Consumer complaint received 2024-11-19 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Information is missing that should be on the report
Company: GREENSKY OPERATIONS, LLC
State: NJ

Complaint narrative:
GreenSkys Deceptive Practices, Reporting Errors, and Violations of Consumer Protection Laws Complaint Details : XXXX. Misrepresentation of Payment Activation and Lack of Borrower Access to Funds GreenSkys shopping pass method of payment is fundamentally deceptive. Unlike a traditional credit line, this system does not allow borrowers direct control or access to the funds. Instead, the shopping pass is simply a bar code on paper, granting the service provider immediate and unrestricted access to withdraw funds without borrower oversight. 
GreenSky explicitly asked me to confirm that services were completed on XXXXthe date of my initial consultation, where no substantial services were rendered. This blatantly attempts to bypass ethical and financial protections that typically ensure disbursement based on service completion. 

Key Questions for GreenSky : Why did GreenSky pressure me to confirm services were complete on the consultation date despite no work being done?

How does GreenSky justify this as an ethical practice, given that borrowers can not control payments or ensure accuracy under the shopping pass system? 
Would the amount I now owe be different if GreenSky had implemented ethical payment structures that aligned payments with service completion milestones? 

XXXX. Failure to Update Ownership Information Post-Sale GreenSky was sold in XX/XX/XXXX to new owners, including XXXX XXXX, XXXX, XXXX XXXX XXXX, and XXXX. Under Section 1681i of the Fair Credit Reporting Act ( FCRA ), new account owners must update credit reporting agencies with accurate ownership information. Despite this, my credit report continues to list GreenSky as the owner of the account, in clear violation of Section 1681s-2 of the FCRA. 
Section 1681s-2 ( a ) : GreenSky must ensure accurate information is reported to credit bureaus.

Section 1681i : GreenSky and its new owners failed to update account ownership, harming my credit score. 

XXXX. Failure of Credit Bureaus to Verify Reporting Accuracy Credit reporting agencies are required by Section 1681e ( b ) of the FCRA to maintain reasonable procedures to ensure accuracy. By allowing the account to remain under GreenSkys name post-sale, they failed in this obligation, causing damage to my financial standing. 

XXXX. Violation of GreenSkys Own Terms on Service Completion GreenSkys agreement states : We XXXX close your purchase window earlier if we determine that your treatment/service is substantially complete. GreenSky closed my purchase window and issued payment to the provider on XX/XX/XXXX, the date of consultation. However, my services were not completed until XXXXXXXXnearly XXXX and a half months later. 

XXXX. GreenSkys Documented Pattern of Consumer Protection Violations GreenSky has a history of consumer violations as documented by the FTC : XX/XX/XXXX : GreenSky was ordered to pay {$9.00} XXXX for processing unauthorized loans. 
XX/XX/XXXX : GreenSky failed to verify borrower authorization, resulting in fraudulent loans. 
XX/XX/XXXX : The FTC settled with GreenSky over charges of deceiving consumers. This settlement required GreenSky to pay {$9.00} XXXX in refunds to consumers affected by unauthorized loans, bringing further scrutiny to its practices. This followed allegations of systemic failures in verifying consumer consent during the loan application process These cases highlight GreenSkys systemic disregard for consumer protections and ethical practices. 

XXXX. Relevant Sections Violated : Section 1681s-2 ( a ) : Obligation to report accurate information.

Section 1681i : Duty to promptly investigate disputes.

Section 1681e ( b ) : Credit bureaus must ensure reporting accuracy. 
Truth in Lending Act ( XXXX ) : Failure to implement ethical payment procedures.

Company response to consumer: Closed with explanation