Consumer complaint received 2023-08-20
Company: EQUIFAX, INC.
State: NY
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:
Subject : Dispute against XXXX and Request for Removal of Incorrect Credit Information - Original Complaint ID : XXXX Dear CFPB, I am writing to express my concern regarding an ongoing issue with XXXX and Equifax and their inability to require a predatory lending creditor, XXXX, to furnish sufficient evidence in compliance with the Fair Credit Reporting Act. I have mailed physical copies of the contracts in question to all three credit bureaus ( and in previous complaint, ID number referenced at top of letter ) and only XXXX has addressed the matter. 

XXXX has acknowledged missed payments but has failed to provide a satisfactory explanation for the default on their loans. I attribute these missed payments to constant miscommunication, mismanagement of the loans by the loan servicer XXXX, a lack of background on the original loan agreements by the servicer, and exceedingly slow response times by the servicer ( often spanning several months, with no resolution to my concerns before payments went past due ). XXXX has engaged in predatory behavior by attempting to exploit a technical loophole, forcing me to make indefinite payments on loans that had already reached their maturity year, eventually selling them to a debt collection agency and damaging my credit. 

Please be aware that XXXX, formerly known as XXXX ( XXXX ), went bankrupt, and its loan assets were sold off. XXXX is now operating under the same name. 

I am requesting the removal of all XXXX accounts from my credit profile and a halt to further reporting by XXXX due to the following reasons : XXXX has violated the terms of the original loan agreement, constituting a breach of contract : a. I have paid over {$91000.00} over 15 years on an initial debt of approximately {$15000.00}. They continue to demand payments, amounting to over 500 % of the original debt. 

b. The payments are past due because the loans reached their 15-year maturity in XXXX. Despite this, XXXX refuses to acknowledge the terms outlined in the contracts, provided for your reference. 

XXXX XXXX is exploiting a technical loophole to force indefinite payments, indicative of predatory lending practices. 

d. XXXX failed to communicate the lower minimum payment option ( {$50.00} ) stipulated in the original contract, violating the Fair Debt Collections Act. Their unwillingness to provide an amortization schedule is also concerning. 

e. The CFPB has already recommended I seek legal advice to address this predatory lending situation, while I reach out to the credit bureaus to request updates to my credit profile. 

I request that all XXXX-related accounts be updated or removed from my credit profile permanently. Their automated reporting system sends updates each month, and their attempts to report disputed information as accurate are part of a predatory effort to force indefinite payments. The missed payments resulting from this predatory lending situation are not reflective of my overall credit profile, and it is unjust to judge my creditworthiness based on this unfortunate circumstance. I am unable to secure financing for medical bills and a much-needed XXXX in XXXX  due to this unfair burden on my credit profile. 

I kindly request your assistance in addressing this matter and ensuring that these accounts are removed from my XXXX and Equifax credit profiles. Your prompt attention to this issue is greatly appreciated. 
I believe that all XXXX accounts should be removed from my profile and XXXX should be barred from sending further reports due to the following reasons : XXXX ) XXXX has violated the terms of the original loan agreement, which is a breach of contract. 

a. The total amount of all loans from the lender was around $ XXXX. I have paid over {$91000.00} over 15 years on the loan and they are still expecting further payments, indefinitely. The is at least 500 % of the original debt. 

b. The payments are past due because the 15 YEAR XXXX of the loans has been reached in XXXX  but the lender refuses to acknowledge this. No further payments should be forced by XXXX. Please see the included contracts where the terms are highlighted regarding the maturity timeframe of the loans. 

XXXX XXXX is using a technical loophole to force me to continue paying indefinitely and this is unfair and may be considered predatory lending. 

d. XXXX failed to communicate about the lower minimum payment option ( {$50.00} ) per the original contract, which is a violation of the fair debt collections act. ( They are trying to use a technical loophole about amortization but will not provide an amortization schedule. ) e. I have reported the lender to the Consumer Financial Protection Bureau ( CFPB ) and the CFPB has recommended I seek legal advice to fight this predatory lending while reaching out to the credit bureaus to alert them and request update of my credit profile, since this is having a very unfair negative impact on my credit and quality of life. 

XXXX ) Im requesting all XXXX related accounts updated or removed permanently and prevented from further reports on my profile their automatic system sends an update each month and they will report the disputed information as accurate via the dispute system as it is part of the predatory effort to force me to pay indefinitely toward something already addressed. The missed payments caused by this predatory lending situation is in no way reflected of my broader credit profile and I dont warrant to be judged by new creditors based on this unfortunate circumstance. I can not get much needed financing for medical bills and XXXX  XXXX with this unfair burden on my credit profile. Can you please help? 

I would appreciate your assistance in resolving this matter and ensuring that these accounts are removed from my XXXX and EQUIFAX credit profiles. Thank you for your attention to this matter.

Company response to consumer: Closed with non-monetary relief