Consumer complaint received 2020-10-23 00:00:00
Product: Credit reporting, credit repair services, or other personal consumer reports — Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem — Investigation took more than 30 days
Company: Experian Information Solutions Inc.
State: NJ

Complaint narrative:
Please see escalation letter sent by me to Executive Team at XXXX XXXX : Dear Executive Team, I appreciate your contacting me on XX/XX/XXXX regarding a resolution to my inquiry on my XXXX XXXX mortgage loan acct. # X I am following up to your findings on my credit reporting concerns with the repayment plan. 

At the end of XX/XX/XXXX, my husband and I were both out of work in between jobs without a paycheck for two weeks. This caused us to be late on the full mortgage payment that was due in XX/XX/XXXX. We were told to speak to a Home Preservation Specialist at XXXX XXXX regarding a solution and a repayment plan was offered. In the plan, it was deemed the missed payment would be rolled over into the other payments made for an entire year. The credit would be TEMPORARILY AFFECTED by the ONE missed payment. On this basis, we agreed to the repayment plan and moved forward, grateful. 

I contacted you XXXX of XXXX after an opportunity arose to purchase another house or make repairs to my own. When I conferred with the mortgage broker, he said my credit showed MORE THAN TWO months of late payments. Since you are required to have two years of solid mortgage and other payments on your credit report in order to be considered for any type of loan, we were in no position to apply for anything. I was shocked and outraged at this information. I just could not believe it. I felt like I had been sorely misinformed by XXXX XXXX. Here my mortgage company offered me a re-payment plan and I had faithfully made my payments on time. Why would they report my account as late every month AND jeopardize my ability to get a loan, even with them? It did not seem like fair or savvy business practice at all. 

I spoke to three representatives before my case was escalated to your care and I never got to speak to you in person. Your report issued a month later states everything was legitimate under the original loan agreement. However, if I was able to pay the one months missed mortgage over one or two months, why would I agree to a repayment plan that would affect my credit and ability to get another mortgage or loan FOR UP TO THREE YEARS? 

The full impact of being late on the original loan was NEVER fully explained to me, by phone or letter. If I had known this would happen, I would have never agreed to this 12 month payment plan and would have paid the missed payment as soon as I could. But it was never stressed that the account would be in default until the missed payment was paid in full and that my credit would be affected not just month, but years after this incident. As it stands now, my credit score is extremely low and Ive lost the opportunity to purchase the house or do repairs to mine anytime soon. 

I do feel it is the responsibility of XXXX XXXX to correct this situation, especially since my original mortgage loan was purchased by them, not by me. One missed payment in the history of good loan repayment should not have this kind of downstream affect on a persons finances, especially in the uncertain times we are now living in. How does this practice change the bad reputation XXXX XXXX earned in the last 10 years and has tried so hard to repair? 

I wish my case to be escalated and mine and my husbands credit restored with the credit bureaus. I will consider taking legal action in regards to this matter if it is not given due consideration and resolved fairly. Thank you. 

Best regards, XXXX XXXX On XX/XX/XXXX in a letter to me from XXXX XXXX it was stated " ... .detailed in the letter on page 5,  it states " we may report information about your account too consumer reporting agencies. Late payments, missed payments, or other defaults may be reflected in your credit report ''. Please see attachment.

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