Quick Answer: Veros Credit complaints often involve incorrect reporting after vehicle repossession, as seen in this case where they reported a $4,600 debt despite the auction covering the loan balance. The consumer disputed the erroneous repossession classification and debt reporting through the CFPB after direct communication failed.
Date Received: 2017-10-04T00:00:00
Product: Auto debt
Issue: Attempts to collect debt not owed
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Consumer Complaint: I owned a vehicle financed by Veros CrediXXXX XXXX at XXXX XXXX, Ca. The vehicle was XXXX to their possession but they recorded this erroneously as a XXXX as opposed to a voluntary XXXX. Furthermore, the vehicle was auctioned for an amount up to the value of the remaining loan balance and Veros Credit ceased reporting this to the credit bureaus as such. Instead, they are reporting that I owe the an approximate amount of {$4600.00}. They have done this for over 60 days. Additionally, when I spoke with a representative prior to the auction, I was advised that any monies obtained from the auctioning of the vehicle would be applied to the account and would therefore reduce my liability by that same dollar amount. Veros Credit has been made ware that they have been reporting incorrectly. I would also like to note that I am not interested in direct contact with the company. They may only reach me through the means of the CFPB. The mailing address, nor any other applicable personal information provided is not to be reported to any consumer reporting agency, nor to be used in any attempt to collect any debts, especially due to the fact that it is a disputed issue. Give our relationship in which they engendered mistrust, Veros Credit does not have my permission to utilize any personal information in any manner, not even for their purposes. The keys to the vehicle were provided willingly to an agent appointment by Veros Credit, which is therefore an implied surrender of the vehicle. In short, that is not the only aspect of the account/reporting that is being disputed as untrue/problematic, but also the collection amount.
Company: VEROS CREDIT, LLC.
State/Zip: LA 708XX
Company Response to Complaint: Closed with explanation
Was Company Response Timely: Yes
Did Consumer Dispute Company Response: N/A
Complaint ID: 2692866
The above data is from the Consumer Financial Protection Bureau. Keep in mind that every company will get a complaint from time-to-time, even the great ones. But there are a few key data points that will give you an idea about how well the company values their customers and handles consumer issues.
Look at the item Company Response to Complaint: and Did Consumer Dispute Company Response: to get a better idea of how this was resolved. And the field Consumer Complaint: can give you some context of the issue.
In particular what you are looking for was that the company response was timely and that the consumer did not dispute it. The posting of complaints has proven to be a valuable resource for both companies and consumers.
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