Consumer complaint received 2024-10-08 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: U.S. BANCORP
State: OR

Complaint narrative:
I started a home equity loan application with US Bank. I had problems accessing my first application so I started a second application for the same loan. Before I completed and submitted either application, US Bank ran a hard credit check on one unfinished and unsubmitted loan application and another division at US Bank ran a soft inquiry on the second unfinished and unsubmitted application. Before I began either application, I verified my credit score was sufficient with US Bank requirements being XXXX. My score was XXXX. But after running two credit checks ( a hard inquiry on XXXX application and a soft inquiry on the other ) without either application being finalized or submitted by me, the hard inquiry caused my credit score to fall XXXX points to XXXX, now below their requirement of XXXX, then they claimed I was rejected for the loan for not having sufficient credit. They deny making a hard credit inquiry, which shows on my credit report now and further they did not address the fact that neither application was ever completed or submitted by me. I would never have started any application if my score did not qualify and I had no intention of submitting two applications for the same loan. One application included rent income but since it was an oral agreement between me and the tenant, I did not have the paperwork required by US Bank, so the second application I did not include any rent income. I never completed or submitted either application when both applications were pulled by two seperate divisions of US Bank to run credit inquiries just days apart. Their unauthorized actions caused my score to drop 30 points, then they contacted me to inform me my score was insufficient for a loan though the score dropped solely because of their unauthorized processing of both incomplete applications. I received emails from US Bank after they ran the two inquiries which dropped my score, to please complete my applications for processing. Yet the two seperate divisions at US Bank decided on their own, that I was going to submit two applications so they each processed an application separately which caused confusion for my one potential loan application which had not been finalized or submitted by me and those actions caused my score to drop XXXX points, making both applications insufficient before I had submitted either one. Their rejection letters claim no hard inquiries were made yet it shows a soft inquiry and a hard inquiry on my credit report now. They should have never pulled my credit score for either application and my score should not have been affected by their actions. Their rejection letters were inaccurate and did not address the fact that I never submitted any application to US Bank. Still today I have two pending, incomplete applications for the same home equity loan at US Bank, neither of which I have still not completed or submitted to US Bank. Yet now my credit score is XXXX points lower because of their actions. This is unacceptable and they incorrectly claim no hard inquiry was done and refuse to address the fact that no application was ever submitted by me for the home equity loan. If I decided to apply elsewhere, I would have to do so with a XXXX point drop in my credit score because of US Bank actions without my approval or submission of any loan at US Bank.

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