Consumer complaint received 2024-03-18
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Payment process
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (CA)

Dear CFPB, I am writing to bring to your attention a concerning issue related to Bank of America 's credit reporting practices. As a consumer, I have experienced what I believe to be unfair and oppressive behavior on the part of Bank of America. 

**Background : ** - I have been in the midst of multiple disputes with Bank of America regarding their insistence that I open an account with them. I had an account with Bank of America many years ago, and I was CONSTANTLY being charged penalties, the bank would not deposit large checks and would engineer bounced checks and collect fees, and the bank was just generally UNTRUSTWORTHY. I closed my account and was not expecting to be compelled to open another. 
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During this time, Bank of America has reported derogatory credit information against me, which has significantly impact ed my credit score and financial well-being. Specific Concerns : 1. Unfair Reporting Timing : Bank of America has reported negative credit information while my disputes are ongoing. This practice is detrimental to my financial reputation and undermines the dispute resolution process. 
XXXX. Pressure to Open an Account : Bank of America 's insistence that I open an account with them, despite my objections, has created undue stress and financial strain. Their actions seem coercive and oppressive. 
XXXX. Failure to Provide Statements : Bank of America 's irregular mailing of statements has caused confusion and financial instability. 

California State Laws Violated : 1. California Civil Code 1785.25 ( a ) : This law prohibits credit reporting agencies from reporting inaccurate or incomplete information. Bank of America 's derogatory reporting during ongoing disputes violates this provision. 
2. California Civil Code 1785.25 ( b ) : It requires credit reporting agencies to promptly correct any inaccuracies upon notification. Bank of America 's refusal to correct their reporting is a violation. 
3. California Civil Code 1785.25 ( c ) : It mandates that credit reporting agencies provide consumers with a summary of their rights under the Fair Credit Reporting Act ( FCRA ). Bank of America 's failure to comply with this requirement is concerning. 

Federal Laws Violated : 1. Fair Credit Reporting Act ( FCRA ) : ** Bank of America 's inaccurate reporting and refusal to correct it violate the FCRA 's provisions related to accurate reporting and dispute resolution. 
2. Truth in Lending Act ( TILA ) : Their insistence on account opening without my consent may violate TILA 's provisions on consumer consent. 
3. Consumer Financial Protection Act of XXXX : Bank of America 's actions harm consumers and undermine the intent of this federal law. 

Request for Investigation : I kindly request that the Consumer Financial Protection Bureau thoroughly investigate Bank of America 's credit reporting practices in light of the following : - The impact on consumers during ongoing disputes. 
- The pressure tactics used to compel account opening. 
- The irregularity in mailing statements. 

Proposed Remedies : XXXX. Immediate Halt to Derogatory Reporting : I urge the CFPB to require Bank of America to cease reporting derogatory credit information until the disputes are resolved. 
XXXX Review of Account Opening Practices : Investigate whether Bank of America XXXX insistence on account opening violates consumer rights and constitutes unfair practices. 
3. Statement Mailing Compliance : Ensure that Bank of America consistently mails statements to consumers. 

Conclusion : As a consumer, I believe that Bank of America 's actions are unjust and harmful. I trust that the CFPB will take appropriate measures to protect consumers and ensure fair treatment. 

Thank you for your attention to this matter. I look forward to a prompt resolution. 

Sincerely, XXXX XXXX XXXX XXXX -- - **References : ** 1. [ Consumer Financial Protection Bureau : Bank of America 's Illegal Credit Card Practices ] ( https : //www.consumerfinance.gov/about-us/newsroom/cfpb-orders-bank-of-america-to-pay-727-million-in-consumer-relief-for-illegal-credit-card-practices/ ) 2. [ Investopedia : Bank of America Fines for Bad Consumer Practices ] ( https : //www.investopedia.com/bank-of-america-to-pay-usd150-million-in-fines-for-bad-consumer-practicesXXXX ) 3. [ Consumer Financial Protection Bureau : Bank of America 's Unauthorized Credit Card Charges ] ( https : //www.consumerfinance.gov/about-us/newsroom/bank-of-america-for-illegally-charging-junk-fees-withholding-credit-card-rewards-opening-fake-accounts/ ) 4. [ Consumer Financial Protection Bureau : Bank of America 's False Mortgage Data Reporting ] ( https : //www.consumerfinance.gov/about-us/newsroom/cfpb-orders-bank-of-america-to-pay-12-million-for-reporting-false-mortgage-data/ ) Source : Conversation with XXXX  XX/XX/XXXX ( 1 ). XXXX XXXX XXXX q=consumer+financial+protection+bureau+Bank+of+America+unfair+credit+reporting. 
( 2 ) Bank of America Financial Center. https : //locators.bankofamerica.com/ca/longbeach/financial-centers-long-beach-1287.html. 
( 3 ) CFPB Orders Bank Of America To Pay {$720.00} Million In Consumer Relief For .... https : //www.consumerfinance.gov/about-us/newsroom/cfpb-orders-bank-of-america-to-pay-727-million-in-consumer-relief-for-illegal-credit-card-practices/.

( 4 ) Bank of America to Pay {$150.00} Million in Fines for Bad Consumer Practices. https : //www.investopedia.com/bank-of-america-to-pay-usd150-million-in-fines-for-bad-consumer-practicesXXXX. 
( 5 ) CFPB Takes Action Against Bank of America for Illegally Charging Junk .... https : //www.consumerfinance.gov/about-us/newsroom/bank-of-america-for-illegally-charging-junk-fees-withholding-credit-card-rewards-opening-fake-accounts/.

( 6 ) CFPB Orders Bank of America to Pay {$12.00} Million for Reporting False .... https : //www.consumerfinance.gov/about-us/newsroom/cfpb-orders-bank-of-america-to-pay-12-million-for-reporting-false-mortgage-data/.