Consumer complaint received 2019-11-12
Company: EQUIFAX, INC.
State: GA
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
WHAT HAPPENED With the holidays coming up, the employees of XXXX XXXX including myself and our families will have no income be out of work and therefore not be able to enjoy the XXXX, XXXX and XXXX XXXX while every employee of XXXX XXXX will be looking forward to wonderful holidays and time off. This did not have to happen because we had no control over the events that got our business off track. So I am asking XXXX XXXX to expedite a solution and not continue to take their sweet time we have lives of people at stake while XXXX XXXX is looking forward to no stress holidays with their families. There is no way in XXXX this is fair when XXXX XXXX is behind this failure to act in good faith. 

This complaint stems from additional collateral damage to my personal credit and business credit including delinquent auto payments owed to XXXX XXXX XXXX XXXX, delinquent payments on my home mortgage with XXXX XXXX XXXX, delinquent payments on my business loans, delinquent payment on taxes ( State/Federal withholding taxes and XXXX County Tax Commissioner for property/inventory taxes ) and delinquent payments to vendors. These delinquencies are tied to my cash flow being sucked up by 4 events...

1 ) APPROVAL OF/ACKNOWLEDGING PREDATORY LOANS - Starting in XXXX XXXX XXXX steered me to predatory lenders and then approved of them by reviewing my financials in order to approve payment deferrals on my SBA loan. Ironically, I needed the payment deferments because I was steered to predatory lenders. XXXX XXXX ended up approving 6 payment deferments but the last 5 would have not been necessary if I had affordable working capital.

2 ) INVESTIGATION - The 2nd event that caused me to be delinquent relates to the investigation opened by XXXX XXXX after I filed my complaint with the Consumer Financial Protection Bureau ( CFPB ) on XX/XX/XXXX. This investigation is still going on since XXXX which means we are going on 10 months for a report that should have taken 30 60  days. The problem is that by XXXX XXXX taking their time and artificially extending. For XXXX XXXX to not have the foresight to expect collateral damages from a 9+month one-sided biased secret investigation while simultaneously sitting on revenue producing collateral turning it into a non-performing asset, speaks volumes about poor risk mitigation and XXXX XXXX failure to act in good faith. We are a small business and how can any  business customer withstand no communication from their banker when the business is ready to spoon feed the bank ( XXXX XXXX ) with offers to provide working capital? I am sure XXXX XXXX would not do this to their customers that they covet and I expect the same treatment because had I know the SBA loan would lead to XXXX XXXX taking the profit and not be willing to help me and my small business, I would have passed on the SBA loan, 3 ) TAXES - The 3rd event that caused me to be delinquent relates to taxes due to taxing authorities. XXXX XXXX XX/XX/XXXX Resolution Report which supposedly XXXX XXXX assumed was a complete report but the repot was not thoughtful and thorough as noted n the report prepared by XXXX ; these inconsistencies are noted in a previous complaint so no need to repeat them here. In addition to this, I will end up being delinquent on my IRS installment agreement in the next 2 3 months 4 ) SITTING ON COLLATERAL - The 4th event causing me to be delinquent relates to XXXX XXXX sitting on my revenue producing collateral ; here is the problem with this logic from the # 4 bank and # 1 SBA preferred lender in the country... by sitting on revenue-producing collateral which turns it into non-performing collateral, XXXX XXXX still refuses to provide working capital and ironically ignored the lenders/investors I sent to them and/or dont want to let any other 3rd party lender/investor have access to all of the collateral so that they can provide working capital. Now XXXX XXXX will say I dont have cash flow to cover the debt service on any working capital XXXX XXXX might be able to provide but they conveniently overlook the fact that they are the cause of me not having working capital The above 4 events have caused the following significant additional collateral damage : 1 ) No longer interested XXXX XXXX in the XXXX XXXX SBA Dept. asked me to go back and revisit lenders that were ignored during the 9+ month biased one-sided secret investigation wasting my time because I had to revisit the same lenders who were ready to provide working capital. So I did that and the 2 best options, XXXX XXXX and the XXXX XXXX XXXX XXXX, got back to me week ending XX/XX/XXXX letting me know that the private money fund targeting small businesses located in rural areas no longer has the funding they ran out of funds and will have to wait for 12 24 months to get additional funding. THIS WAS TOTALLY UNNECESSARY AND COULD HAVE BEEN AVOIDED 2 ) Customer orders during the 9+ month investigation, I asked for guidance on committing to customer orders because I had the funding lined up and no one at XXXX XXXX replied. So now we are in danger of losing these customers which further damages our reputation. 
3 ) Business loans outstanding : there are 3 loans outstanding and 2 of the 3 are delinquent and the 3rd will be delinquent over the next couple of weeks : 1 ) predatory lender XXXX is suing me, 2 ) XXXX XXXX term loan I defaulted on this one on XX/XX/XXXX and 3 ) XXXX line of credit looks like I will default on this one in a couple of weeks.

4 ) Personal Credit Cards since my ability to earn a living was taken away, I could not make even the minimum payments so both of my personal credit card accounts were closed by XXXX. This is devastating because I need at least one credit card for personal and business use.

5 ) Ruined my family 6 ) Ruined my reputation 7 ) Supply Chain Vendors took me off of 30-day terms and put me on cash terms The above events, especially the 10 + month investigation report done in secret and was biased, have caused significantly more collateral damage. During this unconscionable 10+ month report, I compiled huge orders packaged with lenders and investors ready to provide capital to my business and the only thing needed was a good-faith discussion with XXXX XXXX to subordinate their collateral position and I did not get one single response to any of my initiatives to let XXXX XXXX know I have a solution to the problem I had nothing to do with. No one called me until my sewers got on the phone and complained to XXXX XXXX by phone. 

SUMMARY The above events clearly locked me out of generating revenue and earning a living. This could have been avoided and now things are much worse. When you sit on revenue-producing collateral and turn it into a non-performing asset while losing sight of the obvious consequences ( discussed above ) because you are so busy worrying about protecting your profit and exposure at the expense of the SBA taxpayer-funded SBA program and at the expense of small businesses, XXXX XXXX has failed to act in good faith, then I should not be responsible for this loan going wrong. You dont treat any of your other customers this way and we should be no different especially if XXXX XXXX is part of the SBA program ; 9 + months of silence knowing I initiated contact with solutions to get my business back on track is unacceptable.

Company response to consumer: Closed with explanation