Consumer complaint received 2025-06-03 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: TOYOTA MOTOR CREDIT CORPORATION
State: CA

Complaint narrative:
I recently filed a CFPB complaint against Toyota Motor Credit for inaccurately reporting late payments on a vehicle loan that was indeed paid off on time. Toyota Motor Credit indicated during their initial CFPB response that they took responsibility for inaccurately reporting " some '' of the late payments. The response ( included below ) states that the check that they received did not have any distinguishing comments to associate the payment to the vehicle loan. I'm attaching proof that this is absolutely NOT accurate. The check and cover letter indicated the VIN number of the vehicle. The misappropriation of the payment was soley the consequence of the mishandling of the payoff by Toyota.

I'm asking for immediate resolution and that ALL late payments be removed ( not just partial late payments as indicated in Toyota Motor Credit 's response below : Thank you for bringing your concerns to our attention. Our records reflect that on XX/XX/XXXX, you signed a Retail Installment Sales Contract for the purchase of a XXXX XXXX XXXX. By signing the contract, you agreed to make payments of {$980.00} each month beginning on XX/XX/XXXX. On XX/XX/XXXX, we sent a contract correction notice that reflects a revised payment amount of {$930.00}. Our investigation determined that, on XX/XX/XXXX, you obtained a payoff quote of {$38000.00} good through XX/XX/XXXX using the Toyota Financial Services ( TFS ) website. On XX/XX/XXXX, we received a payment in the amount of {$38000.00} from XXXX XXXX XXXX XXXX, however there was no identifying information on the check to indicate that this payment was for your account, therefore the check was returned to the sender. On XX/XX/XXXX, we received another payment in the amount of {$38000.00} from XXXX XXXX XXXX XXXX with information that identified the funds as belonging to your account. The funds were promptly applied. However, the payment was not enough to close your account, and a balance of {$380.00} remained. On XX/XX/XXXX, we received the final payment in the amount of {$380.00} from XXXX XXXX XXXX XXXX, and the account is closed as of XX/XX/XXXX. As part of our investigation, we reviewed your conversation with our team member that occurred on XX/XX/XXXX. While we confirmed that the payment of {$38000.00} had been received and posted to your account, we regret that you were advised that the payment was not applied correctly to the account and that an additional update was needed to reapply the funds. Unfortunately, the reallocation of the funds caused your payment history for XX/XX/XXXX and XX/XX/XXXX to be incorrectly reported to the consumer reporting agencies ( CRAs ). On XX/XX/XXXX, we sent a request to update our reporting to the CRAs to remove the inaccurate reporting for the XX/XX/XXXX payment and update the XX/XX/XXXX payment to reflect as only 30 days past due, as it was not received until XX/XX/XXXX ( more than 30 days past the due date ). Although we made the request electronically, we understand that it can take the CRAs up to 45 days to make the change. We will monitor your account to ensure that the change is made. We sincerely regret and apologize that our goal of excellent customer service was not met in this situation. By sharing your experience, you help us identify areas that may need correction or improvement, which will allow us to continue to strive towards providing extraordinary service to all our customers. As a goodwill gesture, we sent you a {$150.00} VISA card under separate cover. If you have any additional questions or concerns, you may reach us by contacting our Customer Care Department at ( XXXX ) XXXX. Thank you. 
MONETARY RELIEF AMOUNT {$150.00}

Company response to consumer: Closed with explanation