NFCU-BBB or CFPB complaint?

Dbremer · ‎05-01-2014

I Cosigned on a loan for my now ex husband. The loan showed a zero balance for years and just this month reported $1192 balance. My ex said he settled it in February and I confirmed that by calling NFCU. Problem is they are stating that the balance will not report to zero even though it is settled. I've called numerous time and get sent to the same guys com where he never returns my calls. The csr said HE is the only one who can issue a settlement letter. Should I file a complaint? It's been 90 days... The balance should say zero right?

RobertEG · ‎05-01-2014

Yes, current balance must be $0 if the debt is satisfied.

Reporting of that fact is not at their liesure or discretion. They are required under FCRA 623(a)(2) to promptly update the accuracy of their reporting.

A reasonable standard of promptly would be in their next regular reporting cycle. Months later is unreasonable.

I would start by sending a direct dispute, giving them the opportunity to correct. They must conclude their investigation within 30 days, and send notice of results within 5 business days thereafter.

Get their formal decision in writing, which is their statement that they have conducted a reasonable investigation, and have basis for their determination.

Once statement of verification is obtained, I would file a formal complaint with the CFPB over violation of their requirement to accurately report the current status of the debt as $0. I would file complaint with the CFPB, as the issue if violation of their statutory requirement as opposed to a poor business practice complaint to the BBB.

azguy13 · ‎05-01-2014

@RobertEG wrote:
Yes, current balance must be $0 if the debt is satisfied.
Reporting of that fact is not at their liesure or discretion. They are required under FCRA 623(a)(2) to promptly update the accuracy of their reporting.
A reasonable standard of promptly would be in their next regular reporting cycle. Months later is unreasonable.

I would start by sending a direct dispute, giving them the opportunity to correct.
Get their formal decision in writing, which is their statement that they have conducted a reasonable investigation, and have basis for their determination.

Once statement of verification is obtained, I would file a formal complaint with the CFPB over violation of their requirement to accurately report the current status of the debt as $0.

+1

What Robert said is absolutely correct. Also be advised that when it is corrected there will most likely be a blurb stating "Settled for less than owed"