Consumer complaint received 2023-07-29
Company: EQUIFAX, INC.
State: TX
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:
Reference : Account name XXXX XXXX XXXX Account number XXXX Equifax has and continues to report erroneous information on my credit report when it comes to this account. For one, the information contained in my report states the following : Balance details Original balance {$12000.00} 36 % paid off Balance {$8000.00} Balance updated XX/XX/XXXX In reality, I paid XXXX dollars/month for 36 months = {$13000.00} Plus {$2500.00} dollars down payment for a grand total {$16000.00} and not the {$12000.00} shown above. Every payment was made. I was never late contrary to whats shown in my report. The monthly record of my payments was maintained by the credit bureaus but amazingly it has not been taken in consideration in reporting the damaging information relating to this account. It seems to have just vanished in thin air. 

Obviously the terms of this lease were less than favorable but I accepted due to my circumstances at the time. Its worth nothing that the lease term for somebody with good credit would have been {$1900.00} down and {$180.00} / month for a grand total of {$8600.00} but my less than favorable terms caused me to pay almost double for this lease. 

What the report below shows is that I only paid {$4400.00} dollars or 35 % of the loan, which is a complete falsehood and goes to show gross negligence on the part of the bureau. It is their duty to make sure that their reporting is accurate and correct and when challenged it is also their duty to investigate thoroughly and review the accuracy of the information regarding the item disputed. What has happened instead, is every time I contacted the bureau about this item, they right away proceeded to re-age the balance reported causing great damage and harm to my credit score. Their investigation was neither thorough nor complete and does not conform to fair credit reporting act. 

The Fair Credit Reporting Act requires credit bureaus to correct or delete any information that can't be verified or that is incorrect or incomplete. 

Instead of that, Equifax has time and time again retaliated against me for contacting them as it is my right to point out their erroneous reporting, therefore reducing my credit worthiness, something that I work hard to maintain. Right away after I contacted them my credit score went down XXXX points overnight- which is completely unfair and beyond damaging, knowing how hard it was to get to that level. But it seems this kind of disservice to the consumer is something they pride themselves on being able to hide with their twisted complicated formulas. 


Account info : The following is the report taken from the bureau. 

Account name XXXX XXXX XXXX Account number XXXX Account type Auto Lease Responsibility Individual Date opened XX/XX/XXXX Status Account charged off. {$8000.00} written off. 
{$8000.00} past due as of XX/XX/XXXX. 
Status updated XX/XX/XXXX Balance {$8000.00} Balance updated XX/XX/XXXX Recent payment - Monthly payment - Original balance {$12000.00} Highest balance - Terms 36 Months On record until XX/XX/XXXX Balance details 36 % paid off Balance {$8000.00} Balance updated XX/XX/XXXX Original balance {$12000.00}

Company response to consumer: Closed with non-monetary relief