Consumer complaint received 2025-02-05 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: TRUIST FINANCIAL CORPORATION
State: MD

Complaint narrative:
Truist Bank reported that I did not make payments on a HELOC loan in XXXXXXXX XXXX XXXX XXXX XXXX. Thus, there is a record of 60 days of non-payment on a mortgage. This was an error and they have acknowledged it to me verbally and in writing. This error resulted in my Credit Score dropping by over XXXX points right as we were applying for a new mortgage. They acknowledge this was all an error when they provided a letter that I could give to a lender stating that the listing of 60 days of non-payment is an error. The letter helped us get the mortgage but not with that lender. Our interest rate went up 2 % with the only other lender who would accept us given the yet uncorrected Credit Report. The mortgage payment went up by {$1500.00} per month compared to the previous quote with our initial Credit Scores. 

Of note, the letter also states that Truist would be reporting their error to the Credit Bureaus and I should expect it to be corrected within 2 to 3 cycles/ months. That was in XXXXXXXX XXXX XXXXXXXX. It has now been over 2 years and the error is still on my Credit Report. 

In terms of back story, this HELOC account was closed in XXXX of XXXX when we rolled the amount on the HELOC into our mortgage as we refinanced our primary mortgage. We received no more HELOC statements after XXXX of XXXX for the account that was closed. However we started to receive letters requesting proof of flood insurance and recognized it was not from our primary mortgage. It ends up the HELOC account was never closed. I did provide proof of Flood Insurance and asked why this account was still open. They acknowledged that I had Flood Insurance and that the account should be closed. They then Force Placed Flood Insurance ( a policXXXX XXXX XXXX XXXX the cost of my policy ) and charged it to the HELOC that they still had not closed. As soon as I received a statement saying I had a balance I started making payments even though I knew the charge should never have been made and the account should be closed, because I know how banks work. I made every payment until they acknowledged again that the account should be closed, and they never should have charged me. They closed the account and returned the money I had paid. 

The Credit Record shows the account was closed in XXXX of XXXX, which was when it was supposed to have been closed. It still shows non-payment for XXXX and XXXX of XXXX, after the account was closed. 

I have been filing disputes with XXXX for the past two years and only discovered in XXXX of XXXX that with each of my disputes they would contact Truist, and Truist continued to report this non-payment. I talked to Truist on XX/XX/XXXX and they sat on the phone with me for a very long time while they researched the situation and then said they were filing the report with the Credit Bureaus acknowledging their error. They had me wait on the phone as they said they were completing the paperwork filing the correction to the Credit Bureaus. They told me to wait 1-2 cycles for it to be corrected. When I checked last month and this month the error was still there. I spoke to XXXX today and they said that Truist responded to their most recent query on XX/XX/XXXX, still stating that I had missed those two payments. 

That means on XX/XX/XXXX of XXXX Truist told me they had reported their error to the Credit Bureaus and on XX/XX/XXXX, they did just the opposite. 

This has consumed a lot of my time AND money. I have now made XXXX mortgage payments with an extra {$1500.00} per month ( {$1500.00} x XXXX = {$42000.00} ) because of this error. Our original plan was to refinance at a lower rate once our Credit Report was corrected. However, the rates are now much higher AND our Credit Report still has not been corrected. This is the only negative report on our Credit Record ever!!!

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