Consumer complaint received 2024-07-10
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Problem with personal statement of dispute
Company: BSI Financial Holdings, Inc. (VA)

I am writing to ask for assistance regarding the unjust practices of XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX a now XXXX XXXX XXXX and Banking Stability Index Financial Services ( BSI ). XXXX XXXX XXXX made it impossible to repay a loan serviced by BSI and changed their credit reporting policy negatively impacting my credit score. I am seeking your assistance to resolve the restoration of my credit score. 

In summary, I secured a renovation loan with XXXX XXXX XXXX on XX/XX/XXXX. The term of the loan was for one year. I was informed by loan officers XXXX XXXX and XXXX XXXX the lender would not report the loan to the credit agencies. It was not depicted on my credit report. This was my second loan with XXXX XXXX XXXX. All payments were paid on time. I extended the first loan # XXXX and paid it off. The second loan was # XXXX. I encountered delays due to XXXX XXXX XXXX XXXX ( XXXX ) Due to the XXXX  delays, I requested a loan extension on XX/XX/XXXX. My loan maturity date was XX/XX/XXXX. What normally takes about a week took over a month. I was not informed my extension was denied until XX/XX/XXXX. I made a concerted effort to make payments but BSI would not allow or accept any form of payment. I immediately began refinancing the loan. During the refinancing process there were several setbacks through no fault of my own due to mistakes from the new lender. Incorrect information was sent to the settlement office and needed correction. I have included a letter from XXXX XXXX XXXX explaining to XXXX XXXX XXXX what happened. This is what I found out during the process. 

XXXXXXXX XXXX XXXXXXXX was purchased and is now under new ownership. The new owners began clearing their books, stopped ceased giving new loans and loan extensions in order to clear their books. XXXX XXXX XXXXXXXX made a decision to begin credit reporting. The directive was sent to BSI, the servicing agency, in XXXX of XXXX. There was no credit reporting until XXXX of XXXX. BSI was required to go back two years and report all incidents to the credit agencies. I spoke with BSI representative XXXX employee # XXXX on Tuesday XX/XX/XXXX who informed me of these proceedings. 

I have renovated two homes in XXXX to provide affordable housing and improve the community. Enclosed is a letter from BSI stating they were not accepting payment sent to them because the check was destroyed. Currently I can not refinance or secure a loan. Due to the delay of XXXXXXXX XXXX XXXXXXXX informing me they were not extending my loan, no notice of the sale of the company and the mixup in paper work during the refinance my credit report was severely damaged. BSI reported a XXXX and XXXX day late notice on my credit report even though I was in contact with them during the entire process.. 

I wrote letters to XXXX XXXX XXXX and XXXX XXXX XXXX. XXXX XXXX and XXXX XXXX were very professional and extremely helpful through the process. XXXX provided a letter to BSI but XXXX ignored our requests. I am now sent back and forth between BSI and XXXXXXXX XXXX XXXXXXXXThey are blaming each other. It is important to note the name, XXXXXXXX XXXX XXXXXXXX was purchased by a new company located in XXXX XXXX XXXXXXXX now using this name as well. I need help correcting my credit report. Due to the many difficulties encountered, I have not been able to rectify my credit report, not able to resolve many issues I need to rectify and have the ability to ensure my tenants are able to continue to live in XXXXXXXX XXXX 

As a small business, you can see from my letter, I am sincerely seeking options to rectify all issues due to the many obstacles and roadblocks.

I am sincerely hoping these issues pertaining to my credit score, successfully and maintaining the properties can be resolved in addition to resolving all issues. 

Thank you for your time and attention, XXXX XXXX XXXX