Consumer complaint received 2024-11-23 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Their investigation did not fix an error on your report
Company: CAPITAL ONE FINANCIAL CORPORATION
State: MN

Complaint narrative:
In XX/XX/year> I received an email from Walmart reminding me that I had a Walmart Capital One card and they also let me know that I could receive 5 % cash back if I used the card. I hadn't used the card for a couple of years at that point and I also needed a small chest freezer so I thought that I would use the Walmart/Capital One card to make the purchase. After two months I had completely forgotten that I used the card instead of just paying the {$230.00} for the freezer. What further contributed to my forgetting was the fact that Capital One never notified me that a payment was due. The proof of this comes down to an investigation that I asked XXXX to perform when I didn't recognize the card or the charge amount upon reviewing my credit report. When the investigation came back I immediately remembered and I found out that I was coming up on a second month of " no payment ' on the account. I paid {$100.00} right away. Then my credit rating crashed, losing XXXX points going from Excellent to a good credit rating. I talked to Capital One and they said that an email had been sent to me but I told them I had never received it. I then asked if they had my phone number and address and they did, but they said that when I set the account up several years ago I had indicated that I wanted only electronic billing. I never received the emails notifying me that a bill was due and they asked if I checked my spam records. I hadn't but then I did and I still didn't find anything. My spam folder empties every 15 days so it is quite possible that the message from Capital One went into my spam folder and was deleted after 15 days. My issue is that I am almost XXXX XXXX XXXX, a XXXX veteran, who has never had an issue with my credit rating. I always made sure my bills were paid and that my credit rating was Excellent. Now when I am XXXX and need my credit rating the most it starts falling significantly for an obvious mistake on my part. However, Capital One shares some of the blame for enticing Walmart to get patrons to use their credit after not using it for two years, and then not reaching out to the customer when the first payment is missed either by phone or by letter, although several years ago I had elected to get electronic billing. There are just too many problems with electronic billing, mine being a case in point. I would like Capital One to let the credit bureaus know that this was a mistake and that it has been corrected, and it will NOT happen again as I have opted for mailed billing. I had a severe hailstorm that damaged my roof and I ended up taking out a loan for {$36000.00} to replace it. I have the chance to convert that loan from a 13.5 % interest rate to a no interest rate but only if my credit rating is excellent. If I lose this no-interest loan it will cost me {$30000.00} over the life of the loan. This one minor mistake amounting to two late payments of {$55.00} per month, which I immediately paid as soon as I learned, should not cost me that much! Credit ratings should reflect more of a wholesome and complete look at a customer 's entire life of credit history, not one brief snippet of time where there was such an obvious and unintentional mistake.

Company response to consumer: Closed with explanation