Consumer complaint received 2024-06-25
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: Experian Information Solutions Inc. (GA)

To Whom It May Concern, Subject : Complaint Regarding Incorrect Reporting of Late Payments on Credit Builder Accounts by Experian Credit Bureau I am writing to formally file a complaint against Experian Credit Bureau due to the significant and detrimental errors in the reporting of late payments on my credit builder accounts with XXXXXXXX XXXX XXXX XXXX XXXX XXXX. This erroneous reporting is severely affecting my livelihood and my ability to secure housing. 

Reference to Relevant Law : The actions of Experian Credit Bureau in inaccurately reporting late payments on my credit builder accounts with XXXX XXXX XXXX XXXX XXXX XXXX appear to be in violation of the Fair Credit Reporting Act ( FCRA ), specifically : Section 1681e ( b ) : Experian has failed to follow reasonable procedures to assure maximum possible accuracy of the information regarding my accounts. 
Section 1681i : If these inaccuracies were previously disputed, Experian has failed to properly reinvestigate and correct the information within a reasonable period of time. 
Section 1681s-2 : XXXX XXXXXXXX XXXX XXXXXXXX XXXX XXXX have a responsibility to furnish accurate information to Experian. Their provision of incorrect information regarding late payments constitutes a failure to meet their obligations under this section. 
I request that the CFPB enforce these provisions to correct the inaccuracies and prevent further harm to my financial stability. 

Background : Nature of Accounts : The accounts in question are credit builder accounts with XXXX XXXX XXXX XXXX XXXX XXXX. These accounts are specifically designed to help consumers build or improve their credit scores. No borrowed funds were disbursed under these accounts. Instead, I was making payments to myself, which were deposited into a savings account to be accessed upon the completion of the program. 

Misreporting of Payments : Contrary to the nature of these accounts, Experian has documented drastic late payments. These entries misleadingly suggest that I defaulted on borrowed amounts, thereby portraying a false narrative of my financial behavior and creditworthiness. 

Impact on Livelihood : The incorrect reporting of these late payments has had severe repercussions on my financial stability. It has resulted in a significant decrease in my credit score, which has in turn impeded my ability to obtain housing and has affected various other aspects of my financial life. 

Complaint Details : Account Information : Reporting Agency : Experian Credit Bureau Lenders Involved : XXXX XXXX XXXX XXXX XXXX Incorrect Information : The accounts have been inaccurately reported as traditional loans, and a charge card with late payments. This is fundamentally incorrect as no money was lent, and the payments made were essentially deposits into a savings account. 

Requested Action : Immediate Correction : I request an immediate correction of the records to accurately reflect the nature of these accounts as credit builder accounts, eliminating any indication of late payments or defaults. Specifically, I request that Experian either remove these late payments or update them to reflect that they were paid on time. 

Preventative Measures : I urge the CFPB to investigate the practices leading to these inaccuracies and implement measures to prevent such occurrences in the future, ensuring that credit builder accounts are accurately reported across all agencies. 

Conclusion : The erroneous reporting of drastic late payments on credit builder accounts is causing substantial harm to my financial well-being and obstructing my ability to secure housing. These accounts were not traditional loans, and no money was borrowed. I was essentially paying myself, and any portrayal to the contrary is factually incorrect and unjust. 

I trust that the CFPB will take prompt and effective action to rectify these issues. I am available for any further information or clarification that may be required. 

Thank you for your attention to this critical matter.