Consumer complaint received 2023-05-09
Company: TRANSUNION INTERMEDIATE HOLDINGS, INC.
State: MI
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:
Once again Im writing to inform the CFPB, of the fraudulent, Ponzi Scheme companies, who claim to be lenders, but in fact are borrowers. These companies working together : XXXX and XXXX Bank. 

As seen on Sec.gov : payment made by a Co-Borrower with respect to the Obligations in connection with this Agreement or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under this Section 9.8 shall be null and void. If any payment is made to a Co-Borrower in contravention of this Section 9.8, such Co-Borrowershall hold such payment in trust for Bank and such payment shall be promptly delivered to Bank for application to the Obligations, whether matured or unmatured. 
10 NOTICES All notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered : ( a ) upon the earlier of actual receipt and three ( 3 ) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; ( b ) upon transmission, when sent by electronic mail or facsimile transmission ; ( c ) one ( 1 ) Business Day after deposit with a reputable overnight courier with all charges prepaid ; or ( d ) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, facsimile number, or email address indicated below. Bank or any Co-Borrower may change its mailing or electronic mail address or facsimile number by giving the other party written notice thereof in accordance with the terms of this Section 10. 
If to Co-Borrowers : XXXX XXXX XXXX XXXX XXXX 
XXXX XXXX, XXXX. 
XXXX XXXX XXXX XXXX XXXX XXXX, CA XXXX Attn : General Counsel Email : *** Website URL : XXXX XXXX XXXX, chartered in Utah and supervised by the FDIC, is XXXX of only a few rogue banks that front for predatory lenders. Most states have interest rate limits to stop predatory lending, but predatory lenders try to evade state laws by laundering their loans through banks, which are exempt from state rate caps. Predatory payday and installment lenders are using harmful rent-a-bark partnerships with FDIC banks XXXX like XXXX, to make triple-digit interest rate loans to unsuspecting consumers. XXXX XXXX must be stopped from fronting for these loans that are illegal across the country, said XXXX XXXX, XXXX services outreach manager at XXXX XXXX XXXX XXXX. 
The comments described how XXXX XXXX partners XXXX XXXX XXXX, XXXX, and XXXX have generated hundreds if not thousands of complaints to the Consumer Financial Protection Bureau ( CFPB ) about : Deception and unaffordable interest rates on loans that borrowers are unable to repay Receiving loans that they never applied for and identity theft Improper debt collection tactics, including collecting debt not owed, failure to validate debts, harassment and abuse Credit reporting problems, including incorrect information and failure to respond to disputes and errors Under FDIC XXXX, XXXX are responsible for risks that arise from third-party relationships to the same extent as if the activity were handled by the institution. 
The FDIC can protect consumers, especially low wage earning working families by down-grading XXXX XXXX  XXXX XXXX XXXX participation in rent-a-bank schemes erases efforts by states to protect residents from predatory lenders through modest interest rate caps, said XXXX XXXX XXXX XXXX Financial XXXX XXXX at Americans for Financial Reform. 
The federal banking system was not developed to enable predatory lenders to evade the clear will of both the people and the legislature in a given state, said XXXX XXXX, Senior Vice President of XXXX XXXX, a consumer advocacy group based in Illinois, which has a 36 % cap on loans passed by an overwhelming majority of the legislature and supported by 86 % of the State. XXXX role in scheming with predatory lenders to skirt consumer protections is anathema to the CRA and should earn XXXX the lowest possible rating under the CRA. 
The FDIC must hold XXXX XXXX accountable for the impact its lending has on consumers, said XXXX XXXX, Senior Policy Advisor of the XXXX XXXX XXXX XXXX. XXXX charter-as-a-service model doesnt meet the conveniences and needs of borrowers. It conveniently serves the needs of predatory lenders. That contradiction underscores why its incumbent on the FDIC to downgrade XXXX on its CRA exam. 
The letter was signed by Accountable.US, XXXX for XXXX XXXX XXXX XXXX, Center for Responsible Lending, XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX ( on behalf of our low-income clients ), Public Citizen, U.S. XXXX XXXX XXXX XXXX XXXX  . 

This information can be found at XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 

The presentment has been a fraud. In they have covered up the presentment as being paid. It was paid. The proof to payment is attached. 

Remove this fraudulence from my credit report immediately!!!

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