Consumer complaint received 2024-05-17
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: M&T BANK CORPORATION (FL)

Subject : Incorrect Credit Reporting and Resolution of Account Issue I am writing to urgently seek your assistance regarding a serious issue that has impacted my credit standing and financial plans. I purchased a vehicle through a local dealership, which arranged financing through M & T Bank. My goal was to use this loan to help rebuild my credit after my divorce ( XXXX XXXX XXXX XXXX XXXX XXXX ruined my credit ). 

After completing all necessary paperwork and signing digitally at the dealership, we set up an autopayment for the loan, following the bank 's instructions to make the first payment online. We received onscreen confirmation of the setup and believed everything was in order. However, XXXX months later, we were contacted by M & T 's collections department, claiming we owed XXXX months ' payments. This was the first notification ever we received regarding any issue with the payments. All this time I was in believe that there was autopay going out every month and everything was OK. 

Upon investigating with bank collection employee over the phone, we discovered that M & T had outdated contact information from over a decade ago, despite providing current information on the loan paperwork. We never received any notifications about the missing payments or the need to sign additional documents for autopay activation. The collections representative confirmed the outdated information, confirmed that the letter was sent to the physical address we have not lived at for last XXXX years, and emails and phone numbers they had on file we haven't use over decade. She immediately corrected the information in their system, so we won't miss any further communication from the bank. As a proof, she also immediately removed one of the late fees as an apology, stating that she would remove them both, but only can process one. We were under impression, that this error discovery would also trigger bank retracting the report to credit bureaus. However, that never happened, and the M & T Bank 's error had caused significant damage to my credit score, dropping it by over XXXX points. I spent last decade fixing my credit, so imagine how error of the Bank causing this damage must have feel. 

To explain where the Bank had my old contact information is easy. My mother banks with M & T, she is XXXX ill, elderly, does not use internet or cell phone and I was put on her account to help her oversee the processes and help with online activities if needed. This was done over decade ago, when I lived in different address with different email and phone number, in between then and now, I moved out of country for a year and came back - hence the new phone etc. 

Despite multiple attempts to resolve this through M & T Banks customer service and an expedited dispute filed with your staff, we have encountered significant resistance. The bank continues to claim there is nothing wrong, all they claim is that bank statements have the correct address. Of course, that was corrected when on phone with collection person. We never received a single letter from the bank at our residence. They also stated there is nothing more they can do, which we find unacceptable. We believe the recorded phone call with the collections department will confirm our account of the issue. I have send e-mail letters to C-suit personel in M & T Banks as well, never received single response. 

I would like to request your intervention to help me correct this error, as it is severely affecting our financial situation and ability to secure a HELOC for our business needs. We are even ready to seek legal actions if necessary, as I am refusing to " pay '' for M & T Bank employee error. The M & T Bank, had not showcase that they value customer service and did not show any will to help us address this issue thoroughly and fairly. 

I believe I demonstrated immediately that this was not intentional by paying outstanding balance immediately over the phone with collection agent and having them hep with making sure autopayment is set correctly. I also am paying monthly more than minimum payment. This was not intentional, and the problem was caused by incorrect M & T Banks records, so I would like this to be removed from my credit report. Thank you, Sincerely, XXXX XXXX XXXX ( XXXX ) XXXX