Consumer complaint received 2016-07-30
Company: Experian Information Solutions Inc.
State: NM
Product: Credit reporting
Issue: Incorrect information on credit report
Sub-issue: Account status

Complaint:
1. XXXX XXXX XXXX incorrectly reported my wife and I as being late, failure to pay, and owing 3 payments when only 1 was possibly due. XXXX made the report due to the failure of the local dealership to report to XXXX that we had turned in our leased XXXX MKX under XXXX Red Carpet program and leased a new XXXX MKX at the same time. It was the dealer and XXXX responsibility to properly report that we had completed and complied with all terms and conditions of our lease on the XXXX. They did not. 
2. As a result of XXXX 's inappropriate and incorrect actions, all XXXX of the credit bureaus ( Experian, XXXX, and XXXX XXXX ) all immediately reported us as late and dropped our credit score anywhere from XXXX to XXXX points. ( Approximately XXXX XXXX, XXXX ) 3. Within a few days and after our complaint to XXXX and the dealership ( XXXX XXXX in XXXX ) they agreed with us and started trying to get the credit unions to correct their reports. After 2 weeks with no progress, I filed disputes with the agencies. ( Approximately XXXX XXXX to XXXX, XXXX ) 4. XXXX told me on XXXX XXXX, XXXX that they had done everything they could and we just had to wait on the agencies to make corrections. Experian told me on XXXX XXXX, XXXX that my dispute was resolved and the late payment was removed. I believe XXXX has made the correction also, but not XXXX XXXX. 
5. Here is the problem : All agencies immediately lowered our credit scores, but when the correction were made, they only raised our scores a portion of what they previously decreased them. Before the issue occurred, our scores ranged from XXXX to XXXX. They dropped to XXXX, XXXX, XXXX upon the late payment report. When they raised the scores it was significantly less than before all this happened. As an example, Experian dropped my score XXXX points but only raised it by XXXX points. 
6. This score calculation is not fair to us. It was not our fault that resulted in our scores dropping. Why did the scores not go back to where they were before the incorrect XXXX report? 
7. How does an individual dispute a score when the formula and math behind the calculation is cloaked in such secrecy? I absolutely know that the new scores were not fairly calculated ( or they would have gone back to the original scores ), but how can I prove this and get the credit agencies to correct our scores? 
8. Why is it that the credit agencies are so fast to report bad things and drop a persons score ( one day ), but it takes them 30 to 60 days to even begin to correct the error? They should be required to verify the correctness of these reports and be just as prompt in correcting errors as they are in reporting them in the first place. 
9. The agencies should be required to disclose the math and calculations behind the credit scores. Individuals can dispute incorrect information, but we have no way of disputing an incorrectly calculated credit score. If I am going to be held accountable for something, then I have to know what that something is. Stop signs are not hidden from view. They are open and available for all to see so that everyone can comply with the order to stop. In the case of credit scores, we have absolutely no specific information on which to base our behavior. Effectively, we are left to guess at the location of the stop sign. 
Thanks for your help and I look forward to your reply.

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 non-monetary relief