Consumer complaint received 2024-11-19 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: SOFI TECHNOLOGIES, INC.
State: NY

Complaint narrative:
Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX XXXXXXXX, IA XXXX Subject : Complaint Against SoFi Bank for Inaccurate Reporting and Inadequate Compensation Dear Consumer Financial Protection Bureau, I am writing to file a formal complaint against SoFi Bank for inaccurate reporting to credit bureaus, which has caused significant financial distress and hardship. Despite SoFi Bank acknowledging their error and offering compensation, their proposed resolution is inadequate, and their practices warrant further investigation. Details of Inaccurate Reporting : For example : " SoFi Bank incorrectly reported a late payment for XX/XX/year> on my loan account to XXXX. I have attached copies of my bank statements demonstrating that this payment was made on time. 

Impact of Inaccurate Reporting : The inaccurate information reported by SoFi Bank has severely impacted my financial well-being. [ Detail the specific consequences you have faced due to the error. Quantify the damages whenever possible. For example : " As a direct result of this inaccurate reporting, my credit score dropped by [ Number ] points. This led to [ Creditor Name ] reducing my credit limit by [ Amount ], and my application for a loan with [ Lender Name ] for [ Amount ] at [ Interest Rate ] was denied. I was forced to accept a loan with a less favorable interest rate of [ Higher Interest Rate ], resulting in an additional cost of [ Additional Cost ] over the loan term. '' ] SoFi Bank 's Response and Inadequate Compensation : SoFi Bank has acknowledged their error in reporting the inaccurate information. [ Describe SoFi 's response and the compensation they offered. For example : " On [ Date ], I contacted SoFi Bank regarding the inaccurate reporting. They acknowledged their mistake on [ Date ] and offered [ Amount ] as compensation. '' ] I believe this offer is inadequate considering the demonstrable financial harm I have suffered as a direct result of their negligence. Desired Resolution : I request that the CFPB investigate SoFi Bank 's reporting practices and take appropriate action to prevent similar incidents from occurring in the future. I also request assistance in obtaining a fair and reasonable resolution from SoFi Bank, including [ Clearly state your desired outcome, such as correction of the inaccurate information, adequate compensation for financial damages, and any other relevant requests. For example : " a full correction of the inaccurate information on my credit reports with all three major credit bureaus, compensation for the increased interest costs I incurred due to the higher loan rate, and reimbursement for any fees associated with applying for new credit. '' ] I have enclosed copies of supporting documentation, including [ List all attached documents, such as bank statements, communication with SoFi, credit reports, loan applications, etc. ]. Thank you for your time and consideration. Sincerely,

Company response to consumer: Closed with explanation