Consumer complaint received 2025-01-14 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Struggling to pay your bill — Credit card company won't work with you while you're going through financial hardship
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MD

Complaint narrative:
Subject : Complaint Regarding Bank of Americas Handling of Financial Hardship Request and Impact on Credit Reporting I am writing to file a formal complaint against Bank of America ( BOA ) regarding their handling of my financial hardship request and subsequent negative credit reporting. As a loyal customer of BOA for over 13 years, I am deeply disappointed by their practices, which have resulted in substantial financial harm. 

Timeline of Events XX/XX/XXXX : I contacted BOA to request payment assistance due to a significant change in my financial situation. I was referred to XXXX XXXX XXXX ( XXXX ) and entered into an agreement for them to serve as an intermediary and collect payments at a reduced interest rate. 

XX/XX/XXXX : I made a payment of {$390.00} to BOA, which was processed via XXXX. I kept BOA informed about the payment 's pending status. 

XX/XX/XXXX : I contacted BOAs financial hardship department to request a settlement. After entering my information into an automated system, I was told that I did not qualify for assistance and was advised to miss XXXX payments to become eligible. 

Late XX/XX/XXXX : Frustrated by the lack of meaningful assistance, I unenrolled from the XXXX program. 

XX/XX/XXXX : I contacted BOA again, explaining my ongoing financial difficulties. Despite the changes in my circumstances, I was informed that I still did not qualify for assistance. After missing XXXX payment, it was reported to the credit bureaus, resulting in a XXXX XXXX  in my credit score.

Impact on Me The negative impact of this experience includes : Credit Score Damage : A XXXX XXXX in my credit score has increased borrowing costs and limited access to affordable credit. 

Emotional and Financial Stress : The lack of support and the suggestion to miss payments to qualify for assistance has caused significant stress and exacerbated my financial difficulties. 

Unfair Practices : The reliance on an automated system to deny my request fails to account for my individual circumstances and is inconsistent with principles of fair treatment.

Concerns About Unfair Practices BOAs requirement to miss payments to qualify for assistance appears to violate consumer protection laws, including : Unfair, Deceptive, or Abusive Acts or Practices ( UDAAP ) : Requiring customers to damage their creditworthiness to access assistance could be deemed abusive under the Dodd-Frank Act.

Fair Credit Reporting Act ( FCRA ) : The prompt reporting of a missed payment, despite my proactive efforts to seek assistance, may violate fair reporting standards. 
Supporting Case Studies Several precedents highlight the seriousness of such practices : CFPB XXXX XXXXXXXX ( XXXX ) : XXXX was fined for deceptive practices, including failing to provide proper assistance to customers in financial hardship. 

CFPB XXXX XXXXXXXX XXXX ( XXXX ) : XXXX XXXX was fined over {$1.00} XXXX for mishandling financial hardship requests. 

XXXX XXXX XXXX XXXX ( XXXX ) : XXXX was penalized for misleading practices regarding loan forgiveness, similar to BOAs actions. 

Maryland Consumer Protection Act ( CPA ) : BOAs handling of my case may violate the Maryland CPAs prohibition of unfair or deceptive trade practices.

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