Consumer complaint received 2024-09-06
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 want to share my experience to highlight the critical importance of accurate credit reporting and the serious consequences when errors are left unaddressed. I am formally disputing several significant inaccuracies and discrepancies related to the alleged account ending in # XXXX with XXXX XXXX XXXX XXXX, as reflected on my credit report dated XX/XX/XXXX. These issues have negatively impacted my credit score and overall financial health, raising serious concerns regarding compliance with the Fair Credit Reporting Act ( FCRA ) and the Fair Debt Collection Practices Act ( FDCPA ). 
Key Issues : 1. Inaccurate and Incomplete Reporting : The creditors name is incorrectly listed as XXXX XXXX XXXX XXXX, which does not appear to match the entitys exact legal name. This raises concerns about whether the creditor is properly identified, potentially leading to major inaccuracies in my credit report. According to 15 US Code 1681s-2 ( a ) ( 1 ) ( A ), furnishers are required to report the exact legal name of the creditor. 
2. Inconsistent Reporting of Key Dates : The dates related to this account are inconsistent. For instance, the Date Opened ( XXXX XXXX XXXX  ), Date Closed ( XX/XX/XXXX ), Last Payment Date ( XX/XX/XXXX ), and Date Last Reported ( XX/XX/XXXX ) do not align, especially the Date Last Reported which comes after the account was closed. These discrepancies violate the FCRAs accuracy requirements under 15 US Code 1681e ( b ).

3. Incomplete Account Information : The Terms Duration of the account is marked as NA, indicating missing or incomplete details regarding the accounts terms or payment schedule. This failure to provide accurate and complete information violates 15 US Code 1681s-2 ( a ) ( 1 ) ( A ), which requires furnishers to submit all relevant information to credit reporting agencies ( CRAs ).

4. Inaccurate High-Balance Reporting : The high balance is reported as {$4700.00}, which does not align with the original balance or monthly statements. Accurate reporting is essential, and the failure to do so violates 15 US Code 1681e ( b ), which mandates that CRAs report verifiable and precise information.

5. Account Status and Creditor Identity Issues : The account is marked as Paid/Closed and Closed by Consumer, but I had previously disputed the name of the creditor on billing statements. The correct legal name of the creditor should be accurately reflected in the report. Failure to include the proper legal name violates 15 US Code 1681g ( a ) ( 2 ), which mandates accurate reporting of creditor identity.

6. Discrepancy in Balance Reporting : Although the account is listed as having a zero balance after being marked Paid/Closed, earlier reports showed a balance of {$4700.00}. This inconsistency raises concerns about whether the balance was accurately reported over the accounts life, which constitutes a violation of both 15 US Code 1681e ( b ) and 15 U.S. Code 1681s-2.

7. Failure to Properly Reflect Prior Disputes : There is no mention of a prior dispute I filed regarding the creditors identification on billing statements. Federal law requires that disputed information be clearly noted in the report. The absence of this dispute violates both the FCRA and the FDCPA, particularly under 15 US Code 1681i and the Fair Debt Collection Practices Act.

These seven unresolved issues have severely affected my credit score and financial standing. Timely and accurate credit reporting is critical, and failing to address these discrepancies undermines the integrity of the credit reporting system. I hope that regulatory bodies, including the Consumer Financial Protection Bureau, take necessary corrective actions to ensure compliance with federal consumer protection laws.