Consumer complaint received 2024-06-19
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. (GA)

I am writing to the CFPB to formally demand the immediate removal of the reporting of my credit utilization and associated transactions on my credit report. Experian has reported utilization and also late payments, which is a record of my experiences and transactions with each of the creditors listed on my report. This is in direct violation of my rights under 15 U.S.C. 1681a ( d ) ( 2 ), which explicitly states that a consumer report does not include information solely about transactions or experiences between the consumer and the person making the report. 

Legal Basis for Dispute : 1. 15 U.S.C. 1681a ( d ) ( 2 ) : According to this statute, the term consumer report does not include reports containing information solely as to transactions or experiences between the consumer and the person making the report. The consumer reporting agency must exclude these transactions and experiences. The inclusion of utilization and transaction information on my credit report violates this explicit exclusion. This reporting practice infringes upon my rights and is contrary to federal law. 

Specific Violations : The following accounts are reporting utilization and transaction experiences, which should be excluded : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Impact on Credit and Life : The incorrect reporting of my credit utilization and late payments has had a significant negative impact on my ability to obtain credit and enjoy the benefits of credit extension. As a result of these inaccuracies, my credit score has been unjustly lowered, leading to multiple adverse consequences : 1. Credit Denials : Several applications for credit cards and loans have been denied due to the erroneous negative marks on my credit report. This has prevented me from accessing essential financial resources needed for personal and professional growth. 

2. Higher Interest Rates : The inaccuracies have caused lenders to view me as a higher risk, resulting in the approval of credit at substantially higher interest rates. This has increased my financial burden and limited my ability to save and invest for the future. 

3. Lost Opportunities : The lowered credit score has prevented me from taking advantage of favorable credit offers, such as balance transfer promotions and low-interest financing options. This has restricted my financial flexibility and increased my overall debt load. 

4. XXXX XXXX : The ongoing struggle to correct these inaccuracies has caused significant XXXX XXXX and frustration. The time and effort required to address these issues have taken a toll on my XXXX well-being. 

5. Impacted Relationships : The financial strain caused by these credit report errors has also affected my personal relationships. The stress of managing higher costs and financial uncertainty has created tension and worry among my family and loved ones. 

Overall, the erroneous reporting has severely limited my ability to benefit from credit extension, impacting both my financial stability and quality of life. These inaccuracies must be promptly corrected to restore my financial reputation and allow me to move forward without these undue hindrances.