Consumer complaint received 2024-03-07
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Improper use of your report — Reporting company used your report improperly
Company: PINNACLE FINANCIAL PARTNERS, INC. (SC)

XX/XX/XXXX, I opened an account with Pinnacle Financial Partners in XXXX, NC. I have a Business Checking, Savings, account that has always been in excellent standing. I applied for a Business Equity Line of Credit in which they granted with conditions such as : a XXXX trial to ensure that I am worthy enough to keep it the Equity Line. After XXXX years, each year I had to show that I was worthy of the loan with credit score and income ( " Trial period '' ). After the XXXX  year XX/XX/XXXX, I was deemed worthy enough by the loan officer to allow me to go XXXX years before showing them that I was worthy of the equity line. During each year of showing my worthiness by running my credit and proving my income, she would find some way to change my loan. The first time XXXX before signing for the equity line she reduced my equity line amount in half at the time of the signing stating that my personal credit score had dropped points due to an inquiry which did not happen it was a soft inquiry from a furniture store. She dropped the amount from XXXX to XXXX without reason. Now in XX/XX/XXXX its time to show worthiness again now she is stating that I need to turn my loan from an Equity Line to a Loan to pay it off and they are charging XXXX the interest rate of the equity line. This year before signing the loan I had enough. I asked them for the reason why they reduced my loan from XXXX to XXXX in writing and the reason for turning my equity line into a loan. She stated that my equity line did not perform well enough for that institution, and I should have paydown the equity line to XXXX  and let it sit for XXXX  days before I use it again. After hearing that, I asked her if that was a rule or policy for all Pinnacle 's equity lines not just for me and if so, can you give me the policy in writing. She stated that it was not in the agreement when you signed for the equity line, but the underwriting stated that to her. I said Well how would I know that procedure if it is not in writing or in the agreement that I read and signed. She said you would not know it. I said so how can I perform a loan to your liking if I do not know the rules in which you have for me to follow. I then request for the reason for the reduction of the equity line in writing and the reason for the changing of the equity line to a loan again. Pinnacle Loan officer stated that there is no policy or rule in writing we decide on an individual case by case basis. After that correspondence, I did receive a call from a manager from the bank, who stated that they do not have any of the requested information in writing. I said I feel that the Bank is singling me out because I am XXXX XXXX. Because I have all my accounts with the bank, I have a relationship with the bank, my entire family has accounts in great standings, credit cards in excellent standing, my credit is excellent over XXXX, and my income has done nothing but increased, so why are your bank treating me like I am a credit risk it's not right. She stated the bank have some issues with " XXXX XXXX '' and they are working on making better progress to service farther " XXXX ''. I stated I wanted to avoid the complaint process with CFPB, or DOJ but I got no answer. It has been close to a month. The loan officer 's last correspondence was that she would send it to their legal team. I never heard from them again. I send emails every week since the first request and have not received any correspondence from the Pinnacle Financial Partners since.