Consumer complaint received 2022-08-06 00:00:00
Product: Debt collection — I do not know
Issue: Written notification about debt — Didn't receive enough information to verify debt
Company: UPGRADE, INC.
State: OK

Complaint narrative:
Hi, this is a follow-up to the CFPB complaint concerning Upgrade. 


XXXX. Per the description provided, " Upgrade is a financial technology company, not a bank. We work with banks and other financial institutions to offer financial products to consumers. '' XXXX. Financial technology company, to my knowledge, does not lend money, nor do they have the authority to keep personal data. The use and reporting to my credit are not within federal or state privacy laws for data collection. 

XXXX. Upgrade has damaged my credit, without authority. They will correct my credit immediately. 

XXXX. " Charge off '' is not a defined term in this loan agreement. 

XXXX. There are 2 borrower agreements. Both have all payments going to XXXX XXXX XXXX  XXXX Upgrade. The 2nd loan agreement is dated XX/XX/XXXX, which is an incorrect date. The 1st loan agreement states that my interest rate is 22.82 % with a loan amount of {$20000.00}. Both truths in lending statements show the amount financed is {$18000.00} with an interest rate of 26.99 %. Neither truth in lending mentions Upgrade. The borrower agreement states it will not share information outside of XXXX XXXX XXXX Upgrade has retained all of my information and has severely damaged my credit. The borrower agreement states that interest is calculated based on 365 days in a year, defining the payments being due on the last day of the month. It also goes over the definition of the last day of the month. It states the last payment is {$560.00}. The truth in lending states that the loan is 60 months, to be paid off on XX/XX/XXXX and a start date of XX/XX/XXXX. The last date of the month in XXXX of XXXX is the XXXX. The borrower agreements contradict each other. One states that the jurisdiction is XXXX XXXX, and one states it's XXXX XXXX  The origination fee is {$1600.00}, which is defined as prepaid interest. This would not add up based on 22.82 % or 26.99 %. The {$1600.00} is part of the loan, and again, it's not in the truth in lending. The borrower agreements show {$200000.00}. 

XXXX. I would like copies of the cashed checks that were cut or ACH confirmations in funding the loan. Also copies of agreements with my signature and a loan officer 's signature. I do not have that. It states that a XXXX and XXXX were paid for me, the information only shows they paid a XXXX 

Needless to say, this is not a valid contract. When I log in to Upgrade 's site, it tells me my credit score is XXXX. The same defined XXXX version with a credit bureaus website is XXXX. It appears they are falsely reporting the status. Next to the score reported by Upgrade ( XXXX XXXX ) is a button to get started getting a credit card through them. 

I will no longer be responsible for this debt to XXXX XXXX XXXX or Upgrade Inc. due to a breach of contract. The contract was deceiving in the information as stated above. I am submitting this through the CFPB. With a copy to XXXX to begin the reporting. XXXX is listed as the credit scoring agency. Upgrade is not on that document, therefore should not be presenting a manipulated credit score. 

All documents are attached.

Company response to consumer: Closed with explanation