Consumer complaint received 2022-09-23
Company: Experian Information Solutions Inc.
State: NC
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:
You are in violation for failing to validate inaccurate information on my consumer report. The following account ( XXXX Acct # XXXX ) & ( XXXX XXXX Acct # XXXX ) is not reporting accurately or fairly on my consumer report. According to the FCRA. credit bureaus are supposed to report the accuracy, fairness and privacy of the information in consumer credit bureau files. 
15 USC Code 1692 ( a ) Abusive practices - there is abundant evidence of the use of abusive, deceptive and unfair debt collection practices and contributes to the number of personal bankruptcies, to marital instability, the loss of jobs and to invasions of individual privacy. 
When you conditionally accept to pay upon verification of debt, you expose the fraud, because : There is no lawful contract instrument. Commercial instruments, such as credit card applications, This is alleged Bilateral Contract with XXXX, which must be validated by the wet signatures of BOTH parties, XXXX XXXX XXXX XXXX does not have my wet signature ) confirming a meeting of the minds consensus ad idem. Banks never sign because if any bank representative signed on behalf of the bank, they would be made liable for the fraud thereby enacted. Moreover, in most cases, the fraudulent contract has been securitized ( sold ), relinquishing any alleged legal or lawful claim held by the bank, which nevertheless often receives insurance on the debt, having been fully paid whilst still sending out presentments. 
There was not full disclosure. XXXX XXXX XXXX did not really loan me a customer deposits, but instead issue money of account credit in exchange for the alleged borrowers promise to pay ( in the debt-money system all money is only a promise to pay ). They fail to provide full disclosure because they do not inform the borrower that the credit is created by the signature of the borrower making a promise to pay. They fail to inform the borrower that the instrument of alleged indebtedness is actually recorded as an asset and an account payable in their hidden liability ledger, nor do they inform you when it is securitized ( traded away ), relinquishing any alleged claim they have over it. 
There was no valuable consideration. Banks fail to provide valuable consideration because they bring nothing to the table and have nothing to lose. Each party to a contract must be both a promisor and a promisee. They must each receive a benefit and each suffer a detriment. The consideration provided by both parties must be something of value brought to the contract table, and therefore a one-sided consideration is unequal and unlawful. 
The Terms and Conditions are not lawful. Contract Law requires full disclosure, valuable consideration, and fixed terms ( i.e. not variable interest ). Banks fail in all respects. 
I gave XXXX a deposit. 
According to 16 CFR 433.3 - Exemption of sellers taking or receiving open end consumer credit contracts before XX/XX/1977 from requirements of 433.2 ( a ). 
a ) Any seller who has taken or received an open end consumer credit contract before XX/XX/1977, shall be exempt from the requirements of 16 CFR part 433 with respect to such contract provided the contract does not cut off consumers ' claims and defenses.

( b ) Definitions. The following definitions apply to this exemption : ( 1 ) All pertinent definitions contained in 16 CFR 433.1. 
( 2 ) Open end consumer credit contract : a consumer credit contract pursuant to which open end credit is extended.

( 3 ) Open end credit : consumer credit extended on an account pursuant to a plan under which a creditor may permit an applicant to make purchases or make loans, from time to time, directly from the creditor or indirectly by use of a credit card, check, or other device, as the plan may provide. The term does not include negotiated advances under an open-end real estate mortgage or a letter of credit. 
( 4 ) Contract which does not cut off consumers ' claims and defenses : A consumer credit contract which does not constitute or contain a negotiable instrument, or contain any waiver, limitation, term, or condition which has the effect of limiting a consumer 's right to assert against any holder of the contract all legally sufficient claims and defenses which the consumer could assert against the seller of goods or services purchased pursuant to the contract. 
So ANYONE doing a CONTRACT after 1977 is not EXEMPT so the contract had to be WRITTEN PRIOR TO XX/XX/1977! So they definitely have to ABIDE by the LAWS When CONGRESS CREATED THE CODES they noticed that a lot of COMPANIES WAS VIOLATING 16 CFR 433, so they went in and ENACTED USC TITLE 15 because the laws were being broken!

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