Consumer complaint received 2017-09-15
Company: TRANSUNION INTERMEDIATE HOLDINGS, INC.
State: PA
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
On XXXX XXXX, XXXX my wife and myself had brought atimesharefrom XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Nevada XXXX aka XXXX XXXX for {$41000.00} with an upfront payment of {$4000.00}. 

We made monthly payments XXXX when we realized that we have been defrauded with high pressure sales pitch along with assurances of higher resale value and the tremendous investment potential with an interest of 16.90 % on principal and over {$1000.00} in maintenance fees a year. 

I tried to reach out to the company, sent letters explaining the fraudulent and misleading assurance by their sales team which included helping me later to sell the timeshare in case I did not want it with profit, but have been unable to elicit any response. When I reached them over phone was told that as per law they need not answer any of my questions in writing all they sent is a print out of my payment history without any letter head. 

Since then we stopped all payments after which it was reported on all credit agencies as Real Estate Mortgage Loan. We sent dispute letters to all 3 credit agencies explaining this fraudulent act and that any items reported by XXXX XXXX, aka XXXX XXXX be expunged from our record. It has been removed from XXXX and XXXX, only in Transunion it is reported as Conventional Real Estate Mortgage Loan delinquent. 

But finally reached a settlement since we wanted this record removed from my credit history as we wanted to purchase our first home. We received assurance XXXX XXXX XXXX the collections agency for XXXX XXXX that my outstanding dues would be removed from my credit history and on XXXX XXXX, XXXX we settled for a settlement fee of {$7200.00} on the outstanding principal of {$36000.00} but once the money was received there was no removal from Transunion. 

Since then I have sent certified mail to Transunion to remove/correct the account asking that the account should not be classified as Conventional Real Estate Mortgage Loan explaining 1.  This is a Resort-based points program timeshare which do not qualify as real estate property since we do not have any ownership in the property under Dodd-Frank Section 1026.43 Minimum Standards for Transactions Secured by a Dwelling this should not be reported as mortgage. 
2. This is not in line with XXXX XXXX ( XXXX ) Conventional Loan guidelines which categorizes all timeshares are installment loans. 

But it has not been removed in several attempts. We would like your help in 1.  Removing/reclassifying this account reported as Real Estate Mortgage from Transunion 2. Why XXXX XXXX XXXX is reporting this as a Real Estate Mortgage Loan only to Transunion which does not comply with reporting requirements under Dodd-Frank and XXXX XXXX. 
3. Why only Transition is reporting this and other credit agencies have removed them 4. Report the sales activities of timeshares by XXXX XXXX XXXX aka XXXX XXXX XXXX XXXX

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