Consumer complaint received 2019-05-15
Company: EQUIFAX, INC.
State: VA
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:
XX/XX/2019 I learned my credit score had dropped almost 40 points suddenly. With an otherwise 100 % clean financial profile, the sole reason I could think of was XX/XX/2019 I paid off a {$1000.00} dollar credit card at XXXX XXXX XXXX. 

Three Financial experts, two at XXXX XXXX XXXX, one at Equifax told me this should not happen and " something is wrong ''. A woman at XXXX XXXX XXXX told me that when she paid off a credit card her credit score rose, not declined. 

My credit score at Equifax I dropped from XXXX to XXXX in less than one month. My credit score with XXXX XXXX. On a XXXX XXXX XXXX website that uses XXXX which uses XXXX I have a rating of XXXX 's on five of the six categories and a XXXX on the 6th. There have been NO adverse actions on my financial status of any kind in the last two-and-a-half years. Zero. 

I did apply for a small loan to buy a golf cart but I was told my credit score would not drop because it was just one hard inquiry for which I was approved. 

I reviewed my most recent up-to-date credit report. I couldn't find a single adverse action of any kind listed on it. 

Thank you Please note : 3 years ago I applied for a home equity loan at XXXX XXXX XXXX XXXX. Again I had an excellent profile. The only thing they could use to deny me was I had too many credit cards. 

I explained I only had three, one had been canceled and the other two were with XXXX XXXX XXXX XXXX! Now they're saying I don't have enough credit cards or I canceled one! 

When you call the bank for help on matters like this they throw up their hands and refer you to the credit company. 2 years ago I called Equifax on a similar situation as above. 

That time I had five years of payments to the penny and more verification. Equifax would not help. 

After they heard from the Consumer Financial Protection Board they straighten my credit out in less than 24 hours and added 32 points +/- to my credit score which had been unjustly reduced from fraudulent hard inquiries by car dealers. 

This is a racket! The only people who benefit are banks using this unjust process of reducing your score for the most minor infraction then requiring years to read store it. 

With a lower credit score Banks can AND DO then charge you much more interest in selling you their money! I've talked to bankers and they agree that the process is unjust but they don't do anything to change it or to help you. They religiously report every little thing once a month to the credit bureau, insuring if there's a basis to reduce your score they provide it. 

When you call Equifax they make you jump through hoops with years of data most people don't have at their fingertips, then refuse to help you claiming you haven't proven your identity. Far less proof is accepted by every other institution of almost any kind. 

END OF STATEMENT XXXX XXXX, XXXX XXXX CFPD website would not allow the last four digits of my social security number

Company response to consumer: Closed with explanation