Consumer complaint received 2023-08-05
Product: Credit reporting, credit repair services, or other personal consumer reports — Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem — Their investigation did not fix an error on your report
Company: EQUIFAX, INC. (AZ)

XXXX XXXX XXXX XXXX XXXX XXXX XXXX, AZ XXXX XXXX XXXX XX/XX/XXXX Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX  XXXX, Iowa XXXX Subject : Complaint Regarding Improper Mortgage Loan Transfer and Resulting Credit Penalty To Whom It May Concern, I am writing to file a formal complaint against Transferer Bank XXXX XXXX XXXX and Transferee Bank - XXXX XXXX regarding the transfer of my mortgage loan and the subsequent credit penalty that has been unfairly imposed on me. I believe that both banks mishandled the mortgage transfer process, resulting in detrimental consequences on my credit rating and financial well-being. 

Loan Details : Loan Number : [ Your Loan Number ] Original Lender : XXXX XXXX New Servicer : XXXX XXXX Timeline of Events : In XX/XX/XXXX, my mortgage loan was transferred from XXXX XXXX to XXXX XXXX. Notification of this transfer was mailed to my previous address which never got forwarded to me. They also called an incorrect phone number, so I never received the communication from XXXX XXXX or XXXX XXXX. 

During this time, I had set up automatic payments for my mortgage with XXXX XXXX to ensure timely payments. This setup was in place at the inception of the loan with XXXX XXXX and through XX/XX/XXXX to XX/XX/XXXX. 

However, during this period, my payments to XXXX XXXX were rejected and not processed properly. I was not informed about this issue, and there was no communication from XXXX XXXX or XXXX XXXX regarding the payment rejection. Any communication was sent to an old address and phone call to an incorrect number resulting in me being unaware of this issue. 

As a result, my credit history indicates late payments for XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX which was reported by XXXX XXXX ( transferee ). This unjust credit penalty has led to severe consequences, including the potential disruption of my upcoming home closing scheduled in just two weeks ( XX/XX/XXXX ). 

Complaint Details : Transferer Bank XXXX XXXX XXXX : XXXX XXXX failed to ensure that my automatic payments were processed correctly during the transition. Their lack of communication and failure to notify me about the payment rejections has led to unjust late payment reports on my credit history. 

Transferee Bank - XXXX XXXX : XXXX XXXX, as the new servicer, bears responsibility for ensuring a seamless transfer process. Their failure to properly manage the transfer, communicate the payment issues, and rectify the situation and reporting this issue as late payments has directly contributed to the negative impact on my credit score. 

I have made efforts to address this issue with both XXXX XXXX and XXXX XXXX, but both institutions have been unresponsive and unwilling to take responsibility for the credit penalty that I am now facing. This credit penalty not only affects my financial stability but also jeopardizes my ability to close on a home in just two weeks. 

I kindly request that the Consumer Financial Protection Bureau intervene in this matter and investigate the improper mortgage transfer process and the resulting credit penalty. I am seeking a fair resolution that includes the removal of the unjust late payment reports from my credit history and any necessary steps to repair the damage caused by this incident. 

I can provide any relevant documentation to support my claim if needed, including correspondence with XXXX XXXX, as well as credit reports reflecting the erroneous late payment reports. I attached a response to my complaint from XXXX XXXX ( transferee ), example of a XX/XX/XXXX payment that was sent to XXXX XXXX and the same XX/XX/XXXX mortgage payment that was rejected by XXXX XXXX. 

Thank you for your prompt attention to this matter. I trust that the Consumer Financial Protection Bureau will work towards a just resolution that upholds consumer rights and ensures a fair and transparent financial system. 

Sincerely, XXXX XXXX