Consumer complaint received 2020-11-04
Product: Vehicle loan or lease — Loan
Issue: Incorrect information on your report — Account status incorrect
Company: FIFTH THIRD FINANCIAL CORPORATION (NC)

I have an auto loan with Fifth Third Bank. I received a copy of my credit report with the goal of trying to purchase a house to find that the following information was reported in error. I have solicited the services of a counseling agency to aid me in handling the dispute in which I question. First, I sent letters to all three credit Bureaus to see if the error was coming from their end only to find that it is not. The error is coming from Fifth Third Bank in which I have attempted multiple times to fix the error through Fifth Third only to receive no help and unreasonable answers. 

On my credit report Fifth Third is reporting to the Bureaus and is reflecting anXX/XX/XXXX rating, the worst rating, showing the vehicle as a repossession even though it has been reinstated and the car has been in my possession since XXXX of XXXX. I have made on time payments for quite some time now and this account continues to report to the Bureau as an XXXX rating. The date opened was XX/XX/XXXX and the last date reported was XX/XX/XXXX. This negative rating is affecting my credit score. 

When I went to the financial institution in person to handle the situation they would not let me contact or speak to a person directly that handles the account. They have an internal collection agency and instead Fifth Third acted as a mediator between the two parties. I was only allowed to speak to the Branch Manager who did not have a good understanding of how to even handle the situation or have any answers as to why they were reporting this as so. I was then told that I would be contacted within a week on the matter as the branch manager sent an email to the internal collection agency. I received no such follow up call. I then had to call multiple times not being allowed to speak to the Branch Manager and had an even lesser associate of the Branch Manager attempt to handle and resolve the situation only to have none. After going back and forth for several days and not accepting what I was being told by both the Branch Manager and the associate that, " Unfortunately that it is going to remain that way with the Bureau because the state institute of limitations allowed it, that there is nothing that they can do to change it it is going to stay on the report that way ''. This was the answer that I was given via voicemail. 

I called back very concerned wondering why if the car is in my possession, payments being made, etc. Why can't my rating change from an XXXX ( the worst rating ) to at least an XXXX. At this time I finally was able to get the Branch Manager on the phone who I feel just to get rid of me said, " That there is nothing that can be done. When you pay off the rest of the auto loan it will show up as a {$0.00} balance and that it might drop off ''. Which doesn't sound reassuring at all. If they can't fix the problem now, why would they fix the problem then? And furthermore, that doesn't help with the false reporting of my rating. And what if I owed a substantial amount more on my auto loan. Fifth Third would just handicap my credit score until then was basically the answer I was given to accept. To spend years not being able to do certain things because of them. I was extremely dissatisfied with the help I received. 

I still do not understand how the XXXX rating can not be removed or updated to the true status of XXXX. The account is current, I still own the vehicle and I am still paying on it. I'm in the process of trying to purchase a home and this is tarnishing my credit score and the information being reported correctly. I was then instructed by my counseling agency to reach out to the CFPB as a final resort as Fifth Third has not been helpful at all and I do not believe that I am being treated fairly.