Consumer complaint received 2022-05-13
Company: TOYOTA MOTOR CREDIT CORPORATION
State: VA
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:
Good morning, I'm extremely frustrated. My husband and I are trying to rate lock on our new house and Toyota Financial Services ' practices may impact our rate when my credit is pulled next week due to failure to timely credit my payment to my account and report payments made accurately to my bureau. ( I understand the distinction between crediting and posting payments - I am asking my payment to be credited. I understand it may take longer for my payment to post. ) Given the rapidly rising interest rate environment, we scrapped together money to pay off our truck to improve our debt-to-income ratio so we could qualify for a better rate on our 30 year mortgage rate lock. We paid on-time per the Toyota Financial Services system . Money has already been deducted from our bank. My account with Toyota Financial Services has cycled. It does not show that we've made any payment, nevermind having paid off the vehicle entirely. My current account status is " past due '' and showing an inflated minimum payment amount - a past due balance plus next month 's payment- which makes it look like I actually owe more than I do. ( Nevermind that I actually owe NOTHING. ) When I raised this with Toyota by phone, they indicated that even though I paid on time, they have not credited the payment to my account. Apparently they will credit the payment to my account via back-dating when the payment posts. In the meantime, my account has cycled- effectively making it look like I didn't pay on time. 

According to the representative that I spoke with, Toyota may take up to 10 days to credit my payment even though 1 ) it was made on-time, and 2 ) the funds have been deducted. Additionally, the representative indicated that the Toyota only updates bureaus once every 30 days ( this is standard - I get it ), that the next update will occur at the end of XXXX and that my credit report will not show up until approximately the end of the first or second week of XXXX. 

In the meantime, the information that was reported when my account cycled shows an inflated payment obligation ( which makes my debt-to-income look worse ), Toyota has my money , and my bureau reflects stale information. This has never been an issue before now - our payments have always been credited timely. 

I would like Toyota to 1 ) credit my payment to my account as of the date of receipt so my account does not indicate that I am past due ( even though posting/settlement may take them longer ), and 2 ) push an off-cycle update to my bureau showing that I made the payment on-time before my account cycled. I could care less how long it takes them to send me a payoff letter and the title, but they should be reporting payments made timely accurately, and my bureau should've been updated with this cycle- I shouldn't have to wait a full ~30 days for it to show correct information. 

It's frustrating that I'm having to submit this complaint to begin with. I've been a really good Toyota Financial customer over the years. 

Kind regards, XXXX XXXX

Company response to consumer: Closed with explanation