Consumer complaint received 2024-09-03
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Investigation took more than 30 days
Company: EQUIFAX, INC. (VA)

I am sharing my experience to emphasize the importance of accurate credit reporting and the serious consequences that can occur when errors are not corrected.

I am formally disputing several significant errors on my credit report related to an account with XXXX XXXX XXXX XXXX. These errors include discrepancies in the reported creditors name, missing balance and payment information, inconsistencies in reporting dates, and a lack of transparency regarding account ownership. These inaccuracies have negatively impacted my credit score and overall financial standing. The issues I am raising are of serious concern regarding compliance with the Fair Credit Reporting Act ( FCRA ) and the Fair Credit Billing Act ( FCBA ).

Key Issues : 1. Discrepancy in Creditor Name : The creditors name is inaccurately listed as XXXX XXXX XXXX XXXX, which may not match the correct legal name of the entity. Additionally, the creditor/furnisher consistently identifies itself as " XXXX XXXX XXXX on billing statements, which conflicts with its charter name, XXXX XXXX XXXX XXXX . This misrepresentation raises serious concerns about whether the entity is correctly identified, potentially leading to significant inaccuracies on my credit report. This issue directly violates 15 US Code 1681s-2 ( a ) ( 1 ) ( A ), which mandates that creditor information provided to Consumer Reporting Agencies ( CRAs ) must be accurate.

2. Missing Balance and Monthly Payment Information : My credit report reflects a balance of {$22000.00} as of XX/XX/XXXX, but it lacks detailed information about the payments leading to this balance. Specifically, the report does not mention the scheduled payments or explain how the balance correlates with the last payment date of XX/XX/XXXX. This discrepancy could constitute a billing error under 15 US Code 1666 ( b ) and may also violate 15 US Code 1681s-2 ( a ) ( 1 ) ( A ).

3. Incomplete Terms Duration : The Terms Duration is listed as NA, which is incomplete and complicates my understanding of the accounts terms. This omission violates 15 US Code 1681s-2 ( a ), as it reflects incomplete and potentially misleading information being reported to CRAs. 
4. Potential Inaccuracies in High-Balance Reporting : The high balance is reported as {$22000.00}, which exceeds the credit limit of {$20000.00}. However, there is no explanation provided regarding how this over-limit balance occurred or if any penalties were applied. Accurate reporting of such information is essential for compliance with 15 US Code 1681e ( b ). 
5. Inconsistent Reporting Dates : The account is reported as Charge off, but there are inconsistencies in the reported dates, including the " Date Opened : XX/XX/XXXX. '' These discrepancies suggest potential errors in reporting, which may violate 15 US Code 1681s-2 ( a ). Accurate reporting of the accounts dates is crucial, especially considering evidence that this account may have been transferred or sold.

6. Lack of Transparency Regarding Account Ownership : The account status indicates Charge off, but there is no clear information about when the charge-off occurred or whether the debt has been transferred to another lender or remains with the original creditor. Evidence I have obtained suggests
that XXXX XXXX XXXX XXXX either sold or assigned the account receivables to a debt collection agency in XX/XX/XXXX. This lack of transparency regarding the current ownership of the debt violates 15 US Code 1681g ( a ) ( 2 ), which requires CRAs to provide the full identifying information of any entity that has furnished consumer data. Without knowing who currently owns the debt, I am unable to properly address this dispute with the correct party.

Concern with CRAs Handling of the Dispute : I am particularly concerned with the CRAs handling of this dispute. Despite initiating the dispute more than 30 days ago, the CRAs have not provided a resolution or taken corrective action. Under 15 US Code 1681i ( a ), CRAs are required to conduct a timely and thorough reinvestigation of disputed information, typically within 30 days. The delay in resolving these issues is unacceptable and may constitute a violation of the FCRA.

Requested Resolution : I am requesting a thorough investigation into this account under both the FCRA and the FCBA. If the legal creditor can not verify the accuracy of the reported information, I demand that all incorrect entries be permanently removed from my credit report. CRAs must act promptly to investigate and correct any inaccuracies or unverifiable information.

I authorize and direct ( 1 ) the consumer reporting agency identified in my complaint to share determinations of and actions taken by the company for the purpose of responding to my complaint, and ( 2 ) the CFPB to share this information with certain government agencies. The information provided is true to the best of my knowledge and belief. I understand that the CFPB can not act as my lawyer, a court of law, or a financial advisor. 
Distribution List : Consumer Financial Protection Bureau ( CFPB ) Federal Trade Commission ( FTC ) National Credit Union Administration ( NCUA ) State of Indiana Attorney Generals Office Attorney General of Virginia Office XXXX XXXX XXXX XXXX This summary is intended to assist the CFPB and other consumers in understanding the issues I have raised and to promote accountability and transparency in credit reporting practices.