Consumer complaint received 2019-03-29
Company: Experian Information Solutions Inc.
State: AL
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account status incorrect

Complaint:
XXXX XXXX promised to report payments to credit bureau. However, XXXX XXXX   did not begin reporting payment information to credit bureau until payment was seriously delinquent. As a result, i was not able to secure a refinance loan with another company to pay off this high interest debt. It is believed that XXXX XXXX   had no intent to report on time payments to the credit bureau which is a violation of the fair credit reporting act which states that if a company reports information to a credit bureau the information should be fair and accurate. By not reporting on time payments, i believed that no payments would report to credit bureau and decided to save myself XXXX dollars by allowing the account to accelerate. Not only has XXXX XXXX reported delinquent payments but after not reporting payments at all, XXXX XXXX has back dated delinquent payments. The first payment reported by XXXX XXXX was reported in XXXX and it was reported as missing 5 payments. At that time, XXXX XXXX  did not report on time payments. After disputing the information with experian, XXXX XXXX reported two on time payments ; a violation of the fair credit reporting act that states that if a business does not report accurate information, the information has to be removed from the credit report ; instead they made a correction. 

Also the reporting of information remains inaccurate aside from the reporting of on time payments. XXXX  XXXX is reporting missed payments as biweekly payments, but they reported on time payments as monthly payments. A total of 5 payments were made on time before i began purposely missing payments. For example, XXXX XXXX reported 8 missed payments. The on time payments are only noticed by the monthly bar that shows whether a payment was made for the month. 

XXXX XXXX also violated the truth in lending act where the initial reports did not include amortization. It was told to me that the account could be paid in full and only pay the interest incurred at that time. When i tried to initiate pay off online, it stated that i needed to call in to pay off loan. At that time my payoff amount included interest of about 300 dollars. When i called in a rep stated that the pay off amount would include interest over the life of the loan. My borrowed amount was XXXX dollars, after making two payments, i was told that my payoff amount would be around 8000 for XX/XX/XXXX and would increase thereafter. At the time, there was no amortization schedule. The day after, i checked online an the company had included the schedule. Had this information been present when i began the loan, i would have returned the funds. Furthermore, this amount was ridiculous as if i allowed it to accelerate in XXXX, the amount would only be XXXX. 

In addition, XXXX  XXXX  presents this loan as a personal loan but infact it is a high interest installment loan. And should be subject to the laws of a high interest payday loan. Just as those loans due to the nature of how they are paid and the overbearing interest can not be reported to major credit bureaus, this loan should not. There is a reason behind the non reporting of on time payments to credit bureaus. XXXX XXXX had no intent to report on time payments. However, they wanted to be able to report in the case that the loan became delinquent. Big businesses can not exploit and misuse an misinform the public regarding loans. It was impossible to pay this loan off due to the negligence of the company in providing true, fair, and accurate information to myself and the credit bureaus. 

For the reasons presented here, i would like to file a complaint against XXXX XXXX for violating the fair credit reporting act and the truth in lending act ; and ask that this account be completely removed from my credit report including all late payments reported.

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