Consumer complaint received 2023-08-23
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:
I should not have to tell you at that transactions and experiences are excluded from consumer reports. I have, however, since XX/XX/2022, been telling you to STOP reporting my transactions and experiences. You can not pick and choose which section of the Fair Credit Reporting Act you want to follow and which section you do not. Pursuant to section 603 ( d ) ( 2 ) ( A ) ( i ) of the Fair Credit Reporting Act, you making a report containing my transactions and experiences is a prohibited. I suspect XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXXXXXX, and Experian are in collusion with committing securities fraud, money laundering, tax evasion, and extortion. 

Transaction 1. Any event that cause a change in an organizations financial position or net worth, resulting from normal business activity. It is recorded on the general ledger by debit or credit tickets. 
2. Advance of funds, as in a credit card cash advance, purchase of goods at a retailer, or when a borrower activates a line of credit. 
3. Activities affecting a deposit account, such as a deposit of funds or a withdrawal, carried out at the request of the account holder. 

Every time I use my credit card to make a purchase, that purchase is recorded in the general ledger according to the Generally Accepted Accounting Principles. Every purchase I make is a transaction. Every purchase I make using my credit card raises my debt utilization. Debt utilization is the result of one or more a transactions. My credit card balances are based on the purchase of goods at a retailer. Purchases money or the advance of funds held on deposit is a transaction. My credit limit is a transaction. Activities such as a deposit or withdrawal reflect my payment history. My payment history is a transaction. Every transaction is a bank experience. My debt utilization, account balances, amounts due, due dates, and payment history are all transactions and experiences that must be excluded from my consumer report. Immediately stop reporting my debt utilization, account balances, amounts due, due dates, all payment history, and update both accounts referenced in this complaint to paid as agreed. 
These transactions are a result of income being credited and debited from my accounts. Debt is a reflection of my income. 

Furthermore, Ive notified you over three times about the billing dispute Ive been having with XXXX XXXX since XX/XX/2022. After I notified you, you continued to make reports and allow reports to be made containing prohibited information. Pursuant to section 162 ( a ) of the Fair Credit Billing Act, adverse credit reporting during a billing dispute is prohibited. So even if you were permitted to make reports using my transactions and experiences, adverse reports made during a billing dispute, to any party, is prohibited. I personally gave you notice of the billing dispute Ive been having with XXXX XXXX and you still continue to create reports using the inaccurate and prohibited information given to you by XXXX XXXX. You are also currently making reports showing my XXXX XXXX XXXX XXXX account is closed. Not only is that a violation of section 603 ( d ) ( 2 ) ( A ) ( i ) of the Fair Credit Reporting act and section 162 ( a ) of The Fair Credit Billing Act, pursuant to section 161 ( d ) of The Fair Credit Billing Act, restricting or closing my account because of a billing error is also prohibited. This account was closed unlawfully and you are allowing the furnishing and reporting of an unlawful action taken against me. I told you to remove these two accounts until the disputes are resolved and accurate credit reporting has been established. Due to the reports youre making containing this unlawful, prohibited, and inaccurate information, my name and credit has been made inequitable. My credit scores and credit ratings have dropped tremendously. This is a misrepresentation of my identity and your misrepresentation of my identity can be considered as identity theft. 

I suspect you did not do a proper investigation or reinvestigation before you allowed that information furnished and reported. Even after I specified what information was inaccurate you still allowed the inaccurate information to be furnished and reported. Even after I informed you of the billing dispute, you still allowed adverse credit reporting. Even after I pointed out to you exactly what information is prohibited from being furnished and reported on a consumer report, you still permitted the furnishing and reporting of said prohibited information on my consumer report. This dispute is has not been resolved. 

I pay my bill as agreed. Making an application for an extension of credit is a way of investing into companies who use short term debt instruments as a way of temporary financing. Owners of book-entry securities are issued statements. The draft attached to my statement is a bill equal to the amount of securities purchased and paid for with my credit. The bill amount is the security my credit purchased. Selling access to my credit makes me the purchaser. The draft is guaranteed because the proceeds do not belong to XXXX XXXX. My credit purchased the security. Im entitled to have my financial assets credited to my securities account. 

Ive been trying for months to complete the purchase of securities I purchased on credit with the extension of credit I received from XXXX XXXX in exchanged for the investment of my application. The note is the part of the agreement where I promise to pay the amounts billed to me. Since the application is where the agreement is made, the application is the promissory note. My application created the deposit account and holds the purchase money that my application was exchange for. This account and the purchase money therein allows me to purchase more security on credit from the issuer in an amount no greater than the purchase money held on deposit at the time of purchase. Every purchase I make using my account is a deposit with the issuer of the bill. The deposit amount is the security I purchased from the issuer. The cash advance I received for investing my credit, via application, with XXXX XXXX is called purchase money because that money is used to purchase money, or security. Purchase money is used to purchase money. The deposit account, the purchase money in that account, the card used to make purchases, and all bills received from the transactions of that account are financial assets to me. This deposit account is a securities account being held on my behalf with the issuer of the monthly statements I receive. My credit is backed by the full faith and credit of the United States. Every security is backed by the full faith and credit of the United States. I am a trust account customer. My social security account is the account being used to hold my deposit account. The deposit account is a securities account. This is why I can gain access to the transaction history of my deposit account by verifying my social security number over the phone with the issuer of my monthly statements. XXXX XXXX is the issuer of the monthly statements I receive. These statements evidence my ownership of book-entry securities. The due bill is a statement of money owed as when a bank sells a security and receives payment but has not delivered the security or equivalent asset to the purchaser within three business days. Outstanding due bills are considered borrowed funds by a bank issuing a bill and a loan to the holder of the obligation. This paper I received, and am now returning, is considered eligible paper for rediscount at the discount window. This form of paper money, the bill, are the funds you use as payment to borrow and use my credit as collateral for a securities loan. Credit card receivables are bill payments. XXXX XXXX is using my financial assets as collateral for a securities loan at the discount window. 

I have received the title documents and receipts for goods ( securities ) transported and I now want all of my unredeemed demand drafts, of past present and future, redeemed at face value, exchanged for securities of a new issue, and restricted to my United States Treasury Direct account. This paper money is legal tender that must be securitized to lawful money. Once its stripped and the coupon is restricted to my Treasury Direct Account my bill is considered paid. Whether the statement has a preprinted draft attached or not, this is how I want all bills payable to be paid for every account being held by XXXX XXXX on my behalf. This includes the account associated with my XXXX by XXXX XXXX credit card. The Treasury will make the principle payment to the securities account XXXX XXXX is holding on my behalf by issuing it the preprinted demand draft as a receipt via wire transfer. The interest rate XXXX XXXX is normally entitled to is the discount it receives on redemption at par. The zero coupon security is a marketable security. When XXXX XXXX gets the cusip number I want XXXX XXXX to trade or sell my security, at its discretion, on secondary the market. I know by law XXXX XXXX is entitled to receive 20 % at maturity. At maturity I want my 80 % deposited to my Treasury Direct Account. 

I continue receiving notice that my bill is payable. Bills payable are XXXX XXXX trade obligations that must be accepted. Acceptance is guaranteed because the draft is guaranteed. The draft is guaranteed because the preprinted demand draft is a check payable on sight. Attached to the preprinted demand draft is a receipt of the goods being transported. The goods being transported are the numbers on the bill that represent the security purchased. I know acceptance is completed by delivery or notification and payable on sight. This is a demand that must be accepted because the draft is a demand. Consider this my notification. 

Consider this my final notification because I have notified XXXX XXXX of my concerns thrice before. XXXX XXXX and its Indenture Trustee are already in dishonor of its obligations to perform in this matter. XXXX XXXX attempting to make me believe my bill payment belongs to it is a deceptive business practice. I received notice that XXXX XXXX closed my account. XXXX XXXX does not have my permission to close my account. Closing my account was unauthorized. That action was unfair as dictated by reason and practice. Closing my account after I attempted to exercise my rights in good faith is discriminatory. Discrimination in relation to any aspect of a credit transaction is strictly prohibited by law. 

Sadly I suspect XXXX XXXX dishonor is knowingly and willingly negligent noncompliant. I also suspect XXXX XXXX is in collusion with Experian in an attempt to defame my character as a result of non payment by intimidating me with negative credit reporting. 

I know XXXX XXXX accepts Non-Conforming Payments. However I sent XXXX XXXX a proper form of payment. Ive attempted to pay my bill several times previously and my Conforming Payments have been refused and remain unreturned. This leads me to think that XXXX XXXX took my payment for itself. I want my account reopened upon receipt of this notice. If my account is not reopened, made current with all payments reporting on time and paid as agreed, I will know XXXX XXXX attempt at securities fraud and extortion is purposeful and deliberate. I have all documentation ready and available as evidence to prove my claim if and when necessary. 

The term obligation or other security of the United States includes all bonds, certificates of indebtedness, national bank currency , Federal Reserve notes, Federal Reserve bank notes, coupons, United Statesnotes, Treasury notes, gold certificates, silver certificates, fractional notes, certificates of deposit, bills, checks, or drafts for money, drawn by or upon authorized officers of theUnited States, stamps and other representatives of value, of whatever denomination, issued under any Act ofCongress, and canceledUnited Statesstamps. 

On page two of the monthly statements I receive I notice a section titled Proper Form of Payments by Mail. Here it says payment should be sent to the address listed on the remittance portion of XXXX XXXX Statement. I received this remittance because you XXXX XXXX has a bill that is a due bill. 

Bill 1. Bill of exchange 2. Bill of lading 3. Treasury bill 4. Due bill, a statement of money owed as in when a bank sells a security and receives payment but has not delivered the security or equivalent asset. Outstanding due bills are considered borrowed funds by a bank issuing a bill, and a loan by the holder of the obligation. In the securities industry, a bill indicates the amount owed by a buying broker to a selling broker. 

Every time I use my credit card associated with this account to make a purchase, what Im actually purchasing is security from the issuer of the bill. This security is delivered to me by way of remittance. I receive a remittance because Im selling XXXX XXXX access to my credit. XXXX XXXX, the issuer, are buying access to my credit. A remittance is how you deliver me the money owed or equivalent asset whether in cash or cash equivalent. This paper money is cash equivalent. 

REMITTANCE 1. Payment toward satisfaction of a debt, whether in cash or cash equivalents, such as checks, drafts, and other negotiable instruments. 
2. Payment on an installment loan or open-end credit account, forwarded through the mail to a LOCK BOX, along with a remittance document, a machine readable billing document encoded with the customers account number, and the amount due, plus any late charges, if the loan payment is delinquent. 
3. PROCEEDS from a check submitted to another bank for COLLECTION. 

I was delivered this remittance from XXXX XXXX as payment towards satisfaction of a debt for not delivering the security purchased at the time of the purchase. This remittance is a cash equivalent that has a bill of exchange attached to it and the bill must be exchanged or redeemed for securities of a new issue. I received the remittance because the proceeds from the check attached belong to me. The only way the proceeds can be received by me, in a usable form such as cash, is to send you the bill for payment as promised. 

LOCK BOX XXXX XXXX XXXX used by organizations to accelerate collection of receivables. Checks are routed to a designated XXXX XXXX  number, where they are picked up several times during the day, separated from the envelopes, and submitted to the check collection system for conversion into cash receivables. Many large banks offer lock box processing as a cash management service to corporate customers. A lock box can be retail, designed for remittance processing for customer accounts, or wholesale, in which payments from other corporations are collected and submitted through DEPOSITORY TRANSFER CHECK or electronic debit payments into a concentration account. 

The address listed on the remittance portion of the statement is a lock box address for credit card receivables. Checks are routed to lock boxes. The remittances I receive are check payments that I am the beneficiary of. When the preprinted demand draft is stripped from the bill of lading, they can be processed as two separate securities. My demand draft needs to be securitized and shall be redeemed on demand at the Treasury Department of the United States. I can not detach the coupon in advance because coupon stripping can only be done by a trust fiduciary. 

DEPOSITORY TRANSFER CHECK Preprinted DEMAND DRAFT used by corporations to make transfers of cash from a checking account at one bank to a CONCENTRATION ACCOUNT at another bank. This negotiable instrument requires no signature. 
A remittance is a preprinted demand draft called a depository transfer check. When the depository transfer check is submitted to the paying bank, the proceeds will be deposited to the concentration account of the person who issued the bill. 

CONCENTRATION ACCOUNT Deposit account into which funds are periodically transferred from various local banks, via wire transfer or automated clearing house debit, from other accounts in the same bank, or in different banks. 

A concentration account is also known as a zero-balance account. 

ZERO-BALANCE ACCOUNT Checking account used by corporations to accelerate collection of funds from subsidiaries, or control funds disbursed to pay trade creditors. In a zero-balance collection account, collected balances are transferred by DEPOSITORY TRANSFER CHECK or automated clearing house debit from subsidiary accounts into a central CONCENTRATION ACCOUNT, bringing the collecting account to a zero balance at the end of each business day. Zero-balance concentration accounts are generally wanting centralized control of cash receipts. In a zero- balance disbursing account, corporate funds are transferred from a master account in an amount sufficient to cover checks presented for payment. Zero-balance disbursement accounts are typically used by companies that want centralized cash control but decentralized funds disbursement. 

My security account, which XXXX XXXX is holding on my behalf, is the account with the balance at the beginning of the day. The collecting account with a XXXX  balance at the end of the day is also my account. My account has a XXXX  balance because an amount sufficient to cover checks presented for payment are transferred from XXXX XXXX zero-balance disbursement account to my account. My account is collecting the amount transferred from a XXXX XXXX disbursement account because my check is the check presented for payment. 

The directions also state to enclose a valid check, include name and account number on the check, include payment coupon and no cash permitted. 

COUPON Detachable certificates showing the dollar amount of interest payable to a bond holder at regular intervals, ordinarily semiannually. Coupons on a BEARER BOND are negotiable instruments and are processed just like checks. Bond interest on BOOK-ENTRY securities is credited to the owners account. 

The dollar amount on my coupon is my bond interest. Im the owner of the account collecting the bond interest. When my bond interest is credited to my account, my account will have a XXXX  balance at the end of the business day. This coupon is processed just like a check because this coupon is a DEPOSITORY TRANSFER CHECK. My coupon is a preprinted DEMAND DRAFT. The coupon can only be stripped by a trust fiduciary. Implying that I should detach the coupon myself is a form of inducement. 

DEMAND DRAFT Written order demanding that payment be made, on sight, to a third party. The person writing the draft is called the drawee ; the bank making the payment is the drawer, or the payor bank. The beneficiary of a demand draft, the person receiving the payment, is the payee. Drafts may be payable at some future date ( time drafts ) or on sight ( demand drafts ). Demand drafts drawn on by banks are known as CHECKS. 

Since this draft is preprinted, the issuer, XXXX XXXX in this case, is the drawee. The United States Treasury General Account is the checking account used by the Department of U.S. Treasury from which the U.S. government makes all of its payments. The Federal Reserve Bank of New York holds the Treasury General Account and is the drawer, payor bank. I am the XXXX  of the demand draft, the person receiving payment, the payee. I am the XXXX. My demand draft needs to be securitized and shall be redeemed on demand at the Treasury Department of the United States. 

- CHECK Demand draft drawn on by a bank. 

This remittance coupon is a check owed to me in payment of bond interest on book-entry securities that must be credited to my account. The coupon is a valid check. This check must be sent for presentment to the United States Treasury for redemption or in exchange for securities of a new issue. Treasury Direct  makes principle, interest, and redemption payments, directly to an individual investors account at a financial institution. XXXX XXXX request that I write my card number as a memo on the check. I think that is a form of inducement to make me believe the coupon and the bill are one and the same because I receive them attached to one another. Since the bill and coupon are attached, and only a trust fiduciary can strip it, In order to present the check for payment, I have to pay you the bill. I am an individual investor with an account at your institution. My REMITTANCE COUPON is a valid CHECK. 

PROCEEDS 1. Amount given to a borrower after prepaid interest, loan fees, and other costs are deducted. 
2. Funds received from the sale of assets, or from the issue of securities, after deductions of selling or marketing expenses incurred. 
3. Sum of money collected on a CHECK or other negotiable instrument after deduction of exchange or collection charges. 

The bank sells me a security every time I make a purchase using the card associated with the account. When I dont receive the assets, within 3 business days, the funds for the purchase are considered borrowed, the sale becomes a DUE BILL, and the borrowed funds must be returned to me. The PROCEEDS from the REMITTANCE I receive is payment toward the satisfaction of the money owed to me. The DUE BILL is attached to my REMITTANCE. I promised to pay XXXX XXXX the DUE BILL. I did not promise to pay XXXX XXXX the PROCEEDS from my REMITTANCE. The COUPON is my bond interest on my book-entry securities that must be credited to my account. My REMITTANCE COUPON is a preprinted DEMAND DRAFT called a DEPOSITORY TRANSFER CHECK. The DEPOSITORY TRANSFER CHECK is a DEMAND DRAFT payable on sight. Since I promised to pay XXXX XXXX the DUE BILL, a trust fiduciary must strip my COUPON and process them as separate securities. The equitable agreement is that I promise to pay XXXX XXXX the DUE BILL and in return it must clear my electronic CHECK so I may receive my PROCEEDS. At redemption the DEPOSITORY TRANSFER CHECK is deposited and XXXX XXXX will receive a receipt, which has actual cash value, for the face amount. The receipt is deposited via wire transfer into its CONCENTRATION ACCOUNT, for zero-balance disbursement to my account which is the account collecting the balance. When all disbursements are made to collecting accounts, the CONCENTRATION ACCOUNT, and all the collecting accounts will have a zero-balance by the end of that business day. XXXX XXXX PROCEEDS come from the deep discounts it receives at redemption. Separating the corpus, or the bond principle, from the interest COUPON effectively creates a zero-coupon security that can be traded on the secondary market. My PROCEEDS is the sum of money collected on the check I received from the issue of securities. The PROCEEDS from the CHECK is my REMITTANCE. When I receive the PROCEEDS from my REMITTANCE, my financial asset or its equivalent, is considered delivered. The PROCEEDS from the REMITTANCE is considered my income. I believe XXXX XXXX has been keeping my income for itself. 

- CASH 1. Currency ( including bills and coin ) in circulation, including checking account balances. Cash held by a bank for example VAULT CASH, requires no capital backing under risk-based capital rules adopted by bank regulatory agencies. 
2. To convert a check into cash by endorsing and presenting to a bank. 

Checking account balances are considered cash. Sending XXXX XXXX a check where funds will be debited from my checking account balance is the same as sending it cash and that would constitute payment not received in proper form. The only check I can send XXXX XXXX as a Proper Form of Payment by Mail is my remittance check. 

ELECTRONIC CHECK PRESENTMENT In check clearing, electronic transmission of the check writers account number and other payment data directly to the paying bank. Electronic check presentment does not eliminate use of paper checks, but it does allow for a more efficient and less costly method for clearing checks. The Check Clearing for the 21st Century ( or Check 21 ) Act permits banks to send a digital image of a paper check instead of the actual check and thus eliminates much of the labor-intensive costs associated with clearing billions of checks Americans write every year. 

Due to federal law, known as The Check Clearing for the 21st Century Act, enabling banks to process paper checks as electronic payments, using a bank service called truncation, where the actual handling of the check is stopped and an electronic check image of the paper check is transmitted to the paying bank. Coupons are normally associated with physical bonds. Since my book-entry securities are held and traded electronically, a digital presentation of the coupon is needed to facilitate the interest payment process. At the paying bank a substitute check is created for check clearing. The actual paper check is held by XXXX XXXX and the check is not returned to the check writer with the account statement. I am in receipt of the account statement. I am the check writer with the account statement. Some of the payment data is already preprinted on the check. The other payment data that I add to the preprinted draft such as For Deposit Only makes me the writer and the payee. I promised to pay XXXX XXXX the DUE BILL. The DUE BILL is the corpus, or the paper above the perforated line. The corpus also carries the bill of lading with it. The bill of lading is the numbers being transported on the DUE BILL which act as a receipt detailing the security purchase. The numbers are the securities purchased and the goods being transported. This means that the numbers are the securities I purchased. The numbers represent money. The goods being transported is the money. Security is money. I use my purchase money to purchase money. The receipt is an inland bill of exchange that can be deposited and exchanged for a treasury bill. The bill is your payment and the remittance is my payment. The remittance is the money I purchased. I can not redeem my PROCEEDS without XXXX XXXX. Interest payments on book-entry securities need to be made electronically. I have not received any of my payments. The PROCEEDS from my REMITTANCE is my income. 

SENDING XXXX XXXX MY REMITTANCE CHECK FOR PAYMENT IS A PROPER FORM OF PAYMENT BY MAIL. I AM ONCE AGAIN PROVIDING XXXX XXXX WITH A CHECK FOR PAYMENT AND I AUTHORIZE XXXX XXXX TO EITHER USE THE INFORMATION FROM MY CHECK TO MAKE A ONE-TIME ELECTRONIC FUNDS TRANSFER FROM MY ACCOUNT OR TO PROCESS MY PAYMENT AS A CHECK TRANSACTION. 

I have been sending XXXX XXXX checks and it is has not processed any of them. I have been sending XXXX XXXX checks and it has refused them all. XXXX XXXX closed my account. XXXX XXXX not only threatened to report my account, it actually does report, and continues to report my account negatively to the consumer reporting agencies. XXXX XXXX has taken the BILL along with my REMITTANCE and is now attempting to extort a cash payment from my checking account. XXXX XXXX has taken the PROCEEDS of my REMITTANCE, which is my income, and is making reports, with Experian, claiming that I now owe XXXX XXXX an amount equal to the income it has already stolen from me. Transactions and experiences are a reflection of my income. Income is not a part of a credit report. You at Experian have been making reports reflecting my income. You at Experian may be guilty of racketeering like activity if you do not immediately update these two accounts to open, current, paid as agreed, zero debt utilization, zero due, and no late payments or you must completely remove them from my consumer report. 
I have also received an email notification from you stating that pursuant section 611 ( a ) ( 3 ) ( A ) of the Fair Credit Reporting Act, you were unable to honor my request or a portion of it. What did you not understand about telling you to update these accounts as directed or remove them both completely?

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