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: Experian Information Solutions 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 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, raising serious concerns about 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. Additionally, the creditor/furnisher identifies itself as XXXX XXXX on billing statements, conflicting with its charter name. This misrepresentation raises concerns about whether the entity is correctly identified, potentially leading to significant inaccuracies on my credit report. 
2. Missing Balance and Monthly Payment Information : My credit report reflects a balance of {$25000.00} as of XX/XX/year>, but it lacks detailed information about the payments leading to this balance. The absence of this information may constitute a billing error under the FCBA and violates the requirement to provide accurate and complete information to CRAs under the FCRA.

3. Incomplete Terms Duration : The Terms Duration is listed as 60, but it is unclear what this duration represents. This incomplete reporting complicates my understanding of the accounts terms and violates the FCRAs requirement for accurate reporting.

4. Potential Inaccuracies in High-Balance Reporting : The high balance is reported as {$24000.00}, which does not align with the current balance and charge-off amount of {$25000.00}. There is no explanation provided for this discrepancy, which is essential for accurate reporting.

5. Inconsistent Reporting Dates : The account is reported as Charge off, but the dates, including the date opened and date last reported, show inconsistencies. These discrepancies suggest potential errors in reporting, violating the FCRA.

6. Lack of Transparency Regarding Account Ownership : The account status indicates Charge off, but there is no clear information on whether the debt was transferred to another lender or remains with the original creditor. Evidence suggests that XXXX XXXX XXXX XXXX XXXX have sold the account to a debt collection agency in XX/XX/year>. This lack of transparency violates the FCRAs requirement to provide full identifying information of any entity that has furnished consumer data. 
Despite initiating the dispute more than 30 days ago, the CRAs have not resolved these issues. Under the FCRA, CRAs are required to conduct a timely and thorough reinvestigation of disputed information. The delay in addressing these errors is unacceptable and may constitute a violation of the law.

I am requesting a thorough investigation under both the FCRA and the FCBA. If the 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. 
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.