Product: Credit reporting or other personal consumer reports

Dear Consumer Financial Protection Bureau, I am writing to formally request your assistance in investigating an inaccurate late payment reported to the credit bureaus by XXXX XXXX XXXX. The alleged late payment stems from an annual fee imposed on an account that was fully paid off. The company failed to notify me of the fee, demonstrating a lack of transparency and engaging in practices I believe to be predatory. I have reached out to XXXX XXXX directly and spent over 3 hours of my time being transferred without so much as a goodwill resolve. XXXX  XXXX removed the late payment and then the report was updated as late. 

I have written to all three credit bureaus requesting the information be corrected and to provide a description of the method of verification. XXXX responded and requested to verify my identity which I view as a stall tactic due to all my information being the same. Ive since provided proof of my identity in the form of an ssn card and drivers license. Experian did not respond at all. And XXXX replied stating the information was corrected and updated. However, the updated report does not reflect this change. All of my correspondence has been sent via certified mail. 

Summary of the Issue : The account was paid in full on XX/XX/year>2024 and, to my understanding, fully settled. 
XXXX XXXX XXXX  imposed an annual fee on this paid-off account without my knowledge or consent. The company did not notify me of the annual fee which occurred in the middle of the year. My understanding is that annual fees take place at the beginning of the year, either electronically or by mail, leaving me unaware of any outstanding balance. This resulted in the inaccurate reporting of a late payment, which has severely impacted my credit score and financial standing. This has been a major inconvenience during the middle of my home buying process. Which has caused a great deal of stress and XXXX. 

Predatory Lending Practices : The imposition of fees on a paid-off account, combined with the lack of notification, constitutes a form of predatory lending. By engaging in such practices, XXXX XXXX XXXX  appears to exploit consumers through hidden fees designed to generate profit while causing harm to their creditworthiness. Such behavior is unethical and undermines consumer trust in the financial system. 

Violation of Consumer Protection Laws : These actions violate federal laws, including the Fair Credit Reporting Act ( FCRA ) [ 15 U.S. Code 1681s-2 ( a ) ], which mandates that furnishers of information to credit reporting agencies provide accurate and complete information. The company 's failure to notify me of the fee also raises concerns under the Truth in Lending Act ( TILA ), which requires transparency and proper disclosures regarding credit terms and fees. 




Damages Caused : The inaccurate reporting and predatory practices have caused the following harms : A significant reduction in my credit score. ( XXXX points ) Denial of favorable financial terms on my construction loan. 
Emotional distress, financial instability, and damage to my reputation. 

Request for Resolution : I respectfully request the CFPB take the following actions : Investigate this matter thoroughly and hold XXXX XXXX XXXX  accountable for their predatory practices and noncompliance with FCRA and TILA. Require XXXX XXXX Bank to immediately correct the inaccurate reporting and notify all credit reporting agencies of this correction. Compel XXXX XXXX Bank to provide documentation proving compliance with the law regarding the imposition of this annual fee and the associated reporting. Assist me in seeking compensation for the harm caused by this error and predatory behavior. 

Legal Action Consideration : The damages caused by this situation are significant, and I am prepared to seek legal justice and pursue compensation if this matter is not resolved promptly. I trust that the CFPB will take swift action to protect consumers and ensure compliance with federal laws. 


Thank you for your prompt attention to this matter. I look forward to your response and resolution. 

Sincerely, XXXX XXXX