Consumer complaint received 2020-09-28
Company: Yamaha Motor Finance Corporation USA
State: CO
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:
On XX/XX/XXXX I purchased a motorcycle through a local dealership of a Yamaha product. The loan was originally financed through XXXX XXXX. They did an excellent job servicing my loan. At some point late in XXXX or early XXXX Yamaha Motor Finance purchased all Yamaha based loans from XXXX XXXX  with NO NOTICE at any time to customers including myself. I set my account up on Auto Pay in XX/XX/XXXX and have never changed my auto pay nor was I alerted to any changes. I have confirmed through the original deal that Yamaha Motor Finance does not service these loans they bought back from XXXX XXXX  but instead sub-contract the servicing to a company call XXXX. Again, to this day XXXX have never received any notices, documents or other information from Yamaha Motor Finance OR XXXX XXXX   Servicing. I only noticed that my XXXX XXXX  loan was closed out earlier this year and then saw the Yamaha Motor Finance account opened. Since my credit bureau remained in good standing with no issues and I remained on Auto Pay I was not concerned. In XX/XX/XXXX I sold the motorcycle I had financed through the dealership I purchased from and they had immense issues paying off the loan since the only loan number available was XXXX XXXX  's original loan number and Yamaha Motor Finance didn't finance in house and XXXX was unable to locate the loan. Regardless, the loan was paid in Full. I recently received notice on XXXX XXXX of a " past due '' outstanding balance and a letter from Yamaha stating I owe {$40.00}. Attached is a screenshot of my XXXX XXXX account showing NO LATE PAYS. I also called Yamaha Motor Finance last week who advised my account balance is zero and they have no record of my owing {$40.00} or any means for me to pay such. 

The erroneous reporting to the Credit Bureaus has impacted my credit with an almost 100 point reduction and that is unacceptable. I set my account up for Auto Pay at the initiation of the loan, for the 1st of the month, with XXXX XXXX. .It automatically transferred when the loan was purchased by Yamaha and, again, I received absolutely no transfer information, request for new auto pay set up or any other notices. In talking with Yamaha Motor Finance they insist it was set up on the 3rd of the month which is ridiculous and would have made my account late every month this year. Clearly, per my screenshot, it has never been reported late. The hit to my credit bureau did not happen until after the motorcycle was paid off.

This account is paid in full and has been for more than 30 days. There is no balance outstanding, per Yamaha Motor Finance, and they are incorrectly reporting a negative and drastically impacting my score and I am not the only consumer experiencing this issue. The local dealership, XXXX XXXX, has been contacted by numerous clients who are experiencing the same issues as I am. This is a not an isolated incident and their unfair and erroneous practices are ruining my credit.

Company response to consumer: Closed with explanation