Bilt Users Sent To Collections
Nearly 2,000 Bilt cardholders were sent to collections recently - even though their credit card statements were correctly paid in full.
The situation seems to be isolated to individuals who had Bilt credit cards issued by Evolve Bank in the beta or pre Bilt 1.0 phase back in 2021 and early 2022.
Bilt commented on a reddit thread saying:
We are aware of a small number of customers receiving unexpected collections notices and/or credit reports related to their beta Bilt card. We are in touch with the agency responsible and any erroneous credit reporting will be deleted immediately.
Bilt also sent 2,500 Bilt points to affected users and later sent an email saying:
As of Monday, August 3rd, all impacted accounts have been corrected. No action is needed from you. These updates should reflect on your credit report within 3 business days.
People who had cards issued by Wells Fargo (Bilt 1.0) or Cardless (Bilt 2.0) are not impacted.
We are honestly curious if any of you were affected by this - please reply back to this email and let us know if you were!
Daniel here - I applied for a Bilt 1.0 Card in 2023 (issued by Wells Fargo) and did not have any issues.
Federal law is in place that allows free access to your credit report from each major credit reporting company (Equifax, Experian, and TransUnion) in case you wanted to check.
Overall, this is obviously not a great look for Bilt.
Even though it seems like third parties are to blame for these mistaken collections notices and this issue is being quickly fixed, this is not the first issue that Bilt has had to deal with.
To us, the value that Bilt offers is still very much worth it - but they will need to avoid problems like this moving forward to keep the trust of their customers.