Consumer complaint received 2023-03-21
Company: BMW Financial Services NA, LLC
State: AZ
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: Difficulty submitting a dispute or getting information about a dispute over the phone

Complaint:
Dear Consumer Financial Protection Bureau, I am writing to express my frustration and concern with XXXX and XXXX, two major credit reporting agencies, for their negligence in handling my credit report. For many years, I have been dealing with an incorrect credit report, and despite my efforts to rectify the issue, it has persisted, causing significant financial harm. 

Upon reviewing my credit report insight, I noticed that the summary indicates that I have been 98 % paid as agreed on my accounts, but there is one negative account on my credit report. However, there is no indication of which account is negative, leaving me in the dark about why my credit score has decreased. I have contacted XXXX multiple times to request information about this negative account, but they have been unable to provide me with any information. 

As a result of this error, I have suffered financial pains for the past five years, losing thousands of dollars due to higher interest rates. This error has caused me significant stress and anxiety, and I am no longer willing to tolerate it. I believe that the negative account may be related to a dispute I submitted regarding an account with BMW Financial five years ago, which had an erroneous late payment due to early termination and insurance loss. I am adding them to this dispute, as this might be an issue related to them but can not explain why XXXX is correct but XXXX and XXXX are reporting wrong. 

On XX/XX/2023, I reached out to XXXX again to request help in finding the discrepancy in my credit report, but the representative I spoke with was not empathetic or helpful. They simply told me that they would send me a report and that I should indicate if something was wrong with it. Additionally, I was told ( erroneously ) that this could be caused by MyFICO, which I ended up getting a membership to prove it has nothing to do with them as they are not a credit bureau. I added the report in a reduced format ( as the original document is over 20 Mbs ), as it indicates an issue with the BMW account previously mentioned. 

Anyways, I received my credit score via mail on XX/XX/XXXX, and the same error was present in the report summary, despite my previous request for assistance. 

I have also submitted a complaint report to the Federal Trade Commission ( ID : XXXX ), but I am hoping that the Consumer Financial Protection Bureau can also intervene on my behalf to ensure that this issue is resolved quickly and effectively. I am seeking your assistance in correcting this error and restoring my credit score to its rightful place. I have a reference number for my previous interaction with XXXX, which is XXXX. 

Thank you for your time and attention to this matter. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation