Consumer complaint received 2024-09-02
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: EQUIFAX, INC. (FL)

account ; XXXX XXXX # # XXXX Subject : Formal Complaint Regarding Inaccurate Loan Balance Reporting and Resulting Credit Damage To Whom It May Concern, I am writing to formally lodge a complaint against XXXX XXXX and Equifax regarding an inaccurate increase in my loan balance and the subsequent damage to my credit score. 

Details of the Issue : On XX/XX/year>, I received notifications from all three major credit bureaus indicating an increase in my loan balance with XXXX XXXX by {$3300.00}. This adjustment raised my loan balance from {$260000.00} to {$260000.00}. Consequently, my credit score dropped by XXXX points, severely impacting my ability to secure an auto loan, which was denied due to this sudden and unjustified change. 

Discrepancies Noted : Inaccurate Reporting : The loan balance reported to the credit bureaus does not match the amount displayed on my XXXX XXXX account, which is {$260000.00}. 
Credit Score Impact : The erroneous increase has caused significant damage to my credit score, affecting my financial standing and loan eligibility. 
Legal Grounds for Complaint : Fair Credit Reporting Act ( FCRA ) : Under the FCRA, XXXX XXXX and Equifax are obligated to ensure the accuracy and integrity of the information reported to credit bureaus. The inaccurate reporting of my loan balance constitutes a violation of this act. 
Consumer Financial Protection Bureau ( CFPB ) Regulations : The CFPB mandates that financial institutions provide accurate information to consumers and credit reporting agencies. The discrepancy in my loan balance violates these regulations. 
XXXX XXXX XXXX Laws : XXXX consumer protection laws require fair and accurate reporting of financial information. The incorrect loan balance reported by XXXX XXXX breaches these state laws. 
Failure to Correct Inaccurate Information : Equifax has failed to correct the inaccurate information despite being notified of the discrepancy, which is a violation of the FCRA. 
Requested Actions : Immediate Correction : Rectify the inaccurate loan balance reported to the credit bureaus and update it to reflect the correct amount of {$260000.00}. 
Credit Score Restoration : Take necessary steps to restore my credit score to its previous level before the erroneous increase. 
Explanation and Documentation : Provide a detailed explanation for the {$3300.00} increase in my loan balance, along with supporting documentation. 
Tradeline Removal : I demand that XXXX XXXX remove their tradeline from my credit report due to the significant inaccuracies and the resulting damage to my credit score. 
Account Removal : I demand that Equifax remove the account from my credit report due to the inaccurate reporting and the subsequent damage to my credit score. 
Preventive Measures : Implement measures to prevent such inaccuracies in the future and ensure compliance with all relevant laws and regulations. 
Failure to address this issue promptly will compel me to escalate this matter to the Consumer Financial Protection Bureau ( CFPB ) and seek legal recourse to protect my rights and financial interests. 

I expect a prompt and thorough response to this complaint. Please contact me at [ Your Phone Number ] or [ Your Email Address ] to confirm receipt of this complaint and provide an update on the actions taken.