Consumer complaint received 2025-03-27 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Confusing or misleading advertising or marketing
Company: Valon Technologies, Inc.
State: NV

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX, NV XXXX XXXX XX/XX/year> Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX, IA XXXX Subject : Dispute Against Valon Mortgage , Inc. , XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX, XXXX, XXXX XXXX Unlawful Credit Reporting Modifications Account # XXXX To Whom It May Concern, I am submitting this formal complaint against Valon Mortgage , Inc. for unlawful credit reporting modifications, in direct violation of the Fair Credit Reporting Act ( FCRA ), the Truth in Lending Act ( TILA ), and Nevada State Law .

Issue Summary Valon Mortgage Previously Reported the Loan as Paid Off On XX/XX/year>, Valon Mortgage updated my credit report to reflect that the mortgage was paid off and closed. 

The account showed a {$0.00} balance, and no further updates were expected. 

Unauthorized Changes & Addition of XXXX XXXX Recently, XXXX Mortgage modified the account by adding XXXX XXXX Account in the comments section. 

This creates a false impression that the loan has changed investors after being reported as paid off. 

No notice was provided to me regarding any transfer or modification, violating TILA ( 12 CFR 1026.39 ).

Fair Credit Reporting Act ( FCRA ) Violations 15 U.S.C. 1681s-2 ( a ) ( 1 ) : Accuracy Requirements Valon can not modify reported information in a way that contradicts their previous statement.

15 U.S.C. 1681i ( a ) ( 5 ) ( A ) : Obligation to Correct Information Once an account is closed as paid off, no further modifications should occur without consumer authorization.

Truth in Lending Act ( TILA ) Violations 12 CFR 1026.39 requires that any transfer of loan ownership must be disclosed within 30 days.

If Valon claims the account was transferred to XXXX XXXX, they have failed to provide proper legal notification to the borrower. 

Nevada Consumer Protection Laws Violations XXXX XXXX ( 3 ) Deceptive Trade Practices : Modifying a debt record after it was marked paid off is an unfair and deceptive act. 

XXXX XXXX Compliance with FDCPA : Mortgage servicers must comply with all federal fair debt collection laws, including accurate reporting. 

Requested Actions Immediately investigate Valon Mortgages unlawful modifications.

Require Valon to provide documentation proving a valid loan transfer occurred to XXXX XXXX. 

Ensure Valon corrects my credit report to reflect the original paid off status with no further modifications.

Issue penalties or enforcement actions against Valon Mortgage for violating FCRA, TILA, and Nevada consumer protection laws.

I have attached supporting documents, including : Credit report before & after modifications showing the unauthorized change. 
Valon Mortgages original statement of paid off status.

Current statement showing the XXXX XXXX addition. 

Please provide written confirmation of the investigation and the expected resolution timeline. 

Sincerely, XXXX XXXX XXXX

Company response to consumer: Closed with explanation