Consumer complaint received 2023-08-26
Company: EQUIFAX, INC.
State: GA
Product: Credit reporting or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account status incorrect

Complaint:
I am formally disputing a charge-off that has been reported on my Equifax credit report, associated with Account Number : XXXX. The charge-off in question was placed by XXXX XXXX XXXX XXXX XXXX ) in the amount of {$3800.00} or specifically as a remaining balance of {$3800.00}. 

I am deeply concerned about the accuracy of this information as it inaccurately portrays my payment history and financial responsibility. I demand that this matter be immediately investigated and this inaccurate, false, and incorrect Charge-off is immediately removed from my credit report placed by XXXX XXXX XXXX XXXX XXXX ) in the amount of {$3800.00} or specifically as a remaining balance of {$3800.00}.

I would like to emphatically state that at no point in time has the aforementioned account ever been late. This account was originally established as a 72-month installment account, and I have consistently maintained timely payments for the entirety of its duration. My payment history is impeccable, and I have neither missed nor delayed a single payment. Further, XXXX XXXX XXXX ( XXXX ) didn't report any missed payments or late payments before the account was inaccurately charged off. 


Under the 72-month installment loan, a payment of {$2900.00} was made in XXXX of 2023, with the intention of adhering to the regular monthly payments of {$580.00} for the remaining term of the loan. This was in line with my consistent payment pattern, which has been characterized by diligence and punctuality. 


Upon reviewing communications and responses from XXXX XXXX XXXX ( XXXX ) to my concerns, I identified several discrepancies that require clarification. I am gravely concerned about the accuracy of the reported balance and the potential negative impact on my credit history. I therefore request your immediate attention to rectify this erroneous situation. 


It is important to reiterate that I have never missed a payment and have meticulously adhered to the payment schedule as outlined in the original agreement. Moreover, I have expressed concerns regarding the handling of insurance proceeds stemming from the unfortunate loss of my vehicle. As such, I kindly implore you to address these concerns and furnish me with a comprehensive breakdown of the calculations that have culminated in the reported remaining balance on my account. 


I earnestly urge you to take prompt action in updating my credit reports to accurately reflect the details of my payment history. The discrepancies presented are disconcerting, especially given my consistent record of responsible financial conduct. In XXXX XXXX XXXX ( XXXX ) correspondence to me, they mentioned that a settlement payment of {$23000.00} was received from XXXX XXXX on XX/XX/2023, which was subsequently applied to my account balance. Additionally, they noted refunds for ancillary product cancellations and other account credits totaling {$3500.00}, resulting in a balance of {$3800.00}. I have yet to receive comprehensive information regarding these transactions, and I am concerned that they may have been inaccurately calculated or applied. 


As a payment of {$2900.00} was applied in XXXX of 2023. This would continue regular monthly payments of {$580.00} for the remaining term of the loan and bring the next loan payment due in XXXX of 2023 on the scheduled due date in the terms of the 72-monthly installments. 


It was surprising to learn that my insurance company, XXXX XXXX, profited from the sale of my totaled vehicle without my knowledge or consent. In the event that a profit was indeed realized, I would naturally expect it to be duly applied to the remaining balance of my account. While I acknowledge your lack of affiliation with XXXX XXXX and thus your potential lack of insight into the details of their actions, I consider it essential to gain an understanding of the utilization of the proceeds from the vehicle sale. 


In light of the aforementioned, I formally request the following information : A comprehensive and detailed breakdown of all transactions that have been applied to my account since the payment made in XXXX of 2023. This should encompass the settlement payment received from XXXX XXXX, any refunds, and all other relevant credits. 


An exhaustive explanation of the methodology employed in calculating the remaining balance of {$3800.00} subsequent to the application of the aforementioned transactions. 


Any documentation pertaining to the sale of my totaled vehicle by XXXX XXXX, including any profits that XXXX have arisen from said sale. 


Complete payment history with a comprehensive and detailed breakdown of any late or missing payments to support the Charge-off placed on my account. 
Moreover, in compliance with the Fair Credit Reporting Act ( FCRA ), specifically Sections 611 and 623, I beseech you to promptly amend my credit reports to reflect any necessary corrections based on the results of your thorough review. I am deeply invested in ensuring that my credit history accurately reflects my impeccable payment track record and overall financial standing. 


I demand the immediate removal of this Charge-off for being reported as inaccurate, false, and incorrect. 


I greatly appreciate your prompt attention to this matter and eagerly anticipate a timely response. In accordance with the FCRA, I kindly request that the requested information be furnished within 30 days from the date of this letter. 


Thank you in advance for your unwavering commitment to resolving this dispute and rectifying the inaccuracies that have emerged. I look forward to a swift and effective resolution.

Company response to consumer: Closed with non-monetary relief