Consumer complaint received 2022-11-11
Company: Experian Information Solutions 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:
What I exactly written to best explain. 

ACCOUNT DISPUTE I am writing this letter in regards to a inaccurate reporting of a repossession, charge offs and over 90 days late payment reporting on my XXXX XXXX XXXX account ending in XXXX that need to be removed Expeditiously and immediately by permissible cause due to the illegal misinformation, misleading and inaccuracy reporting. 
Due to my automobile that has a auto loan with XXXX XXXX XXXX that has been financed in connection with my Retail Installment Contract I had a GAP insurance Policy signed for whenever my car is stolen/theft or missing and for any other benefits it holds under the legal rights which the bank would be liable for paying discharging all remaining debt and not me the consumer. I am not liable legally for any late payments repossession or charge offs and remaining alleged debts to be reported to the account under my credit report. 

What is GAP INSURANCE? GAP is an acronym for guaranteed asset protection. A gap waiver, also known as a gap addendum, is a supplement that you can add to your auto loan or lease. A gap waiver is a debt cancellation agreement which absolves you from paying the difference between what you owe on the vehicle and what its worth if the vehicle is declared a total loss. 

The GAP WAIVER NOTICE states if this box is checked - GAP Waiver Notice If this box is checked, and if the vehicle is a total-loss because it is confiscated, damaged, or stolen, you will not be liable for the gap amount. The gap amount is the excess, if any, of ( XXXX ) the amount you would owe under this contract as of the date of loss if the vehicle were not a total loss and you were to prepay the contract in full ( less any refunds we get for cancelling optional insurance, maintenance, service or other contracts ), over ( XXXX ) the sum of ( a ) any past due payments and other amounts due because you broke promises in this contract and ( b ) the actual cash value of the vehicle immediately before the loss.

Insurance Law 1101 ( b ) sets forth the conditions for a gap waiver exemption - the waiver applies only in the event of a total loss of the personal property occasioned by its theft or physical damage. 
This car was reported stolen XXXX : CASE NUMBER : XXXX by Victim XXXX XXXX in connection with XXXX XXXX at XXXX XXXX XXXX XXXX XXXX, NY XXXX United States. CAR REPORTED : 2016 XXXX XXXX SERIES - VIN : XXXX. XXXX XXXX XXXX. 

I am aware that the law states 15 U.S. Code 1681s2 - Responsibilities of furnishers of information to consumer reporting agencies. A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. If this is to still be reported would be violating my rights so I am asking for this in accuracy to be removed and if not I will have to take action to escalate this claim. 

CPFB Consumer Laws & Regulations Duties upon notice of dispute from a consumer reporting agency Section 623 ( b ) ; 15 U.S.C. 1681s-2 ( b ) This section requires that whenever a person, such as a financial institution, receives a notice of dispute from a consumer reporting agency regarding the accuracy or completeness of any information the person provided to a consumer reporting agency pursuant to Section 611 ( Procedure in Case of Disputed Accuracy ), that person must, pursuant to Section 623 ( b ) : 1. conduct an investigation regarding the disputed information ; 2. review all relevant information the consumer reporting agency provided along with the notice ; 3. report the results of the investigation to the consumer reporting agency ; 4. if the investigation finds the information is incomplete or inaccurate, report those results to all nationwide consumer reporting agencies to which the financial institution previously provided the information ; and 5. if the disputed information is incomplete, inaccurate, or not verifiable by the person, it must promptly, for purposes of reporting to the consumer reporting agency do one of the following : modify the item of information. 
delete the item of information. 
c. permanently block the reporting of that item of information. 

I am asking that you validate this policy, statements and claims with the Bank requesting a copy of their contract that I do have gap insurance selected proving that I have & had permissible cause to discharge the alleged debt being reported. Once validated that im right please modify the status of the account into paid off removing all negative, delinquency, charge off, late payments and repossession.

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