Consumer complaint received 2021-01-15
Company: Rocket Mortgage, LLC
State: WA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
in XXXX of 2020 i requested pandemic assistance. this was a difficult decision but necassary for survival. fortunatly congress passed the CARES act that allowed for bank and consumer to work together to best not be harmed. The CARES ACT was determined to allow for this forbearance without it negativley affecting the credit score of the consumer. the account is essentially frzen in time for the duration of the forbearance and will not harm the customers credit score by how they report the account. if it was current as it was it should remain current and not hurt my score. However after much deliberation with quicken loans there seems to be a disconnect as to how they are reporting and the harm it is causing. i have proof of an example of how they report my account is causing harm to my credit score. They have twice reported my current balance as being over the original loan amount. This affects how my credit score is calculated because my balance is being reported too high compared to origanal balance. Quicken loans informed me that they are adding on the escrow amount to the statement balance. Two problems with that is it has dropped my credit score 8 points or more on two occasions by reporting me {$5000.00} over my loan balance, and two, if my account is frozen then how is the balance changing. This is creating damage to my credit score by 20 points. The CARES ACT states that a credit furnisher may not report a consumers account in a way that hurts their credit. This is happening nonetheless and I assume that this is occuring on every forbearance account with quicken loans and possibly other banks as well. i informed quicken loans of all of this and they told me there is nothing they can do. so they are esentially admitting that there is nothing they can do to follow the cares act. I reminded them thta there system probaly needs to be changed to recognize the CARES ACT guidsance. They do not care. They know they are harming my credit and choose not to adjust their reporting tactics. My friend has 7 mortgages in forbearance with 5 companies and none of them are doing this. I hope that Quicken loans can straighten this out for myself and all otheir other clients. i am also making CFPB aware that this is happening and there may be other instittions harming peoples credit. They may not be reporting an account delinquent but if they report an increasing or over balance that is ruining peoples credit scores in my case 20 or more points. i show evidence of an 8 point drop, the only thing that changed from XXXX to XX/XX/XXXX is quicken loans updated a second balance increase, putting me XXXX over original balnce. this is wrong, please correct and change your reporting system to stop this damage to innocent people seeking pandemic assistance, this is not helpful to those who are already suffering!!. Please update my balance as shown on my statement page, this is also the balance quicken loans shows in their internal system but when they update to credit beraus {$5300.00} is added to the statement balance. quicken loans should only report the statement balance as existed in XXXX and kept frozen at that number to prevent this harm

Company response to consumer: Closed with explanation