Consumer complaint received 2018-03-12
Company: Lending Club Corp
State: CA
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Incorrect information on your report
Sub-issue: Account status incorrect

Complaint:
I have encountered an issue with the payoff of a loan I have with Lending Club. This loan was paid in full in XX/XX/XXXX, however, the lender has inaccurately reported the payoff as alternately 30 days late ( with XXXX  ) or the status of the account as " Not More than 2 Payments Past Due '' ( with XXXX   ). This is not accurate, and has resulted in a severe impact to my credit score, and I wish to have this inaccurate reporting removed, and my status changed to accurately reflect " Paid as Agreed/Never Late. '' I wish to state that Lending Club has been easy to work with, and provided the financing I needed when I needed it. This issue appears to be a mistake, and I am sure the company will fix the issue as soon as possible. 

A little background : this is the second loan I have taken through Lending Club. The first loan was taken out in XX/XX/XXXX in the amount of {$21000.00}, and was paid in full in XX/XX/XXXX. This payoff process was simple and straight forward - I was told to call the Lending Club Customer Service Department, request a payoff amount, and submit the payoff for that amount. In the case of the first loan, I requested that the customer service representative debit my checking account for the full amount, and the process was completed seamlessly. Throughout the life of this loan, Lending Club accurately reported the amounts, timely payment status, and payoff date to the various Credit Reporting Agencies. 

In XX/XX/XXXX, I requested a second loan from Lending Club in the amount of {$32000.00}. I made my payments on time every month. Throughout the life of this loan, Lending Club accurately reported the amounts and timely payment status of my loan to the various Credit Reporting Agencies. OnXX/XX/XXXX, I took steps to payoff this loan. As before, I called the Customer Service Department, but was greeted with a 1+ hour hold time. On XX/XX/XXXX, and XX/XX/XXXX, I encountered the same issue. Knowing my payment was coming due, I held for over three hours, combined. On XX/XX/XXXX I was finally able to get a hold of a representative and asked for the payoff amount, and that the payment be processed. The payment was processed on XX/XX/XXXX and posted to the account XX/XX/XXXX, satisfying the loan. Lending Club 's Account Activity Payment History tab on the Lending Club site reflects the payment in the amount of {$7200.00} ( with {$7100.00} for Principal and {$110.00} for Interest ) as being Posted on XX/XX/XXXX, and the status as " Completed - on time. '' On XX/XX/XXXX, however, I was shocked to see that Lending Club had reported the status of my loan as " delinquent '' to two separate Credit Reporting Agencies. To XXXX, Lending Club had inaccurately reported the XXXX payment as 30 days past due ( which is impossible if the payment is due XX/XX/XXXX ). This resulted in a XXXX drop in my credit score per XXXX. To XXXX, Lending Club inaccurately reported the status of my loan as both " NOT_MORE_THAN_TWO_PAYMENTS_PAST_DUE, '' which resulted in a XXXX drop in my credit score per XXXX. However, Lending Club ACCURATELY reported all payments as on-time/as agreed in the Payment History record with XXXX - including the XX/XX/XXXX payment. 

To further complicate issues, I logged into the Lending Club website in an attempt to determine why it had so reported my account and was shocked by the situation I found. The " Payment History '' section of my account was riddled with inaccuracies. To begin with, the " Account Activity '' section shows all payments as posting on time. However, the " Payment History '' section reflects multiple errors, including showing some payments made three times, but others late or not received. It is troublesome that not only is Lending Club 's internal payment tracking system in disagreement with the Credit Reporting Agency report ( which reflects alternately either all payments made on time, or one payment late, which, as discussed above, is inaccurate ), their payment tracking system disagrees with itself. The only payment reported as late to a CRA ( XXXX ) is showing as on time in Lending Club 's " Account Activity, '' Lending Club 's " Payment History, '' and with XXXX. 

These sorts of inconsistencies appear to have resulted in inaccurate reporting on a loan I paid on time, as agreed, and never late, and I have several questions I would like to see answered : to begin with, if, per XXXX XXXX reporting, I paid all payments on-time/as agreed, as noted in the Payment History section, how can the loan carry a status of " XXXX? '' If Lending Club 's own system does not agree with another, how can the company expect to accurately report credit activity? 

If the XXXX payment was not due until XX/XX/XXXX, and is showing as " Completed-on time '' by Lending Club, as well as by XXXX, how can it be 30 days past due ( as shown on XXXX ) when the XXXX mark has not even been passed ( XX/XX/XXXX would be the XXXX past due date, which has not passed as of the XX/XX/XXXX date this past-due was reported to the CRAs )?

Company response to consumer: Closed with explanation