Consumer complaint received 2019-01-28
Company: BMW Financial Services NA, LLC
State: AZ
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:
In both XX/XX/2018 and XX/XX/2018 a late payment was reported. It was an exceptionally busy time but the payment for this month was submitted a few days before the 30-day exception. ( See attached documentation ). As a small business owner, it is imperative that I maintain a flawless credit history as it could jeopardize my livelihood and more importantly the livelihood of my employees should I not be able to gain necessary funding for my business when the time arises due to a late payment destroying my credit rating. I fully respect the obligations I made to BMW Financial as with all the creditors who extend me financing opportunities and I have worked my entire adult life maintaining a great relationship with my creditors and I intend to maintain a great relationship with BMW Financial as I am in the market for a new car. A brief look at my account will reveal I have successfully made every payment up to and beyond the reported XX/XX/XXXX and XX/XX/XXXX timeframe which I can prove is in error ( See attached highlighted documents ).

I understand that the monthly billing cycle is a 30 day billing cycle as described in/by the federal Fair Credit Reporting Act ( FCRA ) my loan is financed on such a cycle that runs from the XX/XX/XXXX to the XXXX of each month, with that being said my payments were made within the limit of the following due date before the XXXX of the each of the reported late months as shown in the attached statements. Under the FCBA, a creditor must credit all payments to my account on the date they're received, unless no extra charges would result if they failed to do so. I understand that BMW Financial is permitted to set reasonable rules for making and reporting payments, like your rule that the deadline for payment should be received to be credited on the same date no later than XXXX XXXX. on the due date. My payments were made on the day before and before the XXXX window. 
Again, the reported late in XX/XX/XXXX and XX/XX/XXXX payment are negatively affecting my chances of obtaining much needed lines of credit and business banking opportunities that are vital to the success of me as an individual and my company. As you know, my personal FICO score is used in the decision-making process of all business bankings go/ no go decisions to fund and my FICO score has drop over 45 points due to the late payment reported in XX/XX/XXXX and XX/XX/XXXX which pushes me out to tolerated range of lender preference. 
I am requesting that you please the reporting error and restore my credit rating by revising the late payment as reported on my three major credit bureau files ( XXXX, XXXX, and XXXX ). I sincerely hope BMW Financial Services believes in their customers and I humbly request the correction be made. I have reestablished automatic payments so there is no doubt in payment dates. I appreciate your time and look forward to receiving a favorable decision from your department soon.

Company response to consumer: Closed with explanation