Consumer complaint received 2023-07-04
Company: Experian Information Solutions Inc.
State: CA
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:
CFPB Fair Credit Reporting Dispute Concerning Deceptive Practices and Violation of the Privacy Act of 1974 On XX/XX/XXXX, XXXX XXXX XXXX  claimed that I was pre-approved for a loan with their company. However, after being pre-approved, they ran my credit without providing me with full disclosure regarding collateral securitization. Subsequently, XXXX XXXX XXXX informed me that in order to qualify for the loan I was pre-approved for, I would have to use my personal vehicle as collateral. During the pre-approval process, I was never informed that my personal vehicle would be required as collateral for the loan. The XXXX XXXX XXXX affiliate or representative agent explicitly stated that the loan would be based solely on my job and income. This practice is considered unfair, deceptive, or abusive ( UDAAPs ) as it attempts to cause significant financial injury by damaging my credit reputation and eligibility. According to the Dodd-Frank Act, it is unlawful for any provider of consumer financial products or services, or a service provider, to engage in any unfair, deceptive, or abusive act or practice. 

Moreover, since I was not provided with full disclosure regarding the use of my personal vehicle as collateral, all prior agreements concerning access to my personal information are void. All my agreements were based on income and job worthiness, and at no time did I agree to use my vehicle as security for any debt. Due to their deceptive practice, I did not authorize XXXX XXXX XXXX to share my personal information with any third party based on false pretenses. 

XXXX XXXX XXXX has violated 15 U.S. Code 6802 and has failed to fulfill their obligations regarding disclosures of personal information. They have also not provided me with an OPT OUT notice before adding any positive or negative information to my consumer report. 

Furthermore, XXXXXXXX XXXX XXXX  violated my privacy by obtaining a credit report without a permissible purpose. I should have been informed prior to the credit inquiry that my personal vehicle would be used as collateral for a secured loan. 

Additionally, in accordance with the Fair Credit Reporting Act ( 15 USC 1681 section 602a ), consumer reporting agencies such as XXXX, XXXX, and Experian are required to handle their responsibilities with fairness, impartiality, and respect for consumers ' right to privacy. As a consumer, I have the right to ensure the non-disclosure of my private information, as supported by 15 USC 6801, which states that financial institutions have an ongoing obligation to protect customer privacy and the security of their nonpublic personal information. XXXX has reported this information in my credit profile, contributing to the damage of my creditworthiness and reputation.

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