Consumer complaint received 2022-09-19
Company: EQUIFAX, INC.
State: TX
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:
RE : This is a complaint against Equifax INC. Credit Reporting for unfair credit reporting of XXXX XXXX Account XXXX, unfair credit reporting practices, inaccurate reporting, a negligent dispute investigation and erroneous investigation results. 
On XX/XX/XXXX, I disputed the accuracy of the reporting of XXXX XXXX Account XXXX on my Equifax Credit Report. I explained that because I didnt receive the legal disclosure as required by 12 CFR 1026.23 ( b ) ( 1 ) Right of rescission that I was within the 3-year rescission period and didnt owe any payments. In fact, any payments made during the recission period were owed back to me. Therefore, there were no late payments on the account on the grounds of : 15 USC CHAPTER 41, SUBCHAPTER I : CONSUMER CREDIT COST DISCLOSURE : 1601 : It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.

Truth in Lending Act 12 CFR 1026.23 Right of Rescission : The Truth in Lending Act ( TILA ) was signed into law in XXXX  to protect consumers from unfair and predatory lending practices. XXXX XXXX is required to abide by Federal Truth in Lending Act Laws. The auto loan from XXXX XXXX Account XXXX, falls within the parameters of the TILA. 
I Had The Right To Rescind From XXXX XXXX XXXX  Account XXXX : XXXX Right of rescission. ( a ) Consumer 's right to rescind. ( 1 ) In a credit transaction in which a security interest is or will be retained or acquired in a consumer 's principal dwelling, each consumer whose ownership interest is or will be subject to the security interest shall have the right to rescind the transaction except for transactions described in paragraph ( f ) of this section. XXXX Account XXXX had a security interest on it in the form of a title lien, and therefore fall within the requirements of 12 CFR 1026.23.

I Was Within The 3-Year Rescission Period Because I Never Received the Notice Required By 12 CFR 1026.23 Paragraph ( B ) : The consumer may exercise the right to rescind until midnight of the third business day following consummation, delivery of the notice required by paragraph ( b ) of this section, or delivery of all material disclosures, whichever occurs last. If the required notice or material disclosures are not delivered, the right to rescind shall expire 3 years after consummation, upon transfer of all the consumer 's interest in the property, or upon sale of the property, whichever occurs first. The notice required by paragraph ( b ) of 12 CFR 1026.23 is as follows : o ( 1 ) Notice of right to rescind. In a transaction subject to rescission, a creditor shall deliver two copies of the notice of the right to rescind to each consumer entitled to rescind ( one copy to each if the notice is delivered in electronic form in accordance with the consumer consent and other applicable provisions of the E-Sign Act ). The notice shall be on a separate document that identifies the transaction and shall clearly and conspicuously disclose the following : ( i ) The retention or acquisition of a security interest in the consumer 's principal dwelling. ( ii ) The consumer 's right to rescind the transaction. ( iii ) How to exercise the right to rescind, with a form for that purpose, designating the address of the creditor 's place of business. ( iv ) The effects of rescission, as described in paragraph ( d ) of this section. ( v ) The date the rescission period expires.

o ( 2 ) Proper form of notice. To satisfy the disclosure requirements of paragraph ( b ) ( 1 ) of this section, the creditor shall provide the appropriate model form in appendix H of this part or a substantially similar notice.

During The Rescission Period, No Payments Were Due : 12 CFR Part 1026.23 ( c ) Delay of creditor 's performance. Unless a consumer waives the right of rescission under paragraph ( e ) of this section, no money shall be disbursed other than in escrow, no services shall be performed, and no materials delivered until the rescission period has expired and the creditor is reasonably satisfied that the consumer has not rescinded.

Since No Payments Were Due There Were No Late Payments : According to Equifax a late payment is a payment made after the due date and is generally reported after a 30-day period. According to 12 CFR Part 1026.23 ( c ) no payments were legally due, therefore, no payments were late. I made payments because I was unaware of my rights. Regardless, no payments were legally due or late.

I disputed the accuracy of the late payments reported on my Equifax Credit Report regarding XXXX XXXX loan Account XXXX on XX/XX/XXXX, through the Consumer Finance Protection Bureau system ( complaint XXXX ). I explained that I didnt make any late payments because legally no payments were due during the 3-year rescission period. Equifax responded by saying : Thank you for submitting your complaint through the CFPB Complaint Portal. In your complaint, you indicated that there were inaccurate items reporting on your credit file. 
Equifax has completed its investigation, including contacting the furnisher of the information, where applicable. A summary of the results is listed below : TRADE : XXXX XXXX XXXX THIS CREDITOR HAS VERIFIED TO OUR COMPANY THAT THE CURRENT STATUS IS BEING REPORTED CORRECTLY. 
I argue that Equifax didn't investigate the complaint properly, fairly, or impartially, regarding the accuracy of the reporting, which is a violation of the Fair Credit Reporting Act, 15 U.S.C. 1681 ( b ). An accurate and fair investigation wouldve been to find out if a copy of the notice of the right to rescind was sent to me with a copy of that notice provided by the furnisher of information ( XXXX XXXX ), or if I signed a waiver recusing my right to rescind and a copy of that waiver. Equifax didnt seek that notice. Equifax stated that they verified that the furnisher of the information, XXXX XXXX, was reporting the account accurately. I find that legally impossible because I know I didnt receive a notice of the right to rescind, and I didnt sign a waiver. A co-conspirator is a person who is part of a conspiracy, which is an agreement between two or more people to commit an illegal act. Equifax didnt properly investigate my complaint and sided with the furnisher of information. Therefore, Equifax is a co-conspirator in unfair credit reporting practices that are causing damage to my credit history, defaming my character, defaming my reputation, damaging my finances, causing harm to my well-being, impairing the efficiency of the banking system, undermining public confidence, and more. Equifax violated the following Fair Credit Reporting Act Laws undermining the purpose and requirements of The Fair Credit Reporting Act ( FCRA ), 15 U.S.C.

1681 : Accuracy of report. Whenever a consumer reporting agency prepares a consumer report it shall follow reasonable procedures to assure maximum possible accuracy of the information concerning the individual about whom the report relates. By not accurately investigating my complaint Equifax didnt ensure maximum possible accuracy of information concerning my credit report regarding the XXXX XXXX account XXXX. 
Equifax violated the FCRA by continuing to report inaccurate information ( late payments ) to my credit report regarding XXXX XXXX account XXXX. 
The continued inaccurate reporting by Equifax caused undue hardship to me in the form of credit card denials, loan denials, rental property denials and caused an unfair and inaccurate depiction of me as a consumer. 
The continued inaccurate reporting by Equifax caused me emotional distress beca

use Im being forced to file lawsuits against multiple companies simultaneously to repair the damages regarding unfair credit reporting practices and unfair debt collection practices. Equifax is statutorily required to have trained personnel. Trained personnel : Any consumer reporting agency shall provide trained personnel to explain to the consumer any information furnished to him pursuant to section 609 [ 1681g ] of this title. Therefore, the personnel handling the investigation of my complaint shouldve been trained to accurately investigate my dispute. Reinvestigations of Disputed Information : ( 1 ) Reinvestigation Required ( A ) In general. Subject to subsection ( f ), and except as provided in subsection ( g ) if the completeness or accuracy of any item of information contained in a consumers file at a consumer reporting agency is disputed by the consumer and the consumer notifies the agency directly, or indirectly through a reseller, of such dispute, the agency shall, free of charge, conduct a reasonable reinvestigation to determine whether the disputed information is inaccurate and record the current status of the disputed information, or delete the item from the file in accordance with paragraph ( 5 ), before the end of the 30-day period beginning on the date on which the agency receives the notice of the dispute from the consumer or reseller. o Equifax took over 45 days to investigate. A reasonable reinvestigation to determine whether the disputed information is inaccurate would have been to seek the disclosure notice required by paragraph ( b ) of 12 CFR 1026.23 and when it wasnt supplied the account shouldve been deleted completely or updated to reflect no late payments. o Provision of other information. The consumer reporting agency shall promptly provide to the person who provided the information in dispute all relevant information regarding the dispute that is received by the agency from the consumer or the reseller after the period referred to in subparagraph ( A ) and before the end of the period referred to in paragraph ( 1 ) ( A ). There was no relevant information provided to me, verifying the accuracy of the late payments as it pertains to legally denying my right to rescind 12 CFR 1026.23 or regarding the 3-year rescission period during which no payments were due. There was no relevant information provided to me because there was no Right to Rescind Disclosure Notice to supply to the credit bureaus because Chase didnt follow the law 12 CFR 1026.23 and it wasnt provided to me. Without that information, the accuracy of the debt couldnt be verified. o ( 5 ) Treatment of Inaccurate or Unverifiable Information. ( A ) In general, If, after any reinvestigation under paragraph ( 1 ) of any information disputed by a consumer, an item of the information is found to be inaccurate or incomplete or can not be verified, the consumer reporting agency shall ( i ) promptly delete that item of information from the file of the consumer, or modify that item of information, as appropriate, based on the results of the reinvestigation; and ( ii ) promptly notify the furnisher of that information that the information has been modified or deleted from the file of the consumer. XXXX didnt verify the accuracy of the late payments by showing proof that I didnt have the right to rescind the loan or wasnt within my 3-year rescission period. Therefore, the information was not verified as accurate and shouldve been promptly deleted.

Company response to consumer: Closed with explanation