Consumer complaint received 2024-12-10 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account status incorrect
Company: TRUIST FINANCIAL CORPORATION
State: WY

Complaint narrative:
I am filing this complaint regarding XXXX key issues involving inaccurate information that Truist Bank reported to the credit bureaus. These errors have significantly impacted my credit score and directly affected my ability to qualify for a Small Business Administration ( SBA ) loan that is essential for my business operations. Despite multiple attempts to resolve this with Truist Bank over the past XXXX months, I have not received any reasonable explanation or corrective action. Below is a detailed summary of the issues, including the actions I have taken and Truist 's responses. 
XXXX. Inaccurate Reporting of an Active Account as " Closed '' On or around XX/XX/year>, I discovered that XXXX of my active accounts with Truist Bank had been incorrectly reported as " closed '' to the major credit reporting agencies ( XXXX, XXXX, and XXXX ). This is factually incorrect because the account is still active, in good standing, and I continue to use it regularly. 
My Actions : I contacted Truist Bank as soon as I discovered this error. 
I provided clear, undeniable proof that the account was active and in use, including : Account statements showing regular activity and ongoing use. 
Screenshots and transaction records confirming the account is open and functional. 
Truist 's Response : Truist responded with a letter stating that " the disputed account information is accurate as reported '' and that " there are no changes necessary. '' This response was incorrect and dismissive, as the evidence I provided clearly showed that the account is still active and in use. 
Despite my efforts to escalate the matter, Truist has failed to correct the status of the account, which remains inaccurately reported as " closed '' on my credit report. 
Impact of This Error : This false reporting has caused a significant drop in my credit score, impacting my ability to obtain financing for my business. 
As a result, I was unable to qualify for an SBA loan that was critical for expanding my business operations. 
This delay has caused serious financial harm to my business and has put me in a position where I am unable to meet my business goals. 
XXXX. Refusal to Remove a Late Payment from a Secured Credit Card The second issue relates to a misunderstanding regarding an expired secured credit card that had a XXXX balance. After the card expired, I was unaware that an annual fee was still owed, as it was not clearly communicated by Truist. This led to a late payment being reported on my credit report. 
My Actions : As soon as I became aware of the balance, I made the payment in full immediately. 
I reached out to Truist Bank to request a " goodwill adjustment '' for the late payment. I explained that : The card had expired, and I believed I owed nothing, as the balance was XXXX. 
I had a strong history of on-time payments with Truist. 
I made the payment as soon as I realized the mistake. 
Truist 's Response : Truist issued a response stating that " the information you are disputing was furnished correctly '' and that they would not remove the late payment from my report. 
They did not acknowledge my long history of responsible payments or the goodwill request I made to have the late payment removed. 
I requested clarification of their policy on charging annual fees after a secured credit card expires, but Truist did not provide any explanation or documentation in response. 
Impact of This Error : This late payment was reported to all three major credit bureaus, causing a further drop in my credit score.

This, in combination with the false closed account status, has significantly limited my ability to access financing, particularly an SBA loan essential to my business operations.

The inability to secure this financing has caused serious financial hardship for my business, delaying important projects and creating unnecessary financial strain.

Summary of My Requests Correct the inaccurate " closed '' status of my active account and report it as " active '' to all credit bureaus.

Reconsider the removal of the late payment from my credit report, taking into account the context and my long history of responsible payment behavior.

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