I contacted USAA about 3 weeks ago to get a pay off on my loan. I then immediately sent my pay off to USAA. Today I received a notice from the credit bureau stating that my credit score had dropped almost 50 points. I contacted the bureau and they stated that USAA placed a comment in the trade line stating, "Settled for less than the full amount." This triggered a negative flag. This was absolutely not the case and even if there had been a small amount remaining, why not send me the bill? It is still in the same billing cycle and I paid over $7833. So in the same billing cycle (literally this month's cycle), they do an adjustment and then report that I settled for less instead of sending me a bill for remaining amount.
Congratulations on paying off your loan! I have located your profile and I have sent you a private message with some additional information. I do thank you for bringing this to our attention. We continually look for ways to improve our products and services so they are of the highest quality for our members. Thank you for taking the time to send your feedback.
@ProgramReaper, If what you say is correct--did you consider filing a dispute with the credit agencies. USAA has a way to submit a dispute through their process as well, but I wouldn't hold my breath about them resolving it to your satisfaction. I went through that process when I had one of their credit card. They initiated a change to my credit file a few years ago and Equifax notified me about it. When I confronted USAA, they pointed to their dispute process which I followed to the T. About a month later, I get a letter pretty much with one sentence saying that everything was reported appropriately. They probably spent no more than a day investigating it. They would never admit to a credit agency that they made a mistake. That day I just decided to close the account and move to another financial institution. Hope things work out for you. Keep the community posted.
To USAA CSR: I know you send all comments to your SMEs, but I don't need to have someone send me IM about something that I'm commenting on. Obviously, this person's concern is by far more important to resolve that having someone take time to give me feedback about my comment.