Credit reporting or other personal consumer reports -- Incorrect information on your report -- Complaint #7638044
Complaint Overview
Complaint ID: 7638044
Company: Lendmark Financial Services
Product: Credit reporting or other personal consumer reports
Sub-Product: Credit reporting
Issue: Incorrect information on your report
Sub-Issue: Account information incorrect
State: California
ZIP Code: 94541
Date Received: 2023-10-03T12:00:00-05:00
Date Sent to Company: 2023-10-03T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I opened a loan with this company XX/XX/XXXX. I fell on hard times and entered into a credit counseling program in XXXX or XXXX of that year. The terms of my loan were to lower the payments to $ XXXX and the interest rate was supposed to be lowered from 35.23 % to 21.92 %. I noticed my balance wasn't going down over time so I called to inquire why. The rep told me because the loan was so new that I'd have to make more payments and wait until XXXX before it would be recalculated and any payments applied. I felt that didn't sound right but at the time was going through a divorce and health issues so I didn't look into it further. Fast forward to XX/XX/XXXX I pulled my credit report and noticed the balance on the loan balance has been increasing each month since XX/XX/XXXX rather than going down. I logged into the online portal and saw my interest rate was still 35.23 %, and monthly finance charges were {$200.00} which was the same amount of the monthly payments. I reached out to the debt management company and they contacted Lendmark and were informed my account was under review as the error was just realized in XXXX of this year. As of XXXX a credit of {$4800.00} was credited to my account, the interest rate lowered to 21.92 % and the current balance {$2200.00}. I called and asked ify account had been adjusted back to XXXX and I was told yes. I requested a detailed audit/breakdown of payments/credits and that my credit profile be updated according. The rep said there wasn't a breakdown, the account was credited accordingly and that I need to submit the dispute in writing. Informed rep if adjustments have been made I'm entitled to proof so that I can be sure they are accurate. Rep stated she could send me a copy of what she has. I received the copy and it shows nothing in detail, just the amount of the credits. I called the 800 # and the rep wasn't helpful, kept trying to refer me to debt management company and told me they'd have a detailed record of what transpired. I explained the situation, the rep then pulled up my account and realized what I was saying. She put me on hold to call the branch. I was told the branch manager was busy and I'd get a callback. I did about an hour later but was unable to answer due to work. Bottom line is my account was not handled properly. The failure to apply the correct interest rate in XXXX has negatively affected my credit. I should be able to see a breakdown of the payments applied, credits given and monthly balance since XX/XX/XXXX. Also, since it's Lendmarks error they should update my credit report accordingly.
Frequently Asked Questions
What is Complaint #7638044 about?
Complaint #7638044 was filed against Lendmark Financial Services regarding Credit reporting or other personal consumer reports specifically about Incorrect information on your report. It was received by the CFPB on 2023-10-03T12:00:00-05:00.
How did Lendmark Financial Services 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 (Credit reporting or other personal consumer reports) and describe your issue in detail.
Can I see other complaints against Lendmark Financial Services?
Yes, visit the Lendmark Financial Services company profile at readthecomplaint.com/company/lendmark-financial-services 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.