Consumer complaint received 2016-02-20
Product: Credit card — 
Issue: Credit determination — 
Company: KEYCORP (MD)

I am submitting my complaint as I was unable to resolve the issue with the company. 
I recently contacted my mortgage broker to see if I can take advantage of the lower interest rates and refinance my mortgage. During the process, he discovered that my credit score dropped from XXXX to XXXX because of the 30-days past due payment reported by Key Bank in XXXX, 2015. 
I have a credit card with that bank that I do not really use. The only transaction going through is the monthly automated deduction for XXXX identity theft protection in the amount of {$7.00}, so every month I make a payment ( account history attached. ) I am a single mom employed full-time and part-time XXXX student with no family other than my son, so it 's obvious that I am extremely busy as I have a lot of responsibilities and no one to help. As the result of the above as well as because I have n't gotten a statement, I forgot to make a Key Bank credit card payment in the amount of {$7.00} which was due on XXXX XXXX, 2015. 
Later I realized that I do n't when I made the payment last time, so I immediately called Key ( XXXX/XXXX/2015 ) to discover that I am past due ; I made the payment immediately. I questioned several times if I was reported to credit bureaus as being late. I was clearly advised that no reporting occurred and the late fee was waived as a courtesy since I 've been a valued customer and never been late. Note, no collection calls were placed, no past due notice was sent to my mailing or email address. 
As I stated above, I was misinformed and I was reported as being 30-days late. I contacted Key bank on XXXX/XXXX/2015 and spoke to supervisor - XXXX about my issue. She told that bank is not willing to remove negative reporting regardless of the fact that I did n't get a statement, I did n't get a single collection calls or a single notice to my mailing or email address and I was advised that no reporting would occur. I asked whether the bank has a collection department. XXXX advised that they do and I should 've gotten collection calls beginning few days of delinquency. I questioned why did they fail to do so and the answer was ( citation ) - " I do n't know. '' We verified all my demographic information and it was correct in bank 's system. 

The result of the situation described above is as follows : - My FICO score dropped from XXXX to XXXX, so it will take XXXX years to bring it back to original level - I am unable to refinance my house which would 've saved me ~ $ XXXX/month as per my mortgage broker ( {$150000.00} over the life of the loan ) - As I mentioned before, XXXX. Low FICO score would prevent me from getting future loans to cover my tuition, so I will have to leave the school and start repaying existing student loans without an opportunity to graduate and obtain a higher salary position - My car is about to break down and I was planning to buy a new one XX/XX/XXXX which I will be unable to do without a good credit as my savings are insufficient ; if my car is non-functional I will have no way to go to work and a single source of income will be lost I sincerely believe that the negative credit bureau reporting needs to be removed based on the following reasons : - Bank 's unfair business practices and confirmation that no reporting would occur - I did n't receive the statement and bank failed to notify me about the past due balance contrary to its procedures - I have no one to help me in case of a hardship, so I need my credit history - The above referenced FICO score supposed to be an indicator of my credit worthiness, however, it does n't accurately reflect my ability to repay the debt ; - Overall, I do n't believe that {$7.00} payment not made on time should cost me a car, a job, a school and ruin all my and my son 's lives Thank you so much, I sincerely hope that you can help me with my situation