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Report: #1511750

Complaint Review: Bank of America - Lake Forest CA

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  • Reported By: Jay — santa ana United States
  • Author Not Confirmed What's this?
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  • Bank of America 23831 El Toro Rd Lake Forest, CA United States

Bank of America opened account incorrectly, messed up credit, were rude, grossly negligent and disrespectful Lake Forest CA

*Consumer Comment: That is not how credit scores work

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I opened an business advantage account in lake forest at the branch on El Toro rd and the 5. i have had previous accounts with the bank with old information. I specifically said that I wanted to update the profile on file. The address on my account was opened with an old address. I have since corrected the address on file with the bank but my credit score dropped 50 points for no apparent reason (literally no reason listed on credit karma as well as nerdwallet and other credit monitoring services.)

I do not want an old address reported and when I asked the business banker on Bristol in South Coast Plaza, Santa Ana, CA to correct it for me he informed me I would need to contact the credit burues myself for these disputes. I am aware that a consistent address history is important and there are data aggregators that collect and ultimately report to Experian, Equifax and Transunion. This is a problem and I need it addressed as soon as possible.

When I spoke with someone from the Bank of America Small Business Customer Service & Contact the call took an hour and I was hung up on.  the call took place at 4 PM on August 9th, 2021 and was abrubtly ended .  complaint id 210909cr0044413

This report was posted on Ripoff Report on 09/09/2021 05:12 PM and is a permanent record located here: https://www.ripoffreport.com/report/bank-america/lake-forest-ca-opened-account-1511750. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

That is not how credit scores work

AUTHOR: Robert - (United States)

POSTED: Friday, September 17, 2021

You do not lose 50 points because of an address. In fact, you don't lose any points because of an address, that is because an address is not one of the criteria used in credit scores.

FICO is the biggest Credit Scoring company and this is how they determine a credit score.
https://www.myfico.com/credit-education/whats-in-your-credit-score
35% - Payment History
30% - Amounts Owed
15% - Length of Credit History
10% - New Credit
10% - Credit Mix

You will notice not one word about an address.

The 2nd biggest scoring model is the Vantage
https://vantagescore.com/consumers/why-vantagescore/how-it-works 

You will also see that not one part of that score is made up from your address.

But go ahead don't believe me and keep thinking you need to keep the same address for the rest of your life to keep your credit score from dropping.

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