Consumer complaint received 2021-05-19
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: VA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Incorrect information on your report
Sub-issue: Account status incorrect

Complaint:
I sold my XXXX XXXX XXXX to XXXX XXXX in XXXX  XXXX, VA on XX/XX/XXXX. My loan was with Bank of America. Since my Bank of America loan for my truck was opened in XX/XX/XXXX, I never had a late payment. I have never had a late payment on my credit report with any vendor. I've also been a customer of Bank of America since XXXX. I signed all the appropriate paperwork while at the dealership on XX/XX/XXXX that allowed them to pay off my loan and take ownership of the truck. XXXX XXXX sent a check to Bank of America on XX/XX/XXXX to pay off the vehicle. It appears the amount that was sent was not the correct amount as I received notification in XX/XX/XXXX from Bank of America that there was still a balance on the account ; {$39.00}. I advised Bank of America the truck was no longer in my ownership and the dealership owed the truck as I traded that truck in. The truck was no longer on my auto insurance and the DMV records were already updated reflecting that I no longer owned the truck. In addition it appeared XXXX XXXX had already resold my truck sometime between the time I traded the truck in and from the time I received notification from Bank of America that the loan was not satisfied. I advised Bank of America on the phone that it appeared that XXXX XXXX either didn't calculate the interest correct, wasn't given the correct amount or just paid the wrong amount when they went to pay off the loan and I asked Bank of America if they could waive the remaining balance since obviously this was a simple error. Bank of America refused to waive the remaining balance of {$39.00} and stated that I or XXXX XXXX would need to pay the remaining balance. XXXX XXXX issued a payment for the remaining balance that satisfied the loan. As a result, my XX/XX/XXXX credit report reflected a late payment which reflected my XXXXredit score going down 98 points according to XXXX. My score went from a XXXX to a XXXX in 1 month. Since the negative hit on my report occurred, XXXX XXXX sent a letter to Bank of America asking them to correct their reporting to the credit bureau since their error was on their side. Bank of America denied the request. I have spoken to numerous people at Bank of America and they refuse to send the corrected data to the credit bureaus to remove the negative mark on my credit reports. Bank of America stated I still needed to be making payments on the truck until XXXX XXXX paid the loan off. I was not in a position to be making 2 truck payments. I filed a dispute with all 3 credit bureaus, and it was reported back to me that Bank of America stated that all was reported correctly. I don't understand why Bank of America will not correct this reporting to the credit bureaus. I did not even own the truck when the late payment hit my credit report and someone else had already bought the truck which I don't understand how the dealership was even allowed to do that. I am requesting that my credit report be corrected accordingly.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation