Consumer complaint received 2024-10-08
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: EQUIFAX, INC. (PA)

I am writing to formally dispute the inaccurate reporting of the above-referenced account by XXXX XXXX as listed on my credit report. This is my third request for correction of the errors associated with this account. I have previously disputed this information with the creditor and credit bureaus, but the inaccuracies persist. I believe this is a violation of the Fair Credit Reporting Act ( FCRA ), and I am requesting your assistance in investigating these issues and ensuring the account is accurately reported or deleted entirely from my credit file. 

Inaccuracies in XXXX : XXXX. Prolonged Charge-Off Reporting After Account Closure The account was closed in XX/XX/XXXX, but it continues to report as charge-off ( CO ) through XX/XX/XXXX. This is an inconsistency, as an account can not be reported as charged-off for this extended period after closure. The charge-off should reflect the time when the creditor made the decision to write off the debt, not for an indefinite period thereafter. This prolonged reporting is not only misleading but also artificially inflates the negative impact on my credit report. 

2. Discrepancy in Credit Limit and Balance The reported credit limit is {$400.00}, but the balance is {$600.00}, significantly exceeding the credit limit. While it is possible that interest or fees caused the balance to exceed the limit, this large overage is suspicious and not properly explained. The lack of clarity around the charges that resulted in the balance exceeding the credit limit raises concerns about the accuracy of the reporting.

3. Incorrect Past Due Balance Reporting The report shows an amount past due of {$600.00} starting in XX/XX/XXXX, continuing through XXXX. The past due amount is supposed to reflect the amount necessary to bring the account current, not the full balance. The reporting of the entire balance as past due is misleading and may be in violation of the FCRA, which requires accurate and fair reporting of consumer credit information.

4. Lack of Payment History or Actual Payments There is no reported payment history for XXXX and XXXX, yet the account shows continued charge-offs. The lack of payment data raises concerns about whether the creditor has properly updated my account. This failure to provide updated payment information and ongoing charge-off status for multiple years is inaccurate and damaging to my credit profile. 

XXXX. Inaccurate Date of First Delinquency The date of first delinquency is listed as XX/XX/XXXX, but the account continued to report delinquencies and charge-offs well after this date, into XXXX. This reporting of delinquencies after the account was closed artificially extends the negative impact on my credit file. The date of first delinquency is crucial for determining when the negative information will be removed from my credit report, and this inaccurate reporting extends the reporting timeline unfairly. 

XXXX. Failure to Properly Investigate My Previous Disputes I have already disputed this information with First Premier and the credit bureaus multiple times, yet the same inaccurate information continues to appear on my credit report. Under 15 U.S.C. 1681s-2 ( b ), creditors are required to conduct a reasonable investigation when notified of a dispute. The creditor has failed to meet this requirement, as demonstrated by the continued reporting of the same inaccurate information.

Violations of the Fair Credit Reporting Act ( FCRA ) : 15 U.S.C. 1681e ( b ) : Credit reporting agencies are required to ensure the maximum possible accuracy of the information reported. The prolonged charge-off status and the discrepancies in balance and credit limit violate this standard.

15 U.S.C. 1681c : Limits the reporting of negative information, such as charge-offs, to seven years from the date of first delinquency. Inaccurately reporting charge-offs beyond the accounts closure date unfairly extends the negative impact on my credit file.

15 U.S.C. 1681s-2 ( b ) : Requires furnishers to conduct a reasonable investigation into disputes. The failure of XXXX XXXX to update or correct the inaccuracies after multiple disputes demonstrates that a reasonable investigation has not been conducted. 

Action Requested : Remove the account from my credit file entirely.

The ongoing inaccuracies are causing significant harm to my credit profile, and I believe that these errors should be corrected or the account deleted to ensure fairness and compliance with the FCRA.

Please confirm receipt of this dispute and keep me informed of the investigation 's progress. I trust that the CFPB will handle this matter promptly and ensure that my credit report is accurately updated or corrected within the XXXX period required by law. 

Thank you for your time and attention to this matter.