topic Re: PenFed Reporting Incorrect Loan Amounts to CRA's in General Credit Topics

PenFed Reporting Incorrect Loan Amounts to CRA's

jdmc1973 — Tue, 02 Sep 2025 20:05:04 GMT

I got an alert from myFICO that an account had been updated. It was my small overdraft LOC with a $500 limit. It reported the balance as of the end of July (why not August I have no idea) as $15,568 dropping my score 20 points.

After calling them apparently all of their loan products were affected and they have been receiving calls all day. The rep did not specify if everyone's account was affected or it was random. They are supposedly correcting it by this evening and will send new data to the CRA's.

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

jonnyc — Tue, 02 Sep 2025 20:49:04 GMT

I noticed the same thing this morning. I have a $300 line that’s been unused, but it suddenly showed a reported balance of $15,568. I called first thing this morning and was told it was an error with the bureau, not PenFed, and that it could take up to 60 days to resolve. I called back later, and the rep put me on hold. When she returned, she said the associate she spoke with mentioned he had already received three calls about it this morning. The way she worded it made it sound like he got three calls about my account specifically, not the issue in general, so I’m assuming they hadn’t realized yet that it was widespread. I was still told it could take up to 60 days.

It was on my mind all morning, and I couldn’t stand the idea that this might take so long to fix, especially since I had just paid off several balances and saw a significant score boost, only for this error to completely wipe it out. I ended up emailing the CEO. He responded quickly, saying he would research it and get back to me (I’m assuming this was still before they realized it was a widespread issue).

Reassuring to find your post and the mention that it should be resolved much faster than anticipated.

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

Thechairman123 — Tue, 02 Sep 2025 21:39:22 GMT

Thanks for posting the information, I was about to have a heart attack! I saw a car loan go from around 4500 owed to baloon to 15,568 owed and it tanked my score about 20 points. Hopefully, they will fix it soon.

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

ocheosa — Tue, 02 Sep 2025 22:11:06 GMT

Geez, may as well hire monkeys to run the show at this point!

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

gmoney98 — Tue, 02 Sep 2025 23:20:59 GMT

Same thing happened to me. I have a ODLOC with a $500.00 limit, and got a myFICO notification that the balance increased to $15,568.00, and dropped my score by 47 points. I called PenFed late this afternoon and the rep told me that it should be corrected withing 24 hours. I hope that is the case. This is pretty frustrating.

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

BMartin — Wed, 03 Sep 2025 13:17:47 GMT

I refinanced two auto loans with PenFed a couple of months ago and yesterday they reported incorrect balances on both vehicles multiple times causing my credit score to drop 60 points. I called PenFed yesterday about this and the girl told me that they are aware of the issue they had numerous complaints regarding this issue and are working to fix it. I asked her so when it's fixed my credit score should go back to what it was and she said yes. I also submitted disputes to equifax last night just in case.

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

Patient957 — Wed, 03 Sep 2025 13:45:52 GMT

There's also an ealier thread on this issue:

https://ficoforums.myfico.com/t5/Credit-Cards/PenFed-Credit-Union-reported-a-15-568-balance-on-an-unused/m-p/6839994

Here's an unpdate I got from PenFed this morning:

UPDATE:

Just spoke with PenFed this morning, Wednesay 9 am Eastern. The rep told me they're aware of it and fixing it, with no committment on the timing. I asked if it's going to affect the other 2 bureaus, and she said no in a very unreassuring tone, so I asked for a supervisor.

Unlike the frontline rep, the supervisor wasn't even aware of the issue, so I had to update him. Unbelievable. After I told him it was affecting many others, he put me on hold and got himslef updated on the situation. I asked if it was going to affect my other 2 bureaus, and he said yes, he thinks so. I asked when they would have it fixed, and -- get this -- he told me normally they fix these things within 30 days. YIKES! 30 Days?? You mean you're not planning to do an off-cycle update. He said since this is affecting many members, it's "top priority" so they may fix it in less than 30 days, "hopefully within a few days" but with absolutely no committment on their part.

So it's going to hit all 3 of our reports and tank all 3 of our scores, and maybe they'll fix it before 30 days or maybe they won't.

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

Patient957 — Wed, 03 Sep 2025 14:29:20 GMT

Folks, PenFed CEO James Schenck can be reached at the email address james.schenck@penfed.org.

Perhaps it would help PenFed be more commital regarding a timeline to fix this if Mr. Schenck's office received a few more emails this morning.

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

BMartin — Wed, 03 Sep 2025 15:30:57 GMT

Not only did they report incorrect balances for my two refi loans they also reported the $15k balance on my overdraft protection which should be a zero balance

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

Chevy4Life — Wed, 03 Sep 2025 20:09:00 GMT

Thanks for his email. I emailed him and got a response within 5 minutes. I'm getting ready to close on a new house and this crap happens. Perfect timing SMH. This is his reply. " The correct data has been provided to the reporting agencies and the files updated. If you have any further issues after today, please contact Sumeet Bhalla directly who will assist as needed. James"

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

BMartin — Wed, 03 Sep 2025 20:11:01 GMT

At least you got a response, I got nothing

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

nycnite — Wed, 03 Sep 2025 20:30:18 GMT

Me to.. Reporting $15,568 balance to Trans Union and Equifax. Rep said known issue that they are working on and they have been getting swamped with calls.

@jonnyc wrote:
I noticed the same thing this morning. I have a $300 line that’s been unused, but it suddenly showed a reported balance of $15,568. I called first thing this morning and was told it was an error with the bureau, not PenFed, and that it could take up to 60 days to resolve. I called back later, and the rep put me on hold. When she returned, she said the associate she spoke with mentioned he had already received three calls about it this morning. The way she worded it made it sound like he got three calls about my account specifically, not the issue in general, so I’m assuming they hadn’t realized yet that it was widespread. I was still told it could take up to 60 days.

It was on my mind all morning, and I couldn’t stand the idea that this might take so long to fix, especially since I had just paid off several balances and saw a significant score boost, only for this error to completely wipe it out. I ended up emailing the CEO. He responded quickly, saying he would research it and get back to me (I’m assuming this was still before they realized it was a widespread issue).

Reassuring to find your post and the mention that it should be resolved much faster than anticipated.

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

Chevy4Life — Wed, 03 Sep 2025 20:34:07 GMT

This is the other person he mentioned to contact if you have any more issues. Sumeet.Bhalla@penfed.org

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

Total_Synergy — Wed, 03 Sep 2025 23:04:02 GMT

Update: Just received phone call ~ 6:30pm ET from "Nathan" on behalf of Chairman of the Board. He claims the underlying problem has been identified and corrected. He had no timeframe as to when corrected CRA data would be updated at the bureaus. After some discussion of PenFed's other credit tightening and risk management issues, he said they hoped to have them resolved and be back to their former selves "sometime in 2026".

I have all 3 of my bureaus frozen and still got hit on TU and EQ, so locking them won't protect you. Time will tell if Experian managed to ride out this debacle, algorithm or not...

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

BMartin — Wed, 03 Sep 2025 23:16:29 GMT

They reported to equifax yesterday or the 1st and I just got a notification for TransUnion I'm sure Experian will be tomorrow

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

Patient957 — Thu, 04 Sep 2025 14:46:40 GMT

@Total_Synergy wrote:
Update: Just received phone call ~ 6:30pm ET from "Nathan" on behalf of Chairman of the Board. He claims the underlying problem has been identified and corrected. He had no timeframe as to when corrected CRA data would be updated at the bureaus. After some discussion of PenFed's other credit tightening and risk management issues, he said they hoped to have them resolved and be back to their former selves "sometime in 2026".

No timeframe. No wonder that place is such a mess.

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

BMartin — Wed, 03 Sep 2025 23:22:15 GMT

Is anybody disputing these errors with the credit bureaus or just waiting for PenFed to correct the issues?

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

Chevy4Life — Thu, 04 Sep 2025 10:14:02 GMT

My Equifax is back to normal, actually gained 2 points, but Transunion is still down.

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

jdmc1973 — Thu, 04 Sep 2025 13:21:06 GMT

myFICO showed a 13 point increase this morning but it's not the 20 I lost, and there was no other change to my report. I did file a complaint with the NCUA and a dispute with Transunion and emailed the CEO directly. To my surprise 'he', clearly typed up by the assistant, emailed back

"A mistake was made in a data field and correction was filed with the Credit Reporting agancey the same day. It takes about 24 hours to have their systems updated. Transunion and Experian has been updated. Equifax is resolving today. If you have any issues tomorrow, reach out to my directly. Never an excuse for a data error. If you need a letter from us for another lender on this please let me know.

V/r,

James"

Re: PenFed Reporting Incorrect Loan Amounts to CRA's

Patient957 — Thu, 04 Sep 2025 14:50:22 GMT

I spoke with the CEO this morning. Good news. They were burning the midnght oil, and corrections were sent out to all three bureaus overnight. Reports will update as soon as the bureaus update, which usually takes 24hours.

Let's hope this solves everyone's issues.