Consumer complaint received 2020-01-13
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX
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:
On XX/XX/XXXX I approached XXXX XXXX XXXX XXXX in XXXX, Texas where I hold an account with the credit union for a secured personal loan of {$15000.00} due to a death in my family which needed my urgent attention as the head of household. I did not realize that there was a miscommunication issue that would arise as the agent with XXXX was somewhat devious in processing my loan and in exchange the credit union would place a lien on my vehicle as collateral. This was all done in desperation to raise funds for the funeral but when the check arrived it was rather diverted towards paying my Bank of America Credit card bill in lieu o my checking account. I have maintained a relationship with BoA for nearly 15 years if not more and have maintained my XX/XX/XXXX credit card with an excellent payment history with fewer than a dozen late payments i.e less than 5 days after the due date for the past 14 or 15 plus years. In XX/XX/XXXX, I was still a displaced employee due to a recession that affected the energy industry and as a result of the worldwide corporate restructuring which led to my job being cut. However, I managed to sustain myself all through this period since early XX/XX/XXXXby living of my savings to the point where I began to liquefy my assets and stocks, 401Ks just to maintain my Bank of America credit card etc and I did perfectly well until the incidents that followed in XX/XX/XXXX when I  canceled the loan amount from XXXX because at this time I was owing Bank of America close to {$15000.00} out of the {$15000.00} credit limit on my card. My monthly minimum payments were hovering around {$330.00} and I was making it on time. Then they got really agitated after I canceled the huge payment that was misdirected and they immediately downsized my credit limit from {$15000.00} to {$900.00} leaving me {$14000.00} plus above my credit limit. This was an act of retaliation for the check cancellation even though they have made over {$33000.00} in profit from this single product which I signed up for in XX/XX/XXXX called the Platinum Visa Card which came with Credit Protection among other benefits. Now during my hardship, they failed to allude to the fact that my card had credit protection to cover for my MPD ( Minimum Pay Due ) duing a hardship below 60 days of delinquency. Below I will highlight the succession of things that have transpired as this bank has single-handedly ruined my credit worthiness in the US focing me to move abroad. While all my other creditors report that I have an excellent payment history, BoA has filed two delinquencies on this single product since XX/XX/XXXX and in XX/XX/XXXX after I signed up for a program which they prescribed. XXXX  has advised that I resolve this issue with BoA after several disputes were raised. See details below from my XX/XX/XXXX communication with Bank of America after checking my XXXX  credit report. 


Re : Error [ s ] on consumer credit in XX/XX/XXXX as seen on the credit reports. 

I am writing to request a correction of the following information that appears on my XX/XX/XXXX, XXXX XXXX and XX/XX/XXXX consumer report : Dispute that is ongoing [ The following are my points ] : In XX/XX/XXXX : My credit limit was downsized from {$15000.00} to barely {$900.00} because of a job loss leading to the proportion on my loan balance exceeding my limit tremendously. This significantly dropped my credit by 100+ points. The bank was ruthless in doing this considering my excellent payment history in spite of the fact that I took money from my 401K etc. to pay for this card. 
In XX/XX/XXXX, I called and made a recorded statement about an extenuating circumstance which required for me to defer my credit card payment for 30 days and the Bank of America agent granted the deferral. The following month I caught up with my MPD ( minimum pay due ) for the previous month and paid every single month afterwards until XX/XX/XXXX.

On XX/XX/XXXX an assessment was done after I called the bank to discuss my financial circumstance and a debt consolidation was offered by a Bank of America agent which will result in the closure of my other credit card and would also result to a payment of {$260.00} +/- monthly at a 4.75 % interest rate ( approx. ). I said I would call back after thinking about the pros and cons. On XX/XX/XXXX I made a partial payment for my MPD which was followed by a payment on XX/XX/XXXX but Bank of America did not hesitate to damage my credit worthiness by reporting my account delinquent. 
The XXXX  report shows my account was delinquent and after several attempts to dispute it online Bank of America declined to remove this error which may stay on my report for 7 years. As someone who now works in the financial industry I am aware that banks report you to the credit bureau once you have two consecutive missed payments in 60 days ( thats when it impacts your score ). That was never the case on my delinquency history as I have made payments for the MPD on a month to month basis. 
The bank failed to provide information and phone numbers for the credit protection which came with my card in XX/XX/XXXXas a measure to cover for the MPD for every missed payment during a hardship. I am aware that the bank has made over {$33000.00} on this particular product or credit card for the last decade or more. I am requesting that the credit protection be activated to cover for the months of XX/XX/XXXXand XX/XX/XXXX until the next four months. 
Im the victim of Bank of Americas financial malpractice and manipulation. As the bank has illegally dubbed my account delinquent and ruined my credit worthiness in the US. Why should I continue to pay on a card that would not repair my credit if they refuse to expunge the error?

The bank was irrational to refer my account to a DMP ( debt management program ) when I asked to activate the XX/XX/XXXX debt consolidation offer. 
I was tricked to spend over a thousand dollars to bring my account to current when BoA has already tagged my account delinquent in XX/XX/XXXX even though I made a partial payment that very month. You will find out that they also deny the fact that they approved and kicked off a hardship program on XX/XX/XXXX which should have me paying down the debt with a lower APR and should report my account as current in about three months as they claimed. Rather they have once again lied and further damaged my credit. A review of the last 13 month payment history will reveal that I have only missed to make my MPD payments a couple times by a few hours short of the due date or a couple days with late fees quickly accessed, but nothing near consecutive 60 days.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation