Consumer complaint received 2019-08-09
Company: CAPITAL ONE FINANCIAL CORPORATION
State: PA
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 received a " Final Payment Information Letter '' letter from my Auto Loan provider Capital one Auto Finance. The letter stated that on XX/XX/XXXX the loan will reach it's term. It stated that my account balance exceeds my regular monthly ; y payment amount. Throughout the life of the loan I had a few deferments which pushed the payments or interest to the back of the loan. There was a balance of {$2500.00} and some change when the loan reached it's term. When I received the letter I called Capital One Auto finance and asked how I could pay the balance of {$2500.00} and if I could break up the payments monthly. I was told I cam break up the payments monthly as long as I paid at least my regular monthly payment of XXXX and that I had until XX/XX/XXXX. I called right after I received the letter on XX/XX/XXXX to ask what my options were as it was stated in the letter. I was told exactly what I described above and to wait and call back on XX/XX/XXXX and I will receive specific instructions. I called back in XXXX prior to my normal monthly due date and spoke to a gentleman who repeated what I was told above that I can break up the {$2500.00} into monthly payments as long as I paid before XX/XX/XXXX. On that phone call he took my first payment of {$550.00} over the phone after that I paid online like I normally did every month and on XX/XX/XXXX made another payment for {$500.00}, on XX/XX/XXXX {$520.00}, on XX/XX/XXXX {$460.00} and on XX/XX/XXXX the balance and last payment of XXXX ( note before the XX/XX/XXXX date I was told ) I received my title and congratulatory letter that the car was paid off. On XX/XX/XXXX I received notifications from all 3 credit bureaus that Capital One Auto Finance reported my loan as delinquent more than 90 days and my score dropped 70 points putting my score below average to where I can not buy another car or at least without an extremely high interest rate and It's hindering my ability to look for houses to buy. I called Capital One Auto and explained the situation and was told I am correct there is obviously a mistake " as I can see the payments that you made '' He told me he was going to submit a credit reporting dispute and it would take about 30 days. This past week I called for an update and was told the dispute was declined when asked why, I was given the run around by several people and the last 2 people I spoke to in the resolutions department said the loan was reported as late because the payments I made went to the principal and that i made them online after the first payment i made over the phone in XXXX. I explained I did was I was told to do. The floor lead in the resolutions department said there was nothing he can do and that he listened to my call back in XXXX where i was told to make the regular monthly payments. I tried explaining that's exactly what i did ... .I called and asked how I can pay the balance of XXXX that was due immediately and was told i can break them up monthly as long as i paid at least the minimum monthly payment and before XX/XX/XXXX. I was told this several times over several phone calls. No one told me not to make them online and no one said anything about it doesn't count if it only goes toward " principal '' I didn't choose for it to just go to principal and from my standpoint as the borrower all I'm looking at is a balance of {$2500.00} and what my options were to pay it and I did exactly what I was told I can do. i asked repeatedly why can't they fix the delinquent reporting when you can clearly see The amounts I paid and you can hear the phone calls where i was told I can pay each month the regular monthly payment and that i had until XX/XX/XXXX. This is clearly not a delinquency because i paid as instructed. However their computer system allocated the money to just principal isn't relevant because i was legit paying the XXXX over the 5 months as discussed and I did. There hasn't been a late payment on my auto loan account since XXXX. This is not a fair reporting when I very proudly paid off my car as agreed and on time each month.

Company response to consumer: Closed with explanation