Consumer complaint received 2022-02-21
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:
I am writing to the Consumer Financial Protection Bureau to help me remove the Duplicate Tradeline that has been reported from XXXX XXXX Bank to my credit file on Equifax. I have reached out to XXXX XXXX Bank and Equifax regarding the Duplicate Tradeline in my credit file by telephone and by filing disputes. Received a letter from Equifax stating that XXXX XXXX Bank sent a certification of this Duplicate Trade line account and it states that this account belongs to me reported on XX/XX/XXXX, which was opened up on XX/XX/XXXX. Which is not correct ( Please see Attachment of Letter Received from Equifax ). This makes the second time a Duplicate Tradeline has been added to my credit file with XXXX XXXX Bank on Equifax. The first time this happened was on XX/XX/XXXX, when a duplicate trade line was added to my credit file from XXXX XXXX Bank on Equifax. This took on a domino effect to my XXXX and XXXX credit report in which I lost points off my credit score due to this error and never received my points back. Since then it had been corrected but took months to correct the matter. With the Duplicate Tradeline being reported on my credit reports, it has affected my credit score which makes it hard to get more credit due to unitization being too high due to the inaccurate information thats being reported. I have filed disputes regarding the inaccurate reporting information in my credit file with XXXX XXXX on balance owned and last date of payments, each time the results has come back stating that the data was updated and is completed. Even when you send in payment verification and last date of payment information. The information is still not updated and corrected! I have inquired with XXXX XXXX Bank regarding how account information is been reported to Equifax, they stated payment information is sent every 30 days but it is the three credit bureaus that take up to XXXX days before they actually update my credit file. When reporting is done, the information is not correct, and it looks like you are XXXX ( XXXX ) months behind on your loan payments which affects your credit score. The amount of what you own and the last date of payment is not correct because of how the system is set up. To my understanding credit bureaus are to report every 30 days. But when it comes to reporting from XXXX XXXX Bank and Equifax the reporting has not been done correctly, and something needs to be done regarding this matter. According to the system, our credit is our worth, it determines who gives you credit and how much interest you pay on that money that you borrow. This has become a systematic problem with inaccurate information that is being reported by financial institutions and credit bureaus. I feel like certain zip codes are been targeted due to systemic and institutional racism so that we have to continue to pay high interest on the money we borrow from financial intuitions by keeping our credit score low. I feel that improvements need to be made on how financial intuitions and credit bureaus are reporting. I am extremely appalled that this has happened a second time within my credit file a Duplicate Tradeline with XXXX XXXX Bank has been reported to Equifax. Please see the attachments of the original loan documents and the duplicate Trade line loan documents that have been reported to Equifax for XXXX XXXX Bank.

Company response to consumer: Closed with explanation