Consumer complaint received 2024-01-31
Company: I.A.C. INC
State: VA
Product: Credit reporting or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
On or around XXXX of XXXX, I went to a dealership to inquire about purchasing a used XXXX XXXX XXXX XXXX. I was given the vehicle to test drive for a few days. During the test drive time frame, the vehicle broke down on the interstate. I contacted the dealership and had the vehicle towed back to the dealership. I advised the dealership that I obviously did not want to purchase a vehicle that had broken down. The dealership said they would take a look at it and if it was something minor would I still be interested in purchasing the vehicle. I advised, possibly but it would depend on what the issue was. A few weeks later I received a letter and email thanking me for joining XXXX  and a payment booklet. I was on my way out of town, so I took the payment booklet with me so that I could call the company when I landed. I called XXXX  and spoke to a man, I advised him that I did not have the vehicle, that I never signed for the loan and asked why I had received a payment booklet. He advised that they received documents with my signature. I advised that I never signed anything, asked for a copy of the documents and even asked for video from the dealership showing that i signed. They advised me they would investigate. Their investigation was them calling the dealership and telling them i called. Nothing more. I assumed that it was resolved because I saw the dealership list the same vehicle for sale. In early XXXX, I received a call from a woman at XXXX  stating that I was late on my car payment. I advised her that I did not have a loan with them. I did not have the vehicle and that I never signed any paperwork. She glossed over this fact and continued to try and make me pay for a loan that I never signed for. I refused. Later that year around XXXX or XXXX, I decided to check my credit report and saw that XXXX  had placed the loan on my credit report and said i was late. Around this time, i also noticed that the vehicle in question was listed for sale on the same lot. I disputed XXXX XXXX XXXX  ( XXXX  ). They updated the report showing that it was a high balance of {$32000.00} but the balance on the account was {$13000.00} and that my last payment on the loan was XX/XX/XXXX, and listed the account as a charge off. This is completely inaccurate. I have never made a payment to this company. I never signed loan documents for the vehicle or with this company. They also listed the loan term of 66 months. I have no idea what the term may have been because I never signed a loan document. Also, based on their fraudulent update, they are stating that {$19000.00} was paid towards this fraudulent loan in 7 months. If this was true, how would the loan be eligible for a charge off? This company is a complete fraud, and has prevented me from being able to obtain credit.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation