Consumer complaint received 2023-05-01
Company: American Credit Acceptance, LLC
State: CA
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
American Credit Acceptance is not reporting the balance or transaction history correctly on my credit report. I am being told by American Credit Acceptance that my payoff amount is {$8500.00}, however, balance that is being shown on my credit report is {$10000.00} and that amount has remained the same on my credit report for over 1 year with one exception. Two or three weeks ago, I noticed that American Credit Acceptance reported my account as closed with a {$0.00} balance on XXXX XXXX, but did not report the same information through XXXX. This account was never closed, nor do I have a {$0.00} balance. I filed disputes through XXXX XXXX and XXXX to attempt to resolve the issue. The disputes were closed, but the report was put back to the way it was before I filed the dispute ( with the {$10000.00} balance ). I have filed a dispute with these two agencies in the past to have it fixed to no avail. Them not updating things correctly has caused me so much trouble financially, because while I haven't been the BEST borrower, I still have paid almost everything I've owed them and it's affecting me from being able to open other credit accounts because it looks like I'm a worse borrower than I actually am. This includes utilities, personal loans to repair the vehicle that I have had numerous issues with since I bought the car, and refinancing the loan with a different company. I have missed payments, but American Credit Acceptance is missing entire years worth of data and it makes it look like I don't make any payments on time. All of XXXX is missing, 9 months of XXXX is missing, all of XXXX is missing, and all of XXXX is missing. 

I did have a repossession in either XXXX or XXXX, however, I did redeem that and I paid all fees associated with the repossession and the past due balance that I needed to pay in order to redeem the vehicle. I was never told that I needed to pay anything else and that my vehicle was back in good standings. 

In XX/XX/XXXX, I spoke to a representative of American Credit Acceptance over the phone regarding my loan maturity date, which is XX/XX/XXXX. I was then and ONLY then informed that I still had the balance of {$8500.00} that is owed by XX/XX/XXXX. I was never once told why I had such a high balance after opening the account in XX/XX/XXXX. I also asked the representative for a copy of my transaction history. I noticed today, XX/XX/XXXX, that my balance increased after I received my vehicle back from repossession, even though I had paid all fees and owed charges in order to redeem the vehicle. I was never informed of this change via email, letter, writing, phone call, text message, or any thing else. Additionally, My APR is over 30 %, but I don't ever remember signing a contract with that rate. I remember 28 %, which is still high but not as high. I have included a copy of my transaction history to this complaint. 

EDIT : I actually just looked back at my transaction history and noticed that some of the payments I have made have strictly gone to just interest and not both interest and principle. My balance has increased almost back to my original loan amount several times. This loan is extremely predatory and meant to make it so that I was never able to pay it off in the first place. 

I will be pursuing legal action if a resolution is not reached within a reasonable amount of time.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation