Consumer complaint received 2022-03-29
Company: Experian Information Solutions Inc.
State: TX
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Improper use of your report
Sub-issue: Reporting company used your report improperly

Complaint:
Endorsement by Depositing this payment XXXX Agrees to all Terms. 

15 U.S. Code 1681- Congressional findings and statement of purpose requires ( a ) Accuracy and fairness of credit reporting Disclosure on the back of check... Supporting Documents..

" This is an instrument of Accord & Satisfaction. By endorsement and depositing this payment ( Creditor NAME ) agrees to the terms of the Accord & Satisfaction instrument. This payment will be to settle the debt in FULL on the account with a final one lump sum payment and will satisfy the account in full. Upon the receipt of this final payment the ( Creditor ) agrees to delete all negative reporting and no derogatory comments with be reported to XXXX, Experian, and XXXX. The new report to the above account will be Paid As Agreed within 30days of payment to XXXX, Experian, and XXXX. No further collections actions will continue on this account. '' A restrictive endorsement is a conditional guaranty of a transfer of a negotiable instrument. That is, an endorsement that takes effect only on the occurrence or non-occurrence of another act or event. Also spelled restrictive indorsement. The Uniform Commercial Code 3206 lays out generally accepted rules on restrictive endorsements. For example, 3206 ( a ) prevents a restrictive endorsement from being effective beyond the payment for which the endorsement applies. 



XXXX XXXX XXXX XXXX ( XXXX ) / XXXX XXXX XXXX XXXX Account # XXXX Failed to hold up its Law binding agreement. 

On XX/XX/2022 I spoke to your company representative XXXX, about a debt account number XXXX, in which we reached a full settlement offer for {$2000.00}. This offer is not an admission of owing the debt but a settlement to remove negative reporting for all Credit Reporting Agencies. 
This Accord & Satisfaction payment will be an offer for the FULL amount of the account listed above. 
Once XXXX XXXX XXXX XXXX ( XXXX ) receives the payment of {$2000.00} and upon endorsement of the check amount for {$2000.00}, XXXX XXXX XXXX XXXX ( XXXX ) agrees to satisfy the debt on the above account. 
Upon payment XXXX XXXX XXXX XXXX ( XXXX ), agrees to delete any negative items being reported to all Credit Reporting Agencies within 15 days and send me written notice of such deletion : and XXXX XXXX XXXX XXXX ( XXXX ) will update the reporting on the account as PAID AS AGREED, with no late-payments or derogatory comments whatsoever, within 15 days to all Credit Reporting Agencies . 
In addition to the above terms, XXXX XXXX XXXX XXXX ( XXXX ) must cease all collection or legal activity on the extinguished account noted above, unless the debtor goes over 90 days into default on this Accord, which would render it null and void.

Per our telephone conversation the amount enclosed in this letter is the agreed amount in which XXXX XXXX XXXX XXXX ( XXXX ) has expected the settlement. 
Thank you for your cooperation. 
Sincerely, XXXX XXXX 15 U.S. Code 1681e - Compliance procedures ( b ) 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.

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