Consumer complaint received 2024-10-27 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Problem with a company's investigation into an existing problem — Difficulty submitting a dispute or getting information about a dispute over the phone
Company: RockLoans Holdings LLC
State: IN

Complaint narrative:
Dear CFPB i am writing to submit a complaint about Rocket Loans, a predatory loan company that did not perform an investigation regarding a dispute for late payment at my request. Monthly installment due is {$1500.00}. In XXXX a check was sent for {$1500.00} ; unbeknownst to me a {$15.00} late fee had been added, so I was not made aware of this {$15.00} balance. I did not become aware until some Communication that I owed {$40.00} more. Becoming aware of this, a check was sent in XXXX for {$1500.00} to cover the new installment due as well as all the encumbrance and unfair/uncommunicated fees that were added. At the end of XXXX the account was reported as 30 days past due/delinquent in the amount of {$15.00}. I called and spoke with RocketLoans in early XXXX and spoke with a representative named XXXX who advised of an investigation that would take place as account should be paid in full. XXXX could not confirm receipt of the check mailed out and stated an investigation would take place. The check should have arrived by the due date of XX/XX/year> but since it hadnt arrived I was told the company reported the account as 30 days late/delinquent.

How can a company add a late fee to my account without my knowledge/awareness and then report said late fee as 30 days delinquent???

I had a copy of the check that was sent and disputed the late reporting, and asked for the delinquency to be removed as it was inaccurate and unfair reporting. I was told I would receive a call back from a team leader/supervisor in 1-2 business days. I spoke with a nice gentleman three days later who advised nothing could be done about the lost check ; and I did not receive evidence of any investigation being done. At that point I assumed the check was lost as over 14 days had passed from when it should have been received. So I authorized an ACH payment over the phone of the XXXX or so dollars. 

1. Rocket Loans failed to conduct an investigation into the lost check.

2. Rocket Loans failed to resolve the dispute at my request.

3. Rocket Loans inaccurately reported my account as delinquent based on a sneaky late fee even after being paid in full.

3. Rocket Loans reporting my account as 30 days delinquent dropped my credit score by XXXX points which is completely unfair to me as the consumer.

I would like a full investigation to be performed as under the law ; instead of basically being told theres nothing we can do, especially seeing that the account was not delinquent but rather some random late fee {$15.00}. These private lenders did not reach out to me directly when the payment was not received and did not initiate any communication to inform me personally of the {$15.00} discrepancy but rather opted to destroy my good credit. Please have this investigated as it does not meet the standards of fair consumer protection and confidence. Goodwill, trust and cooperation on behalf of a lender go a long way in maintaining trust

Company response to consumer: Closed with explanation