Chief Financial Officer Jimmy Patronis fired a warning shot at credit-reporting agencies on Friday who wrongfully treat Floridians amid the pandemic.
In a letter addressed to Experian, Equifax and Transunion, Patronis said he’s caught wind that credit agencies are downgrading the credit scores of those lawfully deferring mortgage payments.
He noted the CARES Act allows for mortgage deferments without repercussion.
He also lambasted the agencies’ customer service.
“Ignoring the fact that you, along with other credit reporting agencies, are failing tens of thousands of your customers by improperly downgrading their credit scores, the customer service that’s being provided to those in need can only be characterized as garbage,” Patronios wrote. “To err is human, but to give folks the run around – especially around the holidays – is downright unconscionable.”
Patronis added he’s recently traveled through the state, speaking with business owners who are struggling to stay afloat.
The CFO throughout December has visited businesses statewide as part of his Rally at the Restaurant tour. The tour focuses on small businesses, passing COVID-19 liability protections, and getting Florida’s economy back on its feet.
In the letter, Patronis said he’s ordered Florida’s Office of Financial Regulation to address the credit agencies.
He warned additional corrective action may rest ahead.
“Moreover, as Florida’s legislative session begins in a few months, my office will begin soliciting proposals from various stakeholders on how we can better protect consumers and hold credit-reporting agencies accountable,” Patronis continued. “To that end, you should work with your scheduling team to monitor Florida’s legislative session in case committee subpoenas are issued.”
Patronis said he hopes it won’t take the Legislature to compel credit agencies to “do right by its customers and address the chaos ” they have caused.
Alternatively, he suggested the agencies satisfy several requests before Jan. 4, 2021.
Those requests including offering a point of contact for OFR to expedite customer service issues, provide a report detailing how credit-rating inaccuracies will be resolved, report how many Florida customers have been impacted by the inaccuracies and give the state a timeline for resolution.
“While I understand the timelines for these deliverables are tight, no doubt there are families today who were hoping to open a business, sustain their business, or move into a new property before the new year, but can’t because their credit was negatively impacted for no-good-reason,” Patronis concluded.
One comment
Sonja Fitch
December 19, 2020 at 6:52 am
Omg. Omg Patronis steps up again as a damn leader for all! Omg.
Comments are closed.