Consumer complaint received 2023-07-18
Company: Experian Information Solutions Inc.
State: FL
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:
Re : Complaint against XXXX XXXX : Inaccurate Late Payment Reporting and Disregard for Consumer Rights - Assistance Required Dear CFPB, I am writing to file a formal complaint against XXXX XXXX concerning multiple violations of consumer financial laws in relation to the reporting of late payments on my fully paid off auto finance charge. I kindly request your intervention and assistance in addressing these critical issues. 

Underpinning my complaint are three key laws that have been breached by XXXX XXXX : 15 USC Code 1666b ( Timing of Payments ) : This law establishes guidelines for the timing of payments and emphasizes the prompt crediting and application of payments made by consumers. It ensures that payments are correctly and accurately recorded, benefiting both the consumer and the lender. 

Truth in Lending Act ( TILA ) and Regulation Z : Specifically, TILA section 106 ( a ) ( 1 ) and Regulation Z section 1026.4 ( a ) prohibit the reporting of fees for unanticipated late payments as finance charges. This provision is intended to protect consumers from unfair practices when late fees are assessed due to extenuating circumstances beyond their control.

Consumer Financial Protection Act ( CFPA ) Section 1024 ( b ) ( 1 ) ( C ) : This law mandates that the CFPB must provide consumers with the information used to substantiate and confirm the validity of their complaints against financial institutions. This ensures transparency and accountability in the resolution of consumer disputes. 

In light of these laws, I have encountered ongoing issues with the reporting of late payments by XXXX XXXX on my fully paid off auto finance charge. The loan amount of {$16000.00} has been paid in full, and I now own the vehicle outright. However, despite the loan being fully satisfied, XXXX XXXX continues to report unjustified and inaccurate late payments, adversely affecting my credit history and financial standing. 

Furthermore, it is crucial to highlight that the late payments reported by XXXX XXXX were directly linked to the unprecedented financial hardships resulting from the COVID-19 pandemic. I lost my job during this period, severely impacting my ability to meet financial obligations in a timely manner. Given the extenuating circumstances, it is imperative that these late fees are not reported as finance charges, as specified by TILA and Regulation Z. 

Therefore, I urgently request the CFPB 's intervention to address these violations and rectify the situation. Specifically, I seek the complete removal of the 23 reported late payments from my credit reports. It is of utmost importance that XXXX XXXX complies with all applicable laws and regulations to protect consumers ' rights, ensure fair lending practices, and accurately reflect the fully paid off status of the auto finance charge. 

Enclosed with this complaint, please find supporting documentation, including relevant account statements, correspondence with XXXX XXXX, copies of credit reports illustrating the discrepancies in the reported late payments, and evidence of the loan being fully paid off. 

I sincerely appreciate your attention to this matter and look forward to a thorough review and swift resolution that upholds the rights of consumers, promotes fair and accurate credit reporting, ensures transparency in the complaint resolution process, and reflects the fully satisfied status of the auto finance charge. 

Thank you for your assistance in this regard. 

Sincerely, XXXX XXXX XXXX XXXX _______________________________________________________________________ Finance Charge : The finance charge represents the dollar cost of consumer credit and includes any charge imposed directly or indirectly by the creditor as a condition of or incident to the extension of credit. It is important to understand which charges should be included and which should not in order to assess the accuracy of reported finance charges. 

Included Charges : Interest Transaction fees Loan origination fees Consumer points Credit guarantee insurance premiums Charges passed on to the consumer for purchasing the loan Discounts for non-credit payment methods Excluded Charges : Charges payable in a comparable cash transaction. 
**Fees for unanticipated late payments. ** Overdraft fees not agreed to in writing. 
Seller 's points.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation