Mortgage -- Improper use of your report -- Complaint #4411011
Complaint Overview
Complaint ID: 4411011
Company: Atlantic Union Bankshares, INC.
Product: Mortgage
Sub-Product: Home equity loan or line of credit (HELOC)
Issue: Improper use of your report
Sub-Issue: Reporting company used your report improperly
State: Virginia
ZIP Code: 243XX
Date Received: 2021-05-27T12:00:00-05:00
Date Sent to Company: 2021-05-27T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
XX/XX/2021 I applied for a home equity loan at Atlantic Union Bank XXXX Virginia. Loan officer said I could borrow up to the 80 % of the appraised value of my house. I chose 50 % for a {$50000.00} loan approx. I submitted an official credit score document up to date 4 days prior, showing 803 " excellent '' in a green circle. This was accepted by the loan officer. I presumed this would be used. She indicated there should be no problem. 4 days later I was informed that I can only borrow {$12000.00}. I was surprised as two other banks in the area XXXX XXXX XXXX and XXXX XXXX offered the full {$50000.00} where I don't have any money deposited like I do this Bank. I explained to the manager why the reasons they gave me did not make sense from a banking or common sense standpoint. I would not put my home up worth a XXXX XXXX for a {$10000.00} loan that I don't need. It was for a slush fund as I explained to the loan officer. The larger concern for me is my CREDIT SCORE. They informed me that they did a hard credit check to verify my credit score on the official document I submitted. It took me almost a year to get out of the 790s and to XXXX. One press of a button by Atlantic Union Bank took most of it away in an instant and back down into the 790s! I was informed by two Atlantic Union Bank ladies that they do this to all there patrons. Three Atlantic Union ladies told me they agree with my common sense logic that this punishes their customers for not doing anything wrong. Following their rules to get a loan or to be considered for a loan does not reflect negatively on their financial management character. It's just applying for a loan. Why would you want to hurt somebody's credit. No answer The only people who benefit from lower scores unjustifiably are banks. They can charge you more to buy their money. Everybody else suffers, buyers, sellers, businesses the economy. Worse, this bank had an official verification of my credit score from a multi-billion-dollar bank right down the street. Had I known that they were only going to loan me a 10 % of the value of my house and that they were going to do a hard credit check doc my credit score 7 full points I would have never applied for the loan. The person who approved the loan for such a small amount, I knew it would probably not be accepted and did the hard credit check anyway. And didn't think a thing about it.
Frequently Asked Questions
What is Complaint #4411011 about?
Complaint #4411011 was filed against Atlantic Union Bankshares, INC. regarding Mortgage specifically about Improper use of your report. It was received by the CFPB on 2021-05-27T12:00:00-05:00.
How did Atlantic Union Bankshares, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Atlantic Union Bankshares, INC.?
Yes, visit the Atlantic Union Bankshares, INC. company profile at readthecomplaint.com/company/atlantic-union-bankshares-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.