Consumer complaint received 2020-10-14
Company: EQUIFAX, INC.
State: OH
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: Problem with personal statement of dispute

Complaint:
In XX/XX/2020, I made a purchase for roughly {$12.00} on my XXXX credit card. Shortly thereafter, I moved to my parents ' home for a few months to help them during the early stages of the XXXX shutdown. At this time, I did not receive mail bills, and the email bill of my statement for my XXXX XXXX through XXXX XXXX, were sent to my spam folder of my email inbox, as I had not made a purchase on this card in a significant period of time. 

When I returned to my home and, I noticed that I had received the item and realized I had not made a payment on this account or received a bill. At this time, it was XXXX. I searched through my spam and finally found the billing statements, and made the payment immediately, including the late fees, which totaled roughly {$90.00}. 

XXXX reported my delay in payment to the credit bureaus, and the long delay caused a significant decline of more than XXXX points to my credit score. For this decline, my credit cards at XXXX XXXX, which are completely unrelated to my XXXX XXXXXXXX card and for which I have always made on-time payments and had low utilization, were also decimated. 

Over the XXXX XXXX holiday weekend, without any notice, my credit limits declined to 10 % of their original levels, and between XXXX credit cards I now have {$150.00} and {$250.00} limits. Multiple transactions were declined and I was sent into a tailspin, panicking that I had fraudulent activity on my account. I could not reach XXXX customer service due to the holiday, but as soon as I could I called customer service, and set up multipel appointments at my local bank. The banker I spoke to at XXXX was shocked at my unrealistically low limits, saying he had never seen anything like this and didn't understand the change, but could not change it for at least XXXX months. For reference, when I was a senior in high school, I had a limit of {$2000.00}, and I am now a XXXX at a large company. XXXX refused to increase my limits, rendering my cards effectively useless and making it very difficult for me to rebuild my score, as purchases would raise my utilization, further hurting my credit score and creating a vicious cycle. 

I was denied a new credit card at XXXX XXXX  because my credit score is now below XXXX, a level it has never been in my life. 

I have reached out to XXXX in an attempt to remove this item on my credit report. I have reached out to the credit bureaus to dispute this item and to provide explanation. I have tried to work with XXXX to find resolution to their unfair and dramatic decline in my limits, but was told I have no available options. 

I am now trapped in a cyclical issue where I do not have enough of a credit limit to rebuild my credit, no way to get a new credit card to expand my credit, and no option to resolve my prior issue, the only late payment I have ever made on any credit card throughout my credit history.

Company response to consumer: Closed with explanation