Product: Credit reporting or other personal consumer reports

XXXX and Equifax are reporting the account listed as XXXX XXXX incorrectly. There are several inconsistencies with the account which means this account has not been validated as accurate. Furthermore any consumer account that is terminated with a balance due over {$1.00} that refund is due to the consumer not the creditor so reporting this account as a charge off is a direct violation of federal law. The account is also reporting several late payments from Equifax but no history is listed from XXXX and as the consumer agencies know the account can not report XXXX different ways. 

Date Opened : XX/XX/XXXX XX/XX/XXXX Credit Limit : {$16000.00} {$0.00} Last Reported : XX/XX/XXXX XX/XX/XXXX Comments : Charged off as bad debt Canceled by credit grantor Charged off account Accounts closed by credit grantor Date Last Active : XX/XX/XXXX XX/XX/XXXX Date of Last Payment : XX/XX/XXXX XX/XX/XXXX ( a ) Accuracy and fairness of credit reporting The Congress makes the following findings : ( XXXX ) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system. 
( XXXX ) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers. 
( XXXX ) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers. 
( XXXX ) There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumers right to privacy. 
( b ) Reasonable procedures It is the purpose of this subchapter to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of this subchapter. 

( a ) Time to make payments A creditor may not treat a payment on a credit card account under an open end consumer credit plan as late for any purpose, unless the creditor has adopted reasonable procedures designed to ensure that each periodic statement including the information required by section 1637 ( b ) of this title is mailed or delivered to the consumer not later than XXXX days before the payment due date. 

( b ) Grace period If an open end consumer credit plan provides a time period within which an obligor may repay any portion of the credit extended without incurring an additional finance charge, such additional finance charge may not be imposed with respect to such portion of the credit extended for the billing cycle of which such period is a part, unless a statement which includes the amount upon which the finance charge for the period is based was mailed or delivered to the consumer not later than XXXX  days before the date specified in the statement by which payment must be made in order to avoid imposition of that finance charge.