Consumer complaint received 2021-02-10
Company: JPMORGAN CHASE & CO.
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Their investigation did not fix an error on your report

Complaint:
To Whom it might concern, In XXXX we took a 15-year loan with Chase for one of our rental properties and have always paid a mortgage on time. The loan number is XXXX for the original balance of $ XXXX. 

In XX/XX/XXXX, because we were concerned that our tenants might be late with payments we proactively applied for the Covid-19 forbearance for our four investment properties, including the one with Chase. 

Late in XXXX, we made the determination that we would not be as negatively impacted by the Covid-19 pandemic as initially determined and decided to resume our regular payments for all loans including Chase. We managed to set up automatic payments for the 3 loans on our investment properties and got them into a good standing. 

However, not with Chase. We called Chase customer support multiple times on XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX. We tried to get our mortgage with Chase to be in good standing and resume mortgage payments. 

Every call ended up with the same statement that Chase was in the process of making adjustments to our mortgage and that they would be sending us a letter with instructions on what to do next. Additionally, they told us that we do not have to start payments until the letter arrives. It was not possible for us to set up automatic payments for the loans which are in forbearance state. 

During the last call on XX/XX/XXXX, we were very concerned with the potential impact on our credit history and we proactively decided to to pay a mortgage with one of the Chase agents. However, as mentioned before, the agent told us to hold off with any additional actions until we received the letter from Chase with details on what to do next. 

The letter from Chase never arrived nor anybody from Chase ever called us. We never received any letters nor phone calls from Chase about our mortgage payments being late. 

However, a couple of months later, we received a letter from XXXX XXXX XXXX XXXX informing us that Chase sold our loan. We immediately called Chase and learned that Chase recorded two mortgage payments as late. We immediately paid all outstanding balances with the agent. Chase also dropped the late payment fee and we assumed that they also corrected their mistake and removed the late payment from the credit history. Unfortunately, they did not. 

On XX/XX/XXXX we talked with Chase and submitted a claim requesting correction of credit reporting with case number : XXXX. 

On XX/XX/XXXX our claim was rejected by JP Morgan. 

Clearly, JPMorgan Chase was caught by surprise by the volume of Covid-19 forbearance applications. They did not not have the adequate resources to manage a huge volume of applications nor had the capacity to process all of the loans that were impacted. The lack of response and lack of communication in addition to internal mishandling of the process for forbearance and re-instatement resulted in ruin to our credit history. 

To reiterate, we took out a 15-year loan and have not missed a single payment for almost 10 years. Because of the errors made by Chase, we are now faced with the situation where we have to dispute the inaccurate reporting by Chase. We have 4 loans for 4 investment properties with 4 different banks. And we had no problems to get our loans into forbearance and out for 3 loans/properties except for JP Morgan Chase.

Company response to consumer: Closed with explanation