Consumer complaint received 2020-11-13 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Problem with a credit reporting company's investigation into an existing problem — Investigation took more than 30 days
Company: LoanCare, LLC
State: MN

Complaint narrative:
In XX/XX/XXXX, due to COVID-19, I entered into a forbearance with my mortgage company, LOANCARE , LLC. This forbearance was part of the CARES Act, and I was assured by the mortgage company that entering into the forbearance would not affect my credit score. The forbearance was approved ; their approval emails indicated my credit would not be affected. The forbearance was set to expire on or about XX/XX/XXXX. In or about XX/XX/XXXX, I called and applied via e-mail for LOANCARE , LLC 's forbearance extension, again confirming that this would not affect my credit. This extension was approved and forbearance extended until XXXX with the company insisting that forbearances are not reported as late by them. Given the COVID-19 situation, I sold my home on XX/XX/XXXX and the LOANCARE , LLC mortgage was paid in-full which LOANCARE , LLC confirmed via app and physical letters. I also received an escrow refund. I recently found that my credit score across all three bureaus had inexplicably dropped 53-96 points, with XXXX  dropping the most ( 96 points ). Panicked over this drop, I investigated to find all three bureaus showing that the score had tanked due to LOANCARE , LLC reporting me as 120+ days late with my mortgage ( retroactively showing me as delinquent back to XX/XX/XXXX ( when I entered into the CARES Act forbearance ) as of about XX/XX/XXXX when they marked the account as closed, thus effectively destroying my credit. I immediately contacted LOANCARE , LLC. They said they did not know why I was reported 120+ days late, but that I should not have been reported as such. I then emailed them a screenshot of my credit report showing their 120+ day delinquent indicator. I received an email message back stating that they didn't see in their records where they had reported me delinquent, effectively closing the matter on their end. I replied to their email explaining again how they were wrong and included a more specific screenshot of how their account appears on my credit report. I received no response. 

I then disputed their destructive 120+ day delinquent status with all three credit bureaus. Following my filing of the disputes, I called LOANCARE , LLC back and informed them that it appears they are in violation of the CARES Act by using the forbearance plan to destroy my credit - after the fact ( after my mortgage was paid in full in XX/XX/XXXX ). I was then told I needed to send them all three full credit reports. I attempted to print all three reports, and was not allowed to do so for two bureaus due to the pending disputes against LOANCARE , LLC. I was however allowed to print XXXX. A LOANCARE , LLC representative informed me that I should wait until the credit bureaus provided an answer to my dispute to submit the credit information to them ( LOANCARE , LLC ). I explained how that made no sense and again demanded they fix their wrong reporting to the credit bureaus, informing them that their destruction of my credit will cause me to lose my open to buy on credit cards, make it impossible for me to buy a new home in Spring XXXX, and potentially cost me my job ( as my employer views credit reports as part of regular background checks ). LOANCARE , LLC did not care, and discounted everything I told them. 

I printed and highlighted LOANCARE , LLC 's 120+ day delinquent indicator and sent them the full XXXX  report, again demanding they fix the issue ( pg. 48 - see attached ). I have received no response as of the filing of this complaint. My job depends on this being fixed. I have done nothing wrong, and LOANCARE , LLC is completely unscrupulous. Please help me. 

Attachments - XXXX  full report ( see highlighted page 48 ) ( all three bureaus affected ) ; forbearance letters of approved plans complete with their CARES Act language stating nothing would be adversely reported to credit bureaus ; the credit alert which initially indicated what LOANCARE , LLC had done ; a copy of the LOANCARE , LLC letter stating my mortgage was paid in full in XX/XX/XXXX ; a copy of the escrow refund check sent to my by LOANCARE , LLC following my mortgage being paid in full ; and a copy of the LOANCARE , LLC app showing a XXXX balance ( nothing owed ). 

LOANCARE , LLC contact : XXXX XXXX XXXX, XXXX  XXXX, VA XXXX ; ( XXXX ) XXXX.

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