Consumer complaint received 2020-08-15 00:00:00
Product: Credit reporting, credit repair services, or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account status incorrect
Company: Experian Information Solutions Inc.
State: NJ

Complaint narrative:
I work for the XXXX XXXX XXXX XXXX and my wife is a XXXX XXXX XXXX. We have XXXX daughters, ages XXXX, XXXX and XXXX. In early XXXX, with talks of possible layoffs of public workers due to the pandemic, first-responders and teachers included, we decided to enter the forbearance program for our XXXX XXXX mortgage. Prior to doing so, I emailed my XXXX XXXX loan officer, XXXX XXXX, and received assurances that our credit would not be damaged by entering the program and it would not create obstacles to refinancing our loan. Therefore, we did not make our scheduled mortgage payments for the months of XXXX, XXXX and XX/XX/2020. When our XX/XX/2020 payment came due, we decided we felt secure in our jobs and finances to resume making normal payments as instructed by XXXX XXXX in order to exit the forbearance. On XX/XX/2020, we made our full mortgage payment of {$2300.00} for the month of XXXX, but the payment went " unapplied '' to our loan balance. Subsequently, I contacted my XXXX XXXX loan officer about this issue and expressed our desire to officially exit forbearance. Mr. XXXX escalated the matter to the Executive Relations complaint team, and we were assigned Executive Relations Specialist, XXXX XXXX. On XX/XX/2020, in order to take advantage of historically low interest rates and shed our monthly mortgage insurance payment, I initiated a mortgage refinance application with a new lender, Get A Rate, based in NJ. After our new loan officer made a hard inquiry to our credit reports on XX/XX/XXXX, I was advised that we could not proceed until the forbearance/deferred payment notes on our credit reports were removed, thereby showing we officially exited forbearance. On XX/XX/2020, I contacted Ms. XXXX from XXXX XXXX by phone who finally applied the funds for the XX/XX/XXXX payment and took our full payment of {$6900.00} for the months of XXXX, XXXX and XX/XX/2020 ( $ XXXX/month ), the forbearance period, in order for us to theoretically exit forbearance, as was my communicated intention. I advised her that we could not proceed with refinancing until we officially exited forbearance, meaning our credit reports had to be updated to no longer show the forbearance/deferred payments note and reflect a current balance, not a forbearance balance. MsXXXX XXXX advised me that she would work with the XXXX XXXX credit team to remove the note from our reports, show on-time full payments for XXXX, XXXX and XXXX, and update our loan balance to current. She said she had a calculated resolution date of XX/XX/XXXX, but she did not expect it to take that long. However, presently, this matter has not been resolved. Subsequently, we continued paying our mortgage as agreed under the terms of the loan and made our full, on-time {$2300.00} XXXX payment. Again, the payment went " unapplied '' and I had to contact XXXX XXXX just for them to take our money and apply the payment to our loan balance. This indicates that somewhere in their system, they may still have our account in forbearance. Although our online XXXX XXXX account and current statement currently reflects the correct principal balance of {$210000.00}, our credit reports still, to this day, are showing " deferred payments '' notes on the account and a balance of {$210000.00} which includes deferred interest from forbearance. Meanwhile, our new loan officer has made two more hard inquiries to our credit on XX/XX/XXXX and XX/XX/2020, by trial and error, in order to see if our credit has been updated and we can continue with our refinancing. However, again, our credit reports are still showing as having deferred payments and in forbearance, with a loan balance that is not current and accurate. Also, as you may be  aware, excessive hard inquiries negatively impact credit. On XX/XX/2020, I received a phone call from Ms. XXXX at XXXX XXXX, who asked if there was anything else she could do to assist us. I advised her that the matter was still outstanding and has not yet been fixed despite her assurance of resolution and deadline of XX/XX/XXXX, which came and went without any communication, correspondence or resolution. On XX/XX/2020, we received a letter from Ms. XXXX at XXXX XXXX that basically says nothing is incorrect and they have not done anything wrong. I can not repeat this enough, while our XXXX XXXX online account and current statement shows a mortgage loan balance of {$210000.00} and reflects full, current payment through XX/XX/2020, our credit reports are still showing a note of " deferred payments '' and a balance of {$210000.00} on the account which includes deferred interest from the forbearance period. This has prevented us from refinancing our mortgage with a new lender at historically low rates and from ridding us of our monthly PMI payment for more than a month, which would save us significant money. At this point, we are considering legal action, but after paying nearly {$12000.00} to XXXX XXXX in the span of approximately one month, we can not afford this option. We are completely current on our mortgage and have been since XXXX. We simply want the forbearance exit to be official as reported to the credit bureaus, our payments shown full and on-time, our balance correct, and move on with our refinancing outside of XXXX XXXX. We need our credit reports to accurately reflect that there are no deferred payments on the account, all full payments through XX/XX/2020 have been made on time, and the current post-forbearance loan balance of {$210000.00}. We have done everything we are required to do per the terms of our mortgage and it's way past time for XXXX XXXX to hold up their end of the agreement.

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