Consumer complaint received 2019-12-28
Company: TOYOTA MOTOR CREDIT CORPORATION
State: NC
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Their investigation did not fix an error on your report

Complaint:
In XX/XX/XXXX, my wife and I was 30 days late on our payments with Toyota. My wife had lost her job and could not keep up with the payments. Once we were notified of the late payment, we immediately got up to date and I took over the payments. 

After 6 months - 8 months of on-time payments, I wrote a goodwill letter to remove the 30 day late payment because my wife and I were looking into buying a home and wanted to get the best deals and rates. Toyota refused to assist with this. 

After a year of payments ( all in good standings XXXX, my wife and I got into an accident which resulted in a total loss of our XXXX XXXX XX/XX/XXXX ). Our insurance paid the total loss amount for the XXXX XXXX and we received mail from Toyota stating that our Toyota account was closed. In XXXX, I called Toyota to see when the account will be closed on my credit report, because I was excited to see an increase on my report from the account being " paid off by insurance '' and closed -- since we were in the process of buying a home. Toyota told me that my account it still open with the total loss department and they did not know why I received communication of it being closed. A couple of days later, I called Toyota Financial Services again to see if they would remove the 30 day late payment, since the account has been paid on time and since it is closed or going to be closed, the agent asked me to write a letter with all of the details in it and they will look into it and get back to me. Toyota sent a letter back 3 weeks later, stating that they will remove the negative mark. This was tough for me because Toyota is the only negative mark on my report. 

On XX/XX/XXXX, I received a letter from Toyota Financial Services, stating that the account has been closed and paid off by insurance, and that they sending a payment to my financial institution on my behalf. A month later, my credit report on Experian updates and my credit score decreased by XXXX points ( XXXX to XXXX XXXX. 

On XXXX : The account has been closed, but closed with a {$2000.00} balance with a status of " Current, was past due 30 days. '' Also, on my Experian report, It states that I have a serious delinquency ( 60 days past or greater ) on my report and that I recently missed a payment of had a derogatory indicator on my report. 

On XXXX : My credit score dropped from a XXXX to a XXXX. 
The account has been closed, but closed with a {$2000.00} balance with a status of " Paid or paying as agreed. '' Also on my Transunion report, it states that I have a serious delinquency ( 60 days past or greater ) on my report and that I have a recent missed payment on the account -- 1 month ago. 

On XXXX : My credit score is a XXXX -- Did not change. 
The account has been closed, but closed with a {$200.00} balance but with a status of " Pays account as agreed '' and comments stating lease-early termination. 

I have disputed this account and Toyota has yet again done nothing and stated that everything is correct, which is not true. The account is closed, and paid off by insurance from a total loss claim, so it should have a zero balance. We have never been 60 days or more late and the account has been in good standings for XXXX months. There are lots of discrepancies with the reporting from Toyota Financial Services. 

Discrepancies : Status should be changed to " Paid in Full '' to all credit reporting agencies. 
Comments to say : Insurance Loss/Insurance Paid or Paid in Full or Early Lease Termination Balance should be changed to {$0.00}. 
Account has been in good standings for XXXX months, no recent late payments and can be seen from payment history. 

Toyota has completely destroyed my wife and my chance to getting a home this year, if this is not fix we will have to take steps back and work on the damages Toyota has made on our reports. I have written two goodwill letters, one when the account was still open, one when the account was closed, I have called Toyota several times asking about my account, if it was closed, if it was paid off, also asked them for assistance on making sure it was reported correctly to the agencies, I have disputed the account. I just do not know what to do anymore. 

Reading on the internet, there are others who have gone through the same situation with Toyota Financial Services and have rated the company terribly -- If I would have known this is what this company does to its customers, I would have never got involved with them. I am only XXXX of many who are going through this. I just ask Toyota to look back into their reporting and make the necessary changes to ensure the account is closed, in good standing so it does not negatively impact our scores so we can qualify for obtaining best rates for dream home.

Company response to consumer: Closed with non-monetary relief