PenFed Reporting Incorrect Loan Amounts to CRA's

[jdmc1973]

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.

[jonnyc]

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. 

[Thechairman123]

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.  

[ocheosa]

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

[gmoney98]

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. 

[BMartin]

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.

[Patient957]

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-un...

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.

[Patient957]

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.

[BMartin]

 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

[Chevy4Life]

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"