Consumer complaint received 2024-10-12
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Their investigation did not fix an error on your report
Company: Experian Information Solutions Inc. (NY)

XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX Date : XX/XX/XXXX To : Consumer Financial Protection Bureau XXXX CFPB ) XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX Subject : Formal Complaint Inaccurate Reporting and Repossession Issue with XXXX XXXX Dear Consumer Financial Protection Bureau , I am writing to file a formal complaint regarding the inaccurate and misleading information being reported by XXXX XXXX on my credit report concerning a repossession. This complaint involves XXXX XXXX reporting inaccurate account information that is in violation of the Fair Credit Reporting Act ( FCRA ), 15 U.S.C. 1681, as well as other federal consumer protection laws. Below are the details of the issue : Summary of the Issue : I financed a vehicle through XXXX XXXX  under account number XXXX. This vehicle was repossessed, and XXXX XXXX sold it at auction on XX/XX/XXXX, for {$15000.00}. The original amount on the loan was {$17000.00}, and the full balance was reported as paid off after repossession. Despite this, XXXX XXXX has continued to inaccurately report the status of the account and the repossession on my credit report in the following ways : Multiple Repossession Entries : XXXX XXXX has reported the repossession for both XXXX and XXXX of XXXX, which is misleading and creates an impression of multiple repossessions for a single incident. This reporting of duplicate repossession entries is inaccurate and damaging to my creditworthiness. 

Misrepresentation of the Loan Balance : Although the vehicle was sold for {$15000.00}, XXXX XXXX continues to report inconsistent information regarding the balance, which is contributing to confusion and further harming my credit score. 

Violations : XXXX XXXX 's actions violate the FCRA by : Failing to ensure the accuracy of the information reported to the credit bureaus, specifically regarding the duplicate reporting of repossessions and misrepresentation of the balance. 
Failing to update the account status in a manner consistent with the law after the repossession and auction sale of the vehicle. 
Harm Caused : These inaccuracies have significantly damaged my credit score and my ability to obtain credit on reasonable terms. Additionally, this inaccurate reporting is causing undue stress and hardship as I try to move forward from the repossession. 

Actions Requested : I respectfully request the CFPB to investigate the actions of XXXX XXXX and compel them to : Delete the entire trade line for this account from my credit report due to the inaccuracies and harmful effects of their reporting. 
Ensure that XXXX XXXX fully complies with federal law by providing accurate and fair information to credit reporting agencies. 
If the CFPB finds that Ally Financial has willfully violated the FCRA or any other relevant federal statutes, I request appropriate corrective actions be taken, including fines and any other sanctions deemed necessary by the Bureau. 

Thank you for your attention to this matter. I trust that the CFPB will take immediate action to investigate and resolve this issue in accordance with federal law. 

Sincerely, XXXX XXXX