Consumer complaint received 2025-05-16 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: JPMORGAN CHASE & CO.
State: PA

Complaint narrative:
I am submitting this formal complaint against * * Chase Bank * * due to their * * lack of transparency, misleading practices, and unfair treatment * *, which have severely impacted my financial stability and creditworthiness. 

# # # * * Background * * In the XXXX, I opened a * * Chase XXXX  business credit card * *, having previously maintained a * * personal Chase XXXX  card in good standing * * and two had to other * * Chase business cards * *, all of which were paid on time. However, due to my wife 's serious illness, I struggled to keep up with financial obligations. While I fell behind on my * * Chase XXXX  card payments * *, I continued to pay my other cards on time.

Upon receiving a notification from Chase regarding my past-due balance, I was directed to their * * payment assistance program * *, which promised to help customers experiencing financial hardship. Chases website explicitly stated : * '' Find out if you qualify for a lower monthly payment plan if you're unable to make your payments ; we have a plan that may help. " * Believing this would allow me to * * manage my obligations without harming my credit * *, I proceeded with their structured payment plan. Chase required me to complete an * * Income and Expense Form * *, affirming my financial situation. After submitting the form, I was offered a * * restructured payment plan of {$200.00} per month * *, which I accepted.

# # # * * Unfair Practices & Lack of Disclosure * * Chase * * failed to disclose * * that enrolling in this payment plan would trigger a * * full review of all my accounts * *, including personal ones. * * Without warning * *, Chase * * closed all of my accounts * *, including those that were * * paid on time with no late payments * *.

This resulted in : - A * * severe drop in my credit score * * from * * XXXX to XXXX * *, affecting my ability to secure financial assistance. 
- My wife, * * XXXX * *, who was an * * authorized user * * on my XXXX card, also suffered a * * significant credit score drop * *, despite never using the card.

- The * * loss of financial stability * *, making recovery from this hardship even more difficult.

When I contacted Chase customer service, multiple representatives * * could not explain * * why my accounts were closed. One even admitted, * '' Let us get someone on the line to help us both because I don't understand what is going on with your account. " * Eventually, I was informed that Chase * * reserves the right to review all accounts * *, but this * * critical information was never disclosed before I accepted the payment plan * *.

# # # * * Potential Violations of Federal Law * * Chases actions may violate the following consumer protection laws : 1. * * Fair Credit Reporting Act ( FCRA ) * * Requires accurate reporting and prohibits unfair practices that harm consumer credit.

2. * * Truth in Lending Act ( TILA ) * * Mandates clear disclosure of credit terms and conditions.

3. * * Unfair, Deceptive, or Abusive Acts or Practices ( UDAAP ) * * Chases failure to disclose the consequences of enrolling in their payment plan may constitute * * deceptive practices * * under CFPB regulations.

# # # * * Requested Resolution * * I respectfully request the * * CFPB to investigate Chase Banks deceptive practices * * and require them to : - * * Reverse the negative impact on my credit score * * caused by their undisclosed account closures.

- * * Restore my accounts * * that were closed without proper notice.

- * * Implement clearer disclosures * * for customers enrolling in hardship payment plans.

Chases failure to provide * * clear, upfront information * * has caused * * irreparable financial harm * * to me and my family. I urge the CFPB to take action to prevent this from happening to others.

Thank you for your time and consideration. I look forward to your response.

Company response to consumer: Closed with explanation