Consumer complaint received 2021-06-10
Company: EQUIFAX, INC.
State: NC
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:
This is a formal complaint against Equifax regarding the credit agency not fixing errors on my report. Please note that this company has over XXXX complaints that are active with the Consumer Financial Protection Bureau. Additionally, this company has XXXX complaints with the XXXX XXXX XXXX This company has fraudulent behavior and I demand that these accounts be removed from all three credit reporting agencies which includes. My original complaint was against XXXX. It has been over 45 days and Equifax has not responded to my complaint. The actions of Equifaxs violate the FDCPA, FCCPA, FCRA, Libel/Defamation, and Invasion of Privacy of the FCRA. In addition, it is negligence and willful intentional infliction of emotional distress against the Complainant. The following documents submitted outline the unlawful conduct and actions of Equifax in their question to damage my credit standing. Equifaxs retaliatory tactics for filing a complaint against Equifax with the North Carolina Office of Financial Regulation. Additionally, Equifax had been tried in court in XXXX and XXXX for Deceptive Practices, and violations of Consumer Protections. Multiple state attorneys general, as well as the Consumer Financial Protection Bureau ( CFPB ), have sued Equifax based on similar allegations. Furthermore, Judge XXXX from the XXXX XXXXy Superior Court ruled that Equifax used deceptive and unfair conduct with relations to their students loans. Discovery continues the remaining claims against Equifax. The Attorney Generals Office has received terabytes of data from Equifax and information dating back to when it was XXXX XXXX. 
XXXX lawsuit seeks to provide financial assistance and relief for thousands of Washingtonians who were subjected to XXXX unfair and deceptive loan servicing and collection practices. XXXX asserts Equifax violated the state Consumer Protection Act with numerous illegal servicing and collection methods and, as XXXX XXXX, origination of risky subprime loans to consumers. 
The XXXX lawsuit came after a multi-year investigation by XXXX XXXX and the federal Consumer Financial Protection Bureau, each of which have filed lawsuits against Equifax. The states of XXXXXXXX XXXX XXXX  and XXXX XXXX later filed their own lawsuits with similar claims against Equifax. Moreover, Equifax was found guilty for additional XXXX since their borrowers to receive unwarranted collection calls and required them to spend time correcting Equifaxs mistakes. 

You will see that your agency is to refrain from blemishing my credit or erroneously entering any derogatory status on my credit report in case the pretender lender claims that the corresponding account is delinquent, at any time in the near future. It is NOT delinquent, because in order for it to be delinquent, there would first have had to be a legal and legitimate loan. I have enclosed the letter that I sent to Equifax with Proof of Receipt.

You are requested to send a notice of dispute to Equifax in accordance with the provisions of Section 611 ( a ) ( 2 ) of the FCRA, 15 U.S.C. 1681i ( a ) ( 2 ) and your CDV/ACDV/UDF/AUDF processes.

It would be constructive for you to note that the FCRA ( Fair Credit Reporting Act ) section 609 ( c ) ( 2 ) ( E ) states : " a consumer reporting agency is not required to remove accurate derogatory information from a consumer 's file, unless the information is outdated under section 605 or can not be verified.

The can not be verified is the key phrase, as you can see. Since I challenged you and your staff to verify, and you can not, that means all financial institutions and credit reporting agencies concerned with my account are required to remove any derogatory information. It can not be deemed accurate if it can not be verified. If it can not be verified, then it is required to be removed, according to the FCRA.

Please be advised that the alleged debt that has been reported to you is uncollectable for the following reasons : 1. Creditor is in breach of any alleged agreement that it claims I am bound by.

2. Creditor failed to make full disclosure in its credit card agreement prior to soliciting my application to be bound by it.

3. Due to the breach and lack of full disclosure, you are reporting a collection of an alleged debt from me, under false, deceptive, or misleading representations or means, in violation of Section 807 of the FDCPA, 15 U.S.C. 1692e, committing fraud. 
4. Creditor has failed to fully disclose the fact that it sold its credit card receivables relating to the alleged account. This transaction is a securitization. 
5. Due to the securitization of the initial outstanding balances of the alleged account, creditor is not a holder in due course, and therefore has no rights or interest in the receivables you are reporting. 

Law in support of the above : THE TRANSACTION In a credit card securitization transaction only the receivables are sold, not the accounts that generate the receivables. The financial institution retains legal ownership of the credit card accounts and can continue to change the terms on the accounts. Accounts corresponding to securitized loans are typically referred to as the designated accounts ( or sometimes trust accounts ). The initial outstanding balances on the designated accounts are sold to the trust as are the rights to any new charges on the designated accounts. Subsequently, as cardholder purchase activity generates more receivables on the designated accounts, these new receivables are purchased by the trust from the originating institution/seller/transferor. The trust uses the monthly principal payments received from the cardholders to acquire these new charges or receivables. When the securitization is initially set up, the originating institution/seller adds sufficient receivables to support the principal balance of the certificates plus an additional amount ( seller 's interest ) that serves to absorb fluctuations in the outstanding balance of the receivables. The originating institution/seller will make subsequent additions to the trust in order to keep the seller 's interest at the required level. ( Emphasis added ) See : https : //www.fdic.gov/regulations/examinations/credit_card_securitization/ch2.html SECURITIZATIONS 74. An originator of a typical securitization XXXX the transferor ) transfers a portfolio of financial assets to an XXXX, commonly a trust. In " pass-through '' and " pay-through '' securitizations, receivables are transferred to the XXXX at the inception of the securitization, and no further transfers are made ; all cash collections are paid to the holders of beneficial interests in the XXXX. In " revolving-period '' securitizations, receivables are transferred at the inception and also periodically XXXX daily or monthly ) thereafter for a defined period ( commonly three to eight years ), referred to as the revolving period. During the revolving period, the XXXX uses most of the cash collections to purchase additional receivables from the transferor on prearranged terms. 
75. Beneficial interests in the XXXX are sold to investors and the proceeds are used to pay the transferor for the assets transferred. Those beneficial interests may comprise either a single class having equity characteristics or multiple classes of interests, some having debt characteristics and others having equity characteristics. The cash collected from the portfolio is distributed to the investors and others as specified by the legal documents that established the XXXX. 
See Statement of Financial Accounting Standards No. 140, Financial Accounting Standards Board, XXXX XXXX ( FASB FAS140 ) This is probably the most legitimate dispute of the validity of the " loan '' you have ever seen. Therefore, you are courteously requested to enter this account as being suspended while in absolutely justified dispute. I trust that you and your management staff operate honorably and that I will never have to sue you for blemishing my credit for illegally allowing the pretender lenders erroneous and robotically unconscious computer-generated reports of default, if they occur, to lower my credit score. Wish me well in getting this resolved with the " lender '' itself, and I appreciate your protecting my credit score in the meantime. Thank you for your cooperation and I wish the best of success and happiness to you. 

I declare under penalty of perjury without the United States that the above statements are the truth, the whole truth and nothing but the truth. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation