Consumer complaint received 2022-07-22
Company: EQUIFAX, INC.
State: MD
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
I called into the XXXX office on XX/XX/XXXX where I signed the contract for the financing and spoke to the finance officer that had me sign the contract. He was clear that there is no other interest amount accrued because I had made both XXXX and XXXX payments on time ( XX/XX/XXXX, XX/XX/XXXX ) and that my two on-time payments in no way should have caused my account to have a higher balance than the {$11000.00} starting amount. There are no late, remaining, other or delinquencies showing. 
It was also previously mentioned ( XXXX ) that the increased and exceeding balance reported to the credit bureaus of {$11000.00} is because there was accruing interest added to the balance of {$11000.00} and in my research that confirmed what I already knew, the balance amounts reported to the credit bureaus DO NOT include interest. The same is true with my mortgage account and previous car account. In fact an Open Account should not show a balance that includes interest. I also checked with the CFPB and read the FCRA. The interest amount is only included in the payments. The balance is always a principle amount when reported to the credit bureaus. The same applies on my Lendmark Statements. It only reports the principle for balance amount. So that magnifies the mystery as to where did that {$11000.00} amount come from For this you have to look at Exhibit 1 ( attached ) which a snap of a downloaded section of my XXXX Credit report. Looking at Exhibit 1 the problem becomes obvious as you notice that there are two payments listed under XXXX and XXXX ( two months before contract due date ) that are {$430.00} for each of those months under Scheduled Amount The question became, why are there two scheduled payments entered for two months that no payment is due and right next to those two payment entries for the first and starting payment month ( according to the contract ) is a {$350.00} amount that is also showing an {$430.00} amount paid right above that scheduled {$350.00} amount. Then the next question is, why is a scheduled payment amount entered and not showing a paid amount but better than that why are there payment entries entered for two months that are not in the contracts start or first payment agreement. By agreement, it means that I signed a loan or contract document that indicted when the FIRST payment should be made on XX/XX/XXXX, but then the same company that should have the same signed contract has recorded two {$430.00} payments in the scheduled section of the credit reporting, that only proves that either the signed contract is being ignored or something else is going on. One thing for sure and has been confirmed, that {$430.00} amount was only supposed to be recorded for the month of XXXX and was my first payment amount and the {$350.00} amount entered as scheduled for XXXX should also be {$430.00} ( remove {$350.00} for XXXX scheduled payment entry it should be {$430.00} ) - that is according to the contract. The terms of my signed contract and whats on my monthly statements has been reported very different to the credit bureaus.

Company response to consumer: Closed with explanation