Consumer complaint received 2024-09-05
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: EQUIFAX, INC. (VA)

I am sharing my experience to highlight the critical importance of accurate credit reporting and the damaging consequences when errors are not corrected. I am formally disputing several significant inaccuracies and errors related to the alleged account receivable ending in # XXXX XXXX XXXX XXXX XXXX XXXX XXXX, as reflected on my credit report dated XX/XX/XXXX. These discrepancies have negatively affected 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 : Discrepancy in Creditor Name : The creditors name is inaccurately listed as XXXX XXXX XXXX XXXX XXXX which may not match the legally recognized name of the entity. There is no clear identification of the entitys proper legal name throughout the billing and reporting process. This discrepancy raises concerns about whether the entity is correctly identified on my credit report, potentially leading to significant reporting inaccuracies and possible violations of the FCRA. 

Missing Balance and Payment Information : My credit report reflects a balance of {$2800.00} as of XX/XX/XXXX, but it lacks detailed information about the payments leading to this balance. There is no clear indication of how this balance was calculated or what payment history led to this final amount. This incomplete reporting violates the FCRAs requirement for providing accurate and complete information to consumers. 

Incomplete Terms Duration : The terms duration is listed as NA, offering no clarification on the length or structure of the accounts terms. This vague reporting makes it difficult to understand the terms of the alleged account, which violates the FCRAs mandate for clear and accurate reporting of credit information.

Inaccuracies in High-Balance Reporting : The credit limit is listed as {$2800.00}, while the balance charged off is {$2800.00}. There is no explanation for the discrepancy between the credit limit and the origination of the charge-off amount, nor is there clarity on how this balance was reached. This lack of transparency constitutes a violation of the FCRA and compromises my ability to manage and verify my financial records effectively. 

Inconsistent Reporting Dates : The account is reported as Charge Off, yet the associated datesincluding the Date Closed ( XX/XX/XXXX ), Date Last Reported ( XX/XX/XXXX ), and Last Payment Date ( XX/XX/XXXX ) are inconsistent. These discrepancies create confusion regarding the status of the account. Additionally, the Date Last Reported suggests ongoing activity despite the account being marked as closed. This violates the FCRAs requirements for consistency and accuracy in credit reporting. 

Lack of Transparency Regarding Account Ownership : There is no clear information on whether the debt has been transferred to another lender or remains with XXXX XXXX XXXX XXXX XXXX. This lack of transparency regarding account ownership violates 15 U.S. Code 1681g ( a ) ( 2 ), which requires CRAs to disclose the full identity of any entity furnishing data. The absence of this critical information needs to be addressed immediately to ensure compliance with federal law.

Delays in Resolving the Dispute : Despite initiating the dispute more than 30 days ago, the Credit Reporting Agencies ( CRAs ) have failed to resolve these issues. Under the FCRA, CRAs are required to conduct a timely and thorough reinvestigation of disputed information, typically within 30 days. The failure to address these errors promptly may constitute a violation of federal law.