There used to be something that required a creditor to send an update to anyone who requested your CR over a certain time period if there was a correction made such as in a situation like this...
Might be wrong but someone with better knowledge of the rules will add/comment on this...
Putting up the @RobertEG bat signal...
-J
@Anonymous wrote:Use Consumer Financial Protection Bureau to file a complaint against BBVA, Experian and Ollo: https://www.consumerfinance.gov/complaint/
Use the Federal Reserve to file a complaint against BBVA: https://forms.federalreserveconsumerhelp.gov/secure/complaint/complaintType
Filing a complaint with the CFPB would be a waste of time for the consumer as Ollo appears to have corrected the incorrect reporting. The process is that a consumer files a complaint, the CFPB contacts the lender, in this case the lender would state that the information has been corrected, and then the complaint would be closed. The CFPB clearly states that a consumer should try contacting the lender first before filing a complaint. In addition to being a waste of time for the consumer in this case, it also ties up resources that could be used to help others with complaints that have not already been addressed by a lender.
The Federal Reserve's website states that non-DDA complaints for credit products should be filed with the CFPB.
@Anonymous wrote:[snip] they are looking for reasons to punish consumers and make their lives harder and that is the real issue. They don't make as much money off of consumers with good credit, they make a fortune off of consumers with poor to middlin credit, and conveniently, they get to report whether we pay on time with no consequence to them if they mis-report. [snip]
I'm not sure why one would state that creditors are looking for reasons to punish consumers and make their lives harder, but some of the other statements can be objectively corrected. While subprime lending is indeed highly profitable, the vast majority of revenue from credit cards is due to Interchange fees ("swipe fees") and interest paid by those with good to excellent credit. Those with better credit typically have higher credit card spending and higher balances being carried, as well as significantly higher credit lines which allow for larger dollar amounts for the aforementioned charging and carrying of balances. There are consequences for failing to correct incorrect information that has been reported; that is enforced by the FTC.
@Anonymous wrote:BBVA rep just confirmed what I suspected . . . 500,000 BBVA customers alone were impacted by this Ollo mess.
This is a statistical impossibility. Ollo, a newer entry in their subprime portfolio, is only one of many card products issued by The Bank of Missouri, who does not even rank in the top 35 credit card issuers. For comparison, #24 Goldman Sachs issued 473,000 Apple cards in 2019. There is no possibility that more BBVA customers (who are also limited by geofence) also have an Ollo credit card than there are total people issued an Apple card in 2019. BBVA is ranked #33 in card issuers and does not even have 500,000 cards in current circulation.
Not knowing the context of the conversation, it also possibly could have been hyperbole like "I have a million things to do" or "this box weighs a ton" rather than simply misspeaking if the CSR had spoken with several customers impacted already. The statement just defied logic since that would mean that nearly 1% of people in the US who have a MasterCard (and higher percentage in the limited geographic areas served by BBVA) have both this exact card and a product from BBVA, more than 100% of BBVA credit card customers also have this somewhat obscure invite-only credit card marketed toward those rebuilding their credit, and more than 100% of all cards issued by Bank of Missouri (their Total Visa and Milestone card products are far more common than Ollo and marketed rather heavily on sites such as Credit Karma).