Consumer complaint received 2023-07-22
Company: PREFERRED CREDIT INC
State: MS
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Their investigation did not fix an error on your report

Complaint:
XXXX XXXX : XXXX The status of this is account is actively reporting as " Closed '' on XXXX consumer report, " XXXX '' on another, and then " 120 days Late '' on another. 
Other discrepancies : Count of Late Payments, XXXX, as well as the XXXX XXXX information. I don't understand how this company can report information to XXXX different reporting agencies, with each dispute coming back as " verified as accurate, mind you I've filed multiple disputes over the last 3 years, yet the information is still reporting inaccurate. 
This has really had a negative impact on my ability to obtain any new credit accounts, which has negatively affected my wellbeing. I am aware that the creditors and consumer reporting agencies have laws they must abide by and failure to do so is a violation with penalities resulting in {$1000.00} PER VIOLATION. Seeing as this company has been reporting inaccuraties since 2020, those violations will add up quickly, as well as the tens of thousands I'm to be compensated as a result of the companies inability to follow the rules, regulations, laws, etc.

I will accept a settlement of {$5000.00} which would be for ONE VIOLATION for the last 5 months from ONE CONSUMER REPORTING AGENCY. Yet in all actuality, it's MULTIPLE violations on this account, reported for 30 months, as well as reported to 3 different consumer reporting agencies- I would say those violation fees will add up substantially, therefore, I think we can agree that {$5000.00} is a very reasonable settlement. The account is also to be removed from all XXXX of the consumer reporting agencies : XXXX, XXXX, XXXX. Personally, I believe this a far better settlement. I expect payment and removal within the next 10 days. Failure to comply with those terms, will result in myself taking the next course of action, that they will be financially responsible for all cost, per my Consumer Rights Lawyer Included below are some of the active violations, for this one account, as well as only one reported month, for one consumer reporting agency.

US Code Title 15 Section 1681a ( 2 ) ( a ) ( A ) Reporting information with actual knowledge of errors A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or consciously avoids knowing that the information is inaccurate.

( disputed information multiple times, is reported differently among all 3 Consumer Reports. ) US Code Title 15 Section 1681 Violations reported by this company : A person shall not furnish information relating to a consumer to any consumer reporting agency if- ( i ) the person has been notified by the consumer, at the address specified by the person for such notices, that specific information is inaccurate; and ( ii ) the information is, in fact, inaccurate.

-The information CAN NOT be accurate, nor verified as accurate, when all 3 consumer reports do not match!

( 2 ) Duty to correct and update information A person who- ( A ) regularly and in the ordinary course of business furnishes information to one or more consumer reporting agencies about the person 's transactions or experiences with any consumer ; and ( B ) has furnished to a consumer reporting agency information that the person determines is not complete or accurate, shall promptly notify the consumer reporting agency of that determination and provide to the agency any corrections to that information, or any additional information, that is necessary to make the information provided by the person to the agency complete and accurate, and shall not thereafter furnish to the agency any of the information that remains not complete or accurate.

( b ) Duties of furnishers of information upon notice of dispute ( 1 ) In general After receiving notice pursuant to section 1681i ( a ) ( 2 ) of this title of a dispute with regard to the completeness or accuracy of any information provided by a person to a consumer reporting agency, the person shall- ( A ) conduct an investigation with respect to the disputed information ; ( B ) review all relevant information provided by the consumer reporting agency pursuant to section 1681i ( a ) ( 2 ) of this title ; ( C ) report the results of the investigation to the consumer reporting agency ; and ( D ) if the investigation finds that the information is incomplete or inaccurate, report those results to all other consumer reporting agencies to which the person furnished the information and that compile and maintain files on consumers on a nationwide basis.

1666a. Regulation of credit reports ( a ) Reports by creditor on obligor 's failure to pay amount regarded as billing error After receiving a notice from an obligor as provided in section 1666 ( a ) of this title, a creditor or his agent may not directly or indirectly threaten to report to any person adversely on the obligor 's credit rating or credit standing because of the obligor 's failure to pay the amount indicated by the obligor under section 1666 ( a ) ( 2 ) of this title, and such amount may not be reported as delinquent to any third party until the creditor has met the requirements of section 1666 of this title and has allowed the obligor the same number of days ( not less than ten ) thereafter to make payment as is provided under the credit agreement with the obligor for the payment of undisputed amounts.

15 USC 1692k ( a ) Amount of damages Except as otherwise provided by this section, any debt collector who fails to comply with any provision of this subchapter with respect to any person is liable to such person in an amount equal to the sum of ( 1 ) any actual damage sustained by such person as a result of such failure ; ( 2 ) ( A ) in the case of any action by an individual, such additional damages as the court may allow, but not exceeding {$1000.00} ; or ( B ) in the case of a class action, ( i ) such amount for each named plaintiff as could be recovered under subparagraph ( A ), and ( ii ) such amount as the court may allow for all other class members, without regard to a minimum individual recovery, not to exceed the lesser of {$500000.00} or 1 per centum of the net worth of the debt collector ; and ( 3 ) in the case of any successful action to enforce the foregoing liability, the costs of the action, together with a reasonable attorneys fee as determined by the court.

On a finding by the court that an action under this section was brought in bad faith and for the purpose of harassment, the court may award to the defendant attorneys fees reasonable in relation to the work expended and costs.

( b ) Factors considered by court In determining the amount of liability in any action under subsection ( a ) of this section, the court shall consider, among other relevant factors ( 1 ) in any individual action under subsection ( a ) ( 2 ) ( A ) of this section, the frequency and persistence of noncompliance by the debt collector, the nature of such noncompliance, and the extent to which such noncompliance was intentional; or ( 2 ) in any class action under subsection ( a ) ( 2 ) ( B ) of this section, the frequency and persistence of noncompliance by the debt collector, the nature of such noncompliance, the resources of the debt collector, the number of persons adversely affected, and the extent to which the debt collectors noncompliance was intentional.

Disputes submitted with all 3 consumer reporting agencies, they all came back as accurate or verified. However none of the information reported to one matches the information reported to the other two. That is called INACCURATE- still after several disputes, they fail to comply with the law.

Thank you for your time in this very important matter.

Company response to consumer: Closed with explanation