Consumer complaint received 2020-01-03 00:00:00
Product: Credit reporting, credit repair services, or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account status incorrect
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CT

Complaint narrative:
On XX/XX/2019, I closed on a loan with XXXX XXXX XXXX XXXX XXXX to pay off my Bank of America auto loan. Closing Docs are attached. I was required to provide a payoff letter from Bank of America which was used to know the amount due, and provided the address for payment. A bank check was made and sent to the address provided on XX/XX/2019. Please see attachments of bank check receipt including payee, amount and date. I've also included a letter from the CEO &  President of the Credit Union which states that the payment was sent to the address provided on the Bank of America payoff statement. 

I work in the banking industry and know that it can take up to 2 - 3 weeks at most to receive and process a payoff request, leaving me plenty of time between payments. Therefore, I did not make any additional payments to Bank of America, and instead, trusted that the payoff would be received and processed and I would receive confirmation. 

On Saturday, XX/XX/XXXX, I received a letter from Bank of America stating that my XX/XX/XXXX payment had not been received and that I needed to make arrangements to pay. The letter is dated XX/XX/XXXX, but the letter was not delivered by USPS until Saturday XX/XX/XXXX, one day after the XXXX payment would be considered 30 days late. That letter is attached. I immediately contacted Bank of America and explained that the loan should have been paid in full weeks before. They confirmed that no payment had been received. I then contacted the Credit Union, who had proof that the payment was sent, but their records showed the bank check was never deposited/cashed and was still outstanding. 

At that time I contacted Bank of America and explained what had happened and offered to send them all of the related documentation. I was told that they could not help, they would be reporting me late and that I would have to get assistance through the credit bureaus by filing a dispute. I had the credit union reissue a new bank check and I went, in person, to Bank of America to ensure the payoff was processed. This was frustrating as a consumer with an 800+ credit score, as I never had the opportunity to fix the problem and don't know who is at fault. Did the mail carrier fail to deliver to the appropriate address? Was the mail lost? Did Bank of America receive my payoff and never process it? The only thing I have is proof from the credit union that the payments were sent to the address on the payoff letter 39 days before the payment would be considered 30 days late. 

Had I received the letter from Bank of America earlier I would have made the XXXX payment and investigated the problem and could have avoided this whole debacle. I am also frustrated that I received a letter, dated XX/XX/2019, from Bank of America which states, " If you pay the total AMOUNT NOW DUE of {$320.00} by XX/XX/2019, which is the LAST DAY FOR PAYMENT, you may continue with the contract as though you were not late. '' ( Letter is attached ) This provided me with some sense of hope since I did not only pay the amount due, but the entire loan balance before that date, and I was still reported as 30 days late on my payment. This is false information provided by Bank of America and puts their integrity up for question. 

As of today, my credit score has dropped 67 points from XXXX to XXXX due to this issue, which I tried to explain to Bank of America, but they were unwilling to help me.

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