Consumer complaint received 2023-12-21
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Improper use of your report — Reporting company used your report improperly
Company: Self Financial Inc. (MD)

I am writing to bring to your attention a series of unfortunate events that have significantly impacted my ability to manage my account with Self, culminating in a situation that I believe warrants special consideration. Issue 1 : Failure to Update Email Address Firstly, I requested an update to my email address, due to concerns about hacking or unauthorized access. Despite these requests, my email address was not updated as needed. This failure in updating critical contact information on your part has led to significant communication gaps. Issue 2 : Payment Method Failures Consequently, the payment method linked to my account, originating from encountered issues. The bank had placed a hold on my account, which directly impeded payment transactions for my loan with Self. This was not a result of negligence on my part but rather a security measure taken by the bank because of my email being hacked the email you have on file is " XXXX '' which is incorrect so i never recieved this email i ahd updated self my new email which was never updated or documented resulting in miscommunication causing fincial harm as i notifed the bank to make sure auto pay will continue they told me it would but not also having access to that email at the time out me into blind spot its only one late payment which is a result of indenity theft. Issue 3 : Account Closure and Payment in Full Despite these challenges, I have acted in good faith and paid the remainder of my loan agreement in full, leading to the closure of my account with Self. However, the aforementioned issues significantly hindered my ability to manage my account effectively. Concerns Regarding the Truth in Lending Act ( TILA ) Furthermore, I believe that the lack of clear communication and failure to update my contact information may constitute a violation of the Truth in Lending Act ( TILA ). TILA mandates the disclosure of certain information in credit transactions and emphasizes the importance of clear and timely communication from lenders to borrowers. I appreciate your prompt attention to this matter and look forward to a resolution that reflects the challenges I have encountered and my commitment to fulfilling my obligations under our loan agreement. Violation of Fair Credit Reporting Act ( FCRA ) : The FCRA, under 1681s-2 ( a ), mandates the accuracy of information provided to credit bureaus. The lack of a clear reporting policy in our agreement could lead to inaccuracies in my credit report, potentially violating this act. Concerns Under the Equal Credit Opportunity Act ( ECOA ) : ECOA 1691 ( d ) requires lenders to provide certain information to borrowers. The absence of credit reporting policies in our agreement might contravene these requirements, affecting my ability to understand and manage my credit. Consumer Financial Protection Bureau ( CFPB ) Regulations : According to 12 CFR Part 1026 ( Regulation Z ) of the CFPB, which implements TILA, lenders are obligated to provide clear disclosures on credit terms. The omission of late payment reporting details fails to meet these transparency standards.