXX ( on or about XXXX XX/XX/XXXX ) who has repeatedly apologized, said she had no idea how my credit got so messed up, but refuses to remove the negative statement, claiming it is supposed to be included, even if it wasn't for three years! 

All this has caused great anger and disgust with me, as it has cost me higher interest on recent loans, and the personal pride carried I had with a hard-earned outstanding credit rating for 40 years has wrongly been trashed. It is obvious is an anomaly, as my credit before and since has been impeccable. It's not as though my credit history is scattered with late payments and other negative actions ... there are none. For the Bank of America to arbitrarily change my credit report with no explanation almost three years after the account was closed is unacceptable. Each representative of B of A, Mr. XXXX, Ms. XXXX, have both apologized, said it should never have happened, and for some reason have represented themselves as someone who has the authority to change the mistake but can't seem to get it done. It is completely unacceptable and despicable.

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 non-monetary relief