Date Received: 2023-12-21
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue: Application denials
Consumer Complaint: I am a customer with Navy Federal Credit Union. My fianc and I applied for a home loan in XXXX of 2022. I got an email showing where our application was moving ahead and we were assigned a Home Loan Advisor. We were required to show proof of income etc. Time went on we reached out to our loan advisor who then stated we were denied for being a less than ten points away from having the combined credit score of XXXX. This hard pull affected our credit score tremendously. Our credit scores dropped XXXX points. The score decrease would have been worth it if we were approved like the documentation we were received conveyed. Being assigned a Home Loan Advisor is misleading. You would think you are approved without having an approval letter in hand. I have all the emails that were sent pertaining to our loan application. This has been the worst experience of our life. We have struggled immensely to get our credit scores back to where they were before this hard credit pull.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TN
Zip: 38305
Submitted Via: Web
Date Sent: 2023-12-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-21
Issue: Managing an account
Subissue: Banking errors
Consumer Complaint: On the morning of Tuesday XX/XX/XXXX, I visited the Navy Federal Branch in XXXX, Georgia, located at XXXX XXXX XXXXXXXX XXXX My intention was to have several indenture securities stamped with a medallion signature guarantee so that I could transfer them to their respective indenture trustees via registered mail for processing. After presenting my securities to the receptionist, she informed me that the securities that I presented did not qualify for for a medallion signature guarantee. I cordially responded and told her that my securities did qualify for a medallion signature guarantee because of the Trust Indenture Act of 1939. I politely explained that the Trust Indenture Act of 1939 gave me the right as a security holder to send my securities to their respective indenture trustees where they could be processed for payment. But even after disclosing this information to her, she denied my claim. In spite of the disagreement, I was still kindly admitted into the queue to wait for assistance from the next available representative. After several minutes of waiting to be assisted, I was called up by the receptionist who had just finished having a conversation with another employee. The receptionist informed me that her manager informed her that my documents did not qualify for a medallion signature guarantee. I rebutted, and reiterated that by law the documents that I possessed and presented were lawfully transferable indenture securities. She once again disputed my claim. So again, I attempted to explain the principles of the Trust Indenture Act. Once more, she restated that her manager informed her that my documents would not be accepted which was somewhat perplexing because her manager refused reception of my securities without even reviewing them. I then courteously asked her for a business card and proceeded to leave the establishment without having my securities stamped. I found that interaction disappointing and unacceptable. What makes matters worst and even more unsettling is that this particular branch is not the only branch of Navy Federal that has refused to provide me the service of a medallion signature guarantee so that I can lawfully transfer my securities to their respective indenture trustees. The Navy Federal branch in XXXX, GA as well as the Navy federal Branch in XXXX, GA have all operated as obstructing institutions. Even though I was warmly received and hosted with respect at each branch, I unfortunately still had to interact with employees who exhibited incompetence in regards to federal law that was created so that myself and other security holders could use the bank for its primary purpose-the holding and transferring of securities, notes, bonds, and stocks. I should not be denied a service that is lawfully and legally due to me because of Navy Federals lapse in decorum resulting from its employees apparent unfamiliarity with law. Based upon my recent experiences, Navy Federal seems to be unjustifiably establishing itself as an impediment to the Trust Indenture Act of 1939. Specifically Section 316 ( b ) thereof which states, Notwithstanding any other provision of the indenture to be qualified, the right of any holder of any indenture security to receive payment of the principal of and interest on such indenture security, on or after the respective due dates expressed in such indenture security, or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such holder, except as to a postponement of an interest payment consented to as provided in paragraph ( 2 ) of subsection ( a ). In order for me to properly assign my securities to the rightful indenture trustee and receive the payment of principal and interest on my indenture securities, I must first have my indenture securities stamped with a medallion signature guarantee which verifies my signature on my securities and authorizes the transfer thereof. Without this stamp, I am not allowed to properly transfer and remit my indenture securities to the corresponding indenture trustees. This is an issue that needs to be immediately addressed and abolished so that I can transfer securities without hindrance and repeated rejection.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: 30294
Submitted Via: Web
Date Sent: 2023-12-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-20
Issue: Improper use of your report
Subissue: Reporting company used your report improperly
Consumer Complaint: In accordance with the Fair Credit Reporting Act this creditor has violated my rights under 15 USC 1681 section 6 of 2 states I have the right to privacy ( 15 USC 1681 section 6 0 4 a section 2 ) It also states a consumer reporting agency can not furnish an account without my written instructions under 15 USCS 1666B a creditor may not treat a payment on a credit card account under an open end consumer credit plan as late for any purpose.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NJ
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-12-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-20
Issue: Closing an account
Subissue: Company closed your account
Consumer Complaint: On XX/XX/XXXX, at XXXXXXXX XXXX my belongs were stolen from me and the people who did it used all of my apps and cards to do fraud ; mainly my Navy Federal account and XXXX. They called in acting as me because they had my mobile device and I had to purchase a new phone because of this reason. My device was unlocked at the time that it was stolen and they were able to access all of my information. Navy Federal closed my account and stated I was responsible for {$3100.00} that I didnt not own or have. I lost my apartment because of this and I have no been able to open another account. I should not be responsible for the fraudulent activity that happened on my account
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TX
Zip: 75067
Submitted Via: Web
Date Sent: 2023-12-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-20
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: Navy Federal is in violation of 15 USC 6802. They are sharing personal information after I have opted-out of personal information sharing. Also the status of the accounts are showing incorrect. They are showing as a " Charge-Off '' which would then have to be reported as income, and income is not the be shown a a consumer report. This account also meets the criteria of what is to be EXCLUDED from a consumer report per 15 USC 1681b. " ( 2 ) Exclusions.Except as provided in paragraph ( 3 ), the term consumer report does not include ( A ) subject to section 1681s3 of this title, any ( i ) report containing information solely as to transactions or experiences between the consumer and the person making the report ; ( ii ) communication of that information among persons related by common ownership or affiliated by corporate control ; or ( iii ) communication of other information among persons related by common ownership or affiliated by corporate control, if it is clearly and conspicuously disclosed to the consumer that the information may be communicated among such persons and the consumer is given the opportunity, before the time that the information is initially communicated, to direct that such information not be communicated among such persons ; ( B ) any authorization or approval of a specific extension of credit directly or indirectly by the issuer of a credit card or similar device ; ( C ) any report in which a person who has been requested by a third party to make a specific extension of credit directly or indirectly to a consumer conveys his or her decision with respect to such request, if the third party advises the consumer of the name and address of the person to whom the request was made, and such person makes the disclosures to the consumer required under section 1681m of this title ; or ( D ) a communication described in subsection ( o ) or ( x ). [ 1 ]
Company Response: Company believes it acted appropriately as authorized by contract or law
State: IL
Zip: 60634
Submitted Via: Web
Date Sent: 2023-12-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-20
Issue: Other features, terms, or problems
Subissue: Other problem
Consumer Complaint: XXXX XXXX double charged me. Secured e mail Navy Federal credit Union. They send me directions on how to correct it. Didn't correct it nor investigate the transaction after sending them images of the transaction.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TX
Zip: 75043
Submitted Via: Web
Date Sent: 2023-12-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-20
Issue: Problem with a company's investigation into an existing problem
Subissue: Investigation took more than 30 days
Consumer Complaint: To Whom It May Concern, I am writing to file a formal complaint against Navy Federal Credit Union regarding their failure to respond to a certified mail validation request and to underscore my concerns about potential violations of credit laws. Additionally, I would like to address the blatant lack of professionalism exhibited by XXXX in handling this case. The recent controversy surrounding Navy Federal 's lending practices, as reported by XXXX, further compounds my apprehension regarding the treatment of my case. The details of this multifaceted issue are outlined below, referencing pertinent information from various interactions. **Chronology of Events : ** 1. **Date : ** XXXX - XXXX initiated a certified mail validation request to Navy Federal Credit Union seeking verification of charged-off accounts. - Navy Federal has failed to respond within the mandated 30-day period for a valid response. 2. **Potential Violations of Credit Laws : ** - **Fair Debt Collection Practices Act ( FDCPA ) : ** The lack of response from Navy Federal Credit Union to a certified mail validation request may be in violation of the FDCPA, which mandates a timely response to consumer inquiries. - **Fair Credit Reporting Act ( FCRA ) : ** Failure to address and validate disputed information within a reasonable time may also violate the FCRA XXXX which ensures accuracy and fairness in credit reporting. **Unethical Practices and Class Action Lawsuit : ** - In light of recent developments, Navy Federal Credit Union is facing new scrutiny over XXXX disparities in its mortgage lending, as reported by XXXX XXXX A class-action lawsuit has been filed, alleging discrimination against XXXX and XXXX applicants. - This controversy raises concerns about Navy Federal 's commitment to fair and ethical practices, further amplifying the severity of my mistreatment as a XXXXXXXX XXXX and minority consumer. XXXXXXXX XXXX XXXXXXXX of Professionalism and Expedited Investigation : ** - The handling of this case by XXXX has been marked by a blatant lack of professionalism, as evidenced by the chat transcript provided. XXXX representatives have consistently failed to input documents correctly, leading to repeated errors in the resolution process. - Of particular concern is the expedited investigation conducted by XXXX, with disputes submitted on XX/XX/XXXX and a purported " proper '' investigation completed in just 3 days. As of the time of writing, XXXX has yet to provide the evidence supporting their report, raising questions about the thoroughness and legitimacy of their process. **Immediate Action Requested : ** - I am seeking intervention from the XXXX XXXX XXXX to address this matter urgently and to rectify the impact on my credit. Specifically, I request the immediate deletion of the inaccuracies related to the charged-off accounts # [ XXXX - {$23000.00}, XXXX - {$4200.00}, XXXX - {$22000.00}, XXXX - {$14000.00} ] from my credit report. **Enclosed Documents : ** - Copies of correspondence with Navy Federal , including the certified mail validation request and certified mail receipts. - Relevant sections of this chat transcript illustrating the lack of response, potential violations of credit laws, and XXXXXXXX XXXX unprofessional handling of the case. - News articles regarding Navy Federal 's involvement in a class-action lawsuit. This situation demands immediate attention and resolution to ensure compliance with consumer protection laws and address the broader ethical concerns surrounding Navy Federal 's lending practices and XXXXXXXX XXXX professionalism. Thank you for your prompt assistance in addressing this critical issue. Sincerely, XXXX XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law
State: AZ
Zip: 856XX
Submitted Via: Web
Date Sent: 2023-12-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-20
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue: Application denials
Consumer Complaint: In XXXX of 2023 I was pre-approved for a mortgage loan and when I did not find a home to purchase my pre approval expired after 3 months. I knew it would expire and was told I would get an extension, but instead I was asked to re-apply again for the mortgage loan and was denied after the application was submitted.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NY
Zip: 14226
Submitted Via: Web
Date Sent: 2023-12-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-20
Issue: Problem with a company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: In accordance with the Fair credit reporting act. The list of accounts below have violated my federally protected consumer rights to privacy and confidentiality under 15 USC 1681. Acoount Name : XXXX XXXX XXXX Account NumberXXXX Account Name : Navy Federal Credit Union Account Number : unknown not reported Account Name : XXXX XXXX XXXX Account Number : unknown not reported 15 U.S.C 1681 section 602 A. States I have the right to privacy 15 U.S.C 1681 section 604 A. Section 2. It also states a consumer reporting agency can not furnish a account without my written instructions 15 U.S.C. 1681c. ( A ) ( 5 ) Section States : no consumer reporting agency may make any consumer report containing any of the following items of information Any other adverse item of information, other than records of convictions of crimes with antedates the report by more than seven years. 15 U.S.C 1681S-2 ( A ) ( 1 ) A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. XXXX XXXX is over 7 years and was supposed to fall off XX/XX/XXXX account was not removed or investigated all information never changed
Company Response: Company believes it acted appropriately as authorized by contract or law
State: LA
Zip: 700XX
Submitted Via: Web
Date Sent: 2023-12-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-20
Issue: Problems at the end of the loan or lease
Subissue: Problem while selling or giving up the vehicle
Consumer Complaint: When I tried to trade in my vehicle for a new vehicle I received a message from Navy FCU. Your application is still pending. The XXXX XXXX XXXX would like to advise that conditional approval is granted for {$45000.00} pending that the following is completed : - Provide the missing title for loan # # # # #. Navy Federal Credit Union must be listed as the lien holder. You may take the XXXX recorded title to your local Navy Federal branch or mail it to our title processing center : XXXX Navy Federal Credit Union, XXXX XXXX XXXX, XXXX XXXX, PA XXXX. We can not accept a faxed copy of the title. - If you are unable to provide the title for loan # # # # #, the loan must be paid-in-full or refinanced into an unsecured XXXX XXXX loan. Please be advised that the refinance application will be subject for review by our XXXX XXXX XXXX to determine if you qualify for the loan amount, monthly payment, and interest rate applied. Please respond within 14 days of the original date of application, XX/XX/2023. After that, the application will no longer be valid. I sent them the title in XXXX XXXX called Navy FCU and showed them proof that the title was sent in. Then they changed their story and said that they received the title but XXXX is still on the title as the lien holder. She explained that I will have to call XXXX for the lien release. I called XXXX for the lien release and I'm still waiting for it to be delivered. Why wasn't I notified of this only when I needed to trade in my vehicle 6 months later and then threatened to convert my loan to an unsecured personal loan and raise my interest rate. It is XXXX they gave me this notice holding up my trade in for a new vehicle. Not only that, I have till the end of year to receive the XXXX credit for the new vehicle. This needs to be traded in for that vehicle. Navy FCU use XXXX bias to target me for their discriminatory practices.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MD
Zip: 21144
Submitted Via: Web
Date Sent: 2023-12-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A