Consumer complaint received 2023-09-23
Company: BMW Financial Services NA, LLC
State: IA
Product: Credit reporting or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
To whom it may concern, I am writing to file a formal complaint against BMW Financial Services regarding the inaccurate reporting of my account status to credit reporting agencies. Despite adhering to the provisions and protections offered under the XXXXARES Act, BMW Financial Services has reported my account as " payment past due, '' which has negatively impacted my credit score and overall credit history. 

In XX/XX/, I experienced financial hardship due to the COVID-19 pandemic. Aware of the provisions under the CARES Act, I reached out to BMW Financial Services to discuss accommodations for my account. We agreed upon a payment that was not late. 

To further clarify, I have ensured that all my payments were made on time. If there is any report of a late payment, it is erroneous and possibly due to a technical or administrative error on BMW Financial Services ' part. This is deeply concerning as it not only misrepresents my financial responsibility but also unjustly tarnishes my credit history. 

Under Section 4021 of the CARES Act, if a creditor makes an accommodation to a borrower because of the pandemic and the borrower meets the terms of that accommodation, the creditor is required to report the account as current to the credit reporting agencies. However, despite meeting the terms of our agreement and ensuring timely payments, BMW Financial Services has reported my account as " payment past due. '' Furthermore, under 15 U.S. Code 1681i of the Fair Credit Reporting Act ( FCRA ), I have the right to dispute any inaccurate information on my credit report and request a timely investigation. The inaccurate reporting by BMW Financial Services not only violates the CARES Act but also my rights under the FCRA. 

This inaccurate reporting has caused undue stress and potential financial harm. The negative mark on my credit report could hinder my ability to secure credit or loans in the future, and it is unjust given that I acted in good faith, adhered to the terms of our agreement, and ensured all payments were made on time. 

I kindly request the following actions : BMW Financial Services should correct the inaccurate reporting immediately and ensure my account is reported as " current '' to all credit reporting agencies. 
I would like a written confirmation from BMW Financial Services acknowledging the error and detailing the corrective actions taken. 
Any negative impact on my credit score due to this inaccurate reporting should be rectified. 
In accordance with 15 U.S. Code 1681i, I request a thorough investigation into this matter to ensure the accuracy of my credit report. 
I trust that the CFPB will take this complaint seriously and ensure that BMW Financial Services adheres to the provisions of both the CARES Act and the FCRA. Consumers like myself rely on the protections offered by such legislation, especially during unprecedented times like these. 

Thank you for your attention to this matter. I look forward to a prompt resolution. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation