BB&T Financial Consumer Loan Complaint

BB&T Financial Consumer loan department,

Personal line of credit Account terms and changes Florida

I have had a long standing, perfect pay history, line of credit with -. It is important to maintain a good credit score and I monitor mine. - pulled out of Texas and sold all branches to BB & T. As a result, my 8 year, perfect standing, on-time payments, very low balance, line of credit with - was closed and moved to BB & T. The problem is that BB & T now shows a new line of credit. The CFPB should dictate that when banks move accounts between each other, the acquiring bank must use the original open date of the credit / loan. The time the loan is open, on-time payments, and low percentage outstanding all contribute to a higher credit score. With NO action on the consumer 's part, my credit score went down by over - points month-over-month because the several positives with -, became slight negatives with BB & T ( new credit, new credit inquiry, no payment history ). No other changes occurred on my credit reports ( except slightly lower balances on month-end cycles on - credit cards as compared to previous month - which should have resulted in an increased credit score ). In my case, my excellent credit rating went down to good but many other consumers would have been more detrimentally impacted. This is an opportunity for the CFPB to make the banks change their account conversion / account acquisition practices, and methods to not negatively impact the consumer. Of course the consumer credit score effects the rating and interest rate on new credit, extension of credit, etc. This complaint should be directed against both - and BB & T.