Consumer complaint received 2023-09-04
Company: CREDIT ACCEPTANCE CORPORATION
State: AL
Product: Debt or credit management
Sub-product: Credit repair services
Issue: Charged upfront or unexpected fees

Complaint:
Subject : Discrepancies in Credit Report and Transaction History - Request for Rescission, Compensation, and Credit Report Update I am writing to bring to your attention significant discrepancies that have been identified in my recently obtained credit report and transaction history through Credit Acceptance. Upon careful review, it has become evident that both my name and address are incorrect in the report, rendering the entire agreement null and void due to the inaccurate representation of my personal information. 

Additionally, I believe Credit Acceptance has engaged in fraudulent practices as defined under 15 U.S.C. 1662 ( b ). During the loan application process, I was explicitly informed by Credit Acceptance that a down payment was mandatory. Consequently, I made the required down payment in good faith. However, it has come to my attention that the down payment made by me was not applied to my loan amount as initially stated. This discrepancy has caused significant harm to my creditworthiness over a period of seven years, which is a substantial violation of my rights as a consumer. 

In light of these findings, I hereby exercise my right to rescind the transaction under 15 U.S.C. 1635. I request that the transaction be immediately rescinded, and I be provided with a full refund of the down payment amount. Furthermore, I would like to draw your attention to 15 U.S.C. 1681n ( a ) ( 1 ), which outlines the legal provision for compensation due to inaccuracies in credit reporting.

According to 15 U.S.C. 1681n ( a ) ( 1 ), I am entitled to compensation for each inaccuracy in my credit report. I request compensation of {$1000.00} per inaccuracy, as outlined by the aforementioned statute. Given the multiple inaccuracies in my credit report and the resulting harm caused to my creditworthiness, I expect an appropriate compensation amount to be awarded to me. 

Furthermore, I kindly request that all accounts pertaining to Credit Acceptance be removed from my credit report. These accounts are based on erroneous information and have contributed to the inaccurate representation of my creditworthiness. Therefore, their removal is necessary to rectify the harm caused by these discrepancies. I also request an updated credit report reflecting these changes to be provided to me. 

I expect Credit Acceptance to promptly investigate these matters, take the necessary actions to rectify the inaccuracies in my credit report and transaction history, and provide me with a written confirmation of the rescission of the transaction, along with a detailed breakdown of the refund amount. 

Please be aware that failure to address these concerns within a reasonable timeframe may leave me with no choice but to pursue legal remedies available to me under applicable consumer protection laws. 

I look forward to your immediate attention to this matter and a satisfactory resolution. Please respond to this letter within 30 days from the date of receipt. 

Thank you for your immediate attention to this matter. 

Sincerely, XXXX XXXX XXXX

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