Consumer complaint received 2025-01-16 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account status incorrect
Company: CAPITAL ONE FINANCIAL CORPORATION
State: WA

Complaint narrative:
In XX/XX/XXXX, my vehicle was damaged and declared a total loss. I worked closely with Capital Ones Total Loss team and thoroughly reviewed my loan contract to understand how to manage my account while awaiting payments from my insurance and XXXX coverage. During this process, I was informed that, from the date of the total loss, my account would stop accruing interest and the balance would consist of principal only. Additionally, I was told that all subsequent insurance payments would be applied toward the principal balance. 

When the insurance payment was processed, it covered my current balance and extended into a future period, allowing time for the XXXX insurance to be applied. Once the XXXX payment was posted, I was left with an unexplained balance that Capital One could not fully justify. Despite the payments being applied to what I was told was a principal-only account, my account was flagged as delinquent and reported as past due on my credit report. 

I contacted multiple representatives and was eventually escalated to the Office of the President, where I spoke with a XXXX named XXXX. Together, we uncovered several discrepancies. Upon reviewing the loan contract, it became evident that there was no written policy to support how payments were being systematically allocated. I was repeatedly told that this information was not accessible to me, leaving me unclear about how payments were being applied or what I could have done to avoid these issues. 

After escalating the matter to their legal team, some corrections were made to my account and credit report. As of XX/XX/XXXX, my account reflected a balance of {$210.00}, with a due date of XX/XX/XXXX. While awaiting further updates, I made a partial payment on the account. However, on XX/XX/XXXX, a new statement was issued, showing a past due amount of {$130.00} with a due date of XX/XX/XXXX, XXXX made no sense, as the past due amount preceded the stated due date. This was the last statement I received, and no explanation was provided for the change in due date. 

In both XXXX and XX/XX/XXXX, without any documentation or explanation, my account balance was adjusted to {$520.00}. I received no statement or notification about the new balance, which was subsequently charged off and reported to the credit bureaus. I contacted the Office of the President again, where I was informed they were working to resolve the issue and had referred it back to their legal team. However, my dispute regarding the charge-off was returned as validated by Capital One. 

On XX/XX/XXXX, further adjustments were made, reducing the amount owed from {$520.00} to {$320.00}. Yet again, no statement or documentation was provided to explain these changes or to allow me an opportunity to pay the adjusted amount. When I followed up with Capital One, I was informed that my account status reflected a {$320.00} balance not due until XX/XX/XXXX. However, my credit report, which had just been validated by Capital One, still showed a charged-off amount of {$520.00} with multiple past-due payments. 

Since XX/XX/XXXX, I have not received a single statement or bill. When I requested documentation of the adjustments made to my account, I was told there was nothing to provide because these changes were " internal. '' This lack of transparency has severely impacted me, causing a drop of over XXXX points in my XXXX XXXX and leading to housing application denials. 

Even when Capital One identified issues and acknowledged inaccurately reported information, they failed to promptly correct it. Additionally, they continued to validate the accuracy of the account in response to disputes, despite the account being actively worked on to address known discrepancies. This lack of timely correction and the conflicting responses regarding account accuracy have exacerbated the impact on my credit profile. 

I am seeking clarity, accountability, and resolution for these discrepancies, as well as a thorough review of the improper reporting on my credit profile. It is imperative that Capital One not only provides transparency regarding their internal processes but also ensures that all inaccuracies are promptly and properly addressed to prevent further harm.

Company response to consumer: Closed with explanation