Product: Credit reporting or other personal consumer reports

I am writing to file a formal dispute and request for investigation regarding inaccurate and unverifiable negative information reported by XXXX XXXX XXXX XXXX XXXX and XXXX credit reports, in violation of my rights under federal consumer protection laws. 

Under the Fair Credit Reporting Act ( FCRA ) : 15 U.S.C. 1681s-2 ( a ) ( 1 ) ( F ) : Information furnished to credit reporting agencies must be both accurate and verifiable.

15 U.S.C. 1681 ( a ) : The purpose of the FCRA is to ensure fair and accurate credit reporting.

15 U.S.C. 1681 ( 4 ) : The reporting of inaccurate information can unjustly harm consumers in obtaining credit, housing, or employment. 

The XXXX XXXX account, listed under my XXXX and XXXX reports and last reported on XX/XX/XXXX, reflects a 3059 day late payment status with a balance of {$29000.00}, yet no on-time payments are recorded, and no supporting documentation has been provided to substantiate this derogatory claim. This appears to be a baseless reporting of late payments without verifiable proof. 

Furthermore, as a consumer, I retain the right to privacy over my financial information. The inclusion of unverifiable internal transactional claimssuch as alleged late paymentswithout admissible evidence constitutes a violation of that right. These entries are not verified collections or public record judgments and therefore must be validated before inclusion in my credit report. 

In the legal precedent XXXX XXXX v. XXXX XXXX ( XXXX ), the court affirmed that billing statements alone are insufficient proof of indebtedness. Creditors must supply credible, verifiable evidencesuch as a signed agreement, detailed payment ledger, or transaction historyto justify derogatory reporting. 

As XXXX XXXX has not demonstrated the legal basis or provided documentary support for this negative entry, I am formally requesting the following : 1. A full and immediate investigation into the reporting of the XXXX XXXX account on my credit file. 

2. Removal of any late payment reporting that can not be verified with complete and accurate documentation.

3. Permanent deletion of this account from my XXXX credit report if XXXX XXXX fails to produce verifiable evidence to substantiate the reported information. 

I request a written acknowledgment of this complaint and a timely update upon completion of your investigation. I trust that the CFPB will uphold my rights under the FCRA and ensure that only accurate and lawfully verifiable information is maintained on my credit profile. 

Furthermore, I am deeply concerned about the conflict of interest that exists between the credit bureaus ( namely XXXX and XXXX ) and the data furnishers they are supposed to monitor for accuracy. According to Securities and Exchange Commission ( SEC ) filings, these credit bureaus derive significant revenue from : Selling data furnished by creditors like SPS, Providing subscription-based services to these furnishers, Earning fees for dispute handling and resolution. This raises legitimate questions about their incentive to fairly and objectively adjudicate disputes submitted by consumers. A business model that profits from both the sale of derogatory data and from the disputes that such data generates can not be considered impartial. These financial incentives appear to encourage the bureaus to : Favor the furnishers version of events, Minimize the chances of successful consumer disputes, Retain derogatory items that continue to generate revenue. In light of the above and precedent set by cases such as the XXXX XXXX transactional dispute, where similar mischaracterization of billing-related issues was deemed inappropriate, I am requesting the following action from the CFPB : I require the immediate deletion of these improperly reported late payments.