Consumer complaint received 2025-03-14 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Information belongs to someone else
Company: U.S. BANCORP
State: OR

Complaint narrative:
U.S. Bank accepted an application, and ran my credit, for a secondary HELOC underneath my original HELOC although U.S. Bank apperantly has a policy against opening a secondary HELOC underneath the original HELOC, a common practice, that I was not informed of when I applied. 

I have a HELOC with my mortgage holder from 2022 when the equity was much lower. Because I have had past issues with the bank that has my mortgage ( now resolved ), I wanted to try and get a secondary HELOC underneath my original HELOC to access more equity... but with a different bank. 

The reason I chose US BANK is because I've had an account with them since I was a teenager and thought I could trust them more than my mortgage holder. Boy was I wrong.

I noted the HELOC existed in my application with US BANK. 

After my credit was run, I received a note from XXXX XXXX asking if I wanted to consolidate the HELOC. I said I didn't know that was an option but if its possible I would like to make it happen. This would have been the time for XXXX who I was communicating with to tell me that it wasn't an option- it was mandatory. I was asked like it was an option, not mandatory. 

It wasn't until a few weeks later when I said I just wanted to request the lower amount that I had planned to request as a secondary HELOC underneath the first HELOC that XXXX told me that U.S. Bank does not offer that option. 

So, why was my application accepted, credit ran, and why was I given weeks of tasks under the impression that it was an option? 

I asked for a copy of U.S. Bank 's rules stating that they do not accept this and was told " that is proprietary information. '' I asked how I was supposed to know that U.S. Bank has different rules than the federal law if they did not discolose that or provide documentation. I received no response.

Eventually I was connected to the manager, XXXX XXXX I think but I can't remember for sure. When she " looked into it '' she forwarded me the email from XXXX informing me that US bank does not offer secondary HELOCS 2 weeks after my application was submitted and said " see he told you, it's not an issue. '' To which I responded- yes this is when I found out - but it was not disclosed to me at the proper time.

I did not hear back.

To me it is the lack of disclosure, or willingness to disclose when asked that is the problem, as is the failure to remedy the situation in a professional or quick manner. Especially because their response said " because you did not call to ask us prior to your application we won't remove the inquiry .... '' How was I supposed to know to call to ask a question about something specific to US BANK? 

The cover up is worse than the crime, and US BANK is engaging in some nefarious activity and covering it up.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation