Consumer complaint received 2016-06-05
Product: Credit reporting — 
Issue: Credit reporting company's investigation — No notice of investigation status/result
Company: Credit Plus Inc (CO)

XX/XX/2016, my wife and I were in the market to purchase a home in the XXXX XXXX, Co market. We identified and negotiated a price with a newly built home by XXXX XXXX. As part of the offer, XXXX XXXX tied us to do the following for the deal we negotiated with them : 1 ) close before XX/XX/XXXX and 2 ) use only their preferred lender XXXX XXXX. 
Both our representative at XXXX ( XXXX XXXX ) and XXXX XXXX ( XXXX XXXX ) confirmed that pricing would be subject to working exclusively with them. They also represented that loan pricing would be no different than what would be offered by any other lender, and that this relationship for efficiency and a smooth transaction. We proceeded with the application in good faith, and I even turned in the taxes, statements, cancelled checks and offer letters normally required by other lender with whom I had spoken prior to receiving the application to be signed. From this point forward we had several issues that arose : -The application was sent to us, prefilled and with inaccurate information that we had to correct, and the processor we worked with at academy made the transaction anything but prompt resulting in the closing being delayed by at least one day. 
-Academy then stated to us that our credit scores were too-low for preferred pricing and provided us rates XX/XX/XXXX that were fully 0.50 % above relative competitors. When I asked what our options were, I was told the following in summary : 1 ) That we could submit for a XXXX through Credit Plus ( the credit reporting agency used by XXXX XXXX to conduct their credit investigation ). 
2 ) That we would need to pay down certain cards as instructed and that Credit Plus would then contact our creditors to confirm the balances and then assign the higher credit score even though our credit reports would not have been updated on the regular monthly cycle. 
3 ) That this would not result in an additional inquiry and we would have results in about 3 business days from submittal. 
We agreed to the process and paid the subject credit accounts within less than 4 days of receiving the instruction and promptly sent statements to be reviewed. We did not receive a result from credit plus for nearly 2 weeks and they simply stated that none of the accounts we had identified had confirmed our payments, and then we were further informed that the rate originally quoted to us was not available anymore due to market fluctuations. We disputed this issue with Credit Plus, and they only agreed to research the matter further when we sent proof from our actual credit reports showing the balances paid. However the rep I was communicating with at Credit Plus stated that it would be 30-45 days for response and we were scheduled to close within 8 days. To this day, Credit Plus has still not responded on our credit reports and we closed more than 45 days ago. 
To achieve a final rate of 3.75 % on our loan we had to buy 2.5 interest points at the cost of about {$10000.00} and our rate was not locked in due to this debacle until less than XXXX hours before closing. 
During this same time period I received verbal rate quotes from XXXX XXXX and XXXX XXXX XXXX for rates at 3.75 % with XXXX points, but when we asked XXXX and XXXX if we had any options we would result in a loss of our good faith deposit and face fines from the builder for breach of contract. After closing we filed complaints with all three companies and have received no response. We feel their business relationship was coercive, corrupt, and anti-competitive. Additionally we feel these practices created an unfair and deceptive environment for us. We want either the difference of interest cost paid to us for the life of the existing loan or the cost of the XXXX points so we can get a new loan in a fair market.