Consumer complaint received 2024-06-05
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. (NJ)

Dear XXXX, Subject : Dispute of Inaccurate Credit Report Information XXXX XXXX I am writing to formally dispute inaccurate information on my credit report concerning an account with XXXX XXXX XXXX , Account Number : XXXX. This account was opened in my name while I was underage, and no cosigner was involved in the application process. Therefore, the account was established illegally and contains inaccurate information that needs to be corrected immediately. 

According to the Credit Card Accountability Responsibility and Disclosure Act ( CARD Act ) and Consumer Financial Protection Bureau ( CFPB ) guidelines, specific requirements must be met when issuing a credit card to individuals under the age of XXXX. The CARD Act mandates that individuals under the age of XXXX must either demonstrate an independent source of funds sufficient to repay any debts incurred with the credit card or have a parent or another person who is at least XXXX XXXX XXXX cosign the credit card. Here is a direct reference to the policy for your convenience : The CARD Act requires people under age XXXX to have a parent or other person who is at least XXXX XXXX XXXX cosign the credit card if they cant demonstrate an independent source of funds sufficient to repay any debts incurred with the credit card. 

At the time this account was opened, I was under the age of XXXX and did not have a cosigner nor the means to independently make payments, which clearly violates both the CARD Act and CFPB regulations. Therefore, the account should never have been approved, and its presence on my credit report is erroneous and damaging. 

To resolve this issue fairly, I request the following actions be taken : 1. Immediate Removal of the Account : XXXX XXXX XXXX  should promptly remove the erroneous account from my credit report. This involves notifying all three major credit reporting agenciesXXXX, Experian, and XXXXof the error and requesting the immediate deletion of the account from their records. The presence of this incorrect account on my credit report is not only a violation of the CARD Act and CFPB regulations but also detrimental to my creditworthiness. As such, it is crucial that this erroneous information be expunged without delay to prevent any further negative impact on my financial standing. Additionally, XXXX XXXX XXXX should confirm the removal of the account in writing, providing me with documentation that verifies the account has been successfully deleted from my credit report across all credit bureaus. 

2. Correction of Credit Score : Any negative impact on my credit score resulting from this incorrect account should be corrected. The presence of an illegitimate account on my credit report can significantly lower my credit score, affecting my ability to obtain loans, mortgages, or other forms of credit, and potentially leading to higher interest rates. XXXX XXXX XXXX  should ensure that once the erroneous account is removed, my credit score is adjusted to reflect the accurate, corrected information. This correction should be backdated to the point at which the account first appeared on my report, effectively negating any negative influence it had over time. I expect this adjustment to be reflected across all three major credit reporting agenciesXXXX, Experian, and XXXX. 

3. Written Confirmation : I should receive written confirmation from XXXX XXXX XXXX and the credit bureaus that the account has been removed and my credit report has been corrected. This documentation is crucial as it serves as proof of the corrective action taken and ensures that there is a clear record of the rectified error. This confirmation should detail the specific changes made to my credit report, including the removal of the erroneous account and any adjustments to my credit score. Such documentation provides me with assurance and evidence that the issue has been fully resolved, which I can present to potential creditors if necessary. 

4. Investigation and Explanation : A thorough investigation should be conducted to understand how this error occurred, and I should be provided with a detailed explanation. This investigation should examine the processes and checks that were bypassed or failed, allowing an account to be opened in my name despite the clear violations of the CARD Act and CFPB regulations. I expect a comprehensive report outlining the findings of this investigation, including the specific steps XXXX XXXX XXXX  will take to prevent similar errors in the future. This explanation is important not only for my peace of mind but also to ensure that the bank 's internal controls are improved to safeguard against such issues for other customers. 

Enclosed, you will find copies of relevant documents, including my identification and any additional evidence supporting my claim. Please let me know if you require further information or documentation to proceed with this dispute. 

Thank you for your prompt attention to this matter. I look forward to your swift resolution of this issue. 
Sincerely, XXXX XXXX XXXX XXXX.