Consumer complaint received 2024-08-05
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: AMERICAN EXPRESS COMPANY (NJ)

Subject : Notice of Dispute and Request for Proof Inaccurate Reporting on Consumer Credit Report To Whom It May Concern : I am writing to formally dispute the inaccurate information that American Express has reported to the credit reporting agencies regarding my account. Specifically, the report states that I was late on my credit card payment for the month of XX/XX/year>, with an alleged unpaid amount of {$1100.00}. I assert that this information is false and damaging to my credit profile. 

Under the Fair Credit Reporting Act ( FCRA ), I have the right to dispute inaccurate information on my credit report, and American Express is obligated to correct or remove any inaccuracies. Please consider this letter as my formal dispute and demand for American Express to immediately investigate and correct the inaccurate information reported to the credit reporting agencies. 

Additionally, I demand that American Express provide me with substantial proof that I was indeed late on the aforementioned payment. Statements alone are insufficient evidence. I require detailed proof of the alleged delinquency, including but not limited to : Payment records showing the exact date and amount of payments received. 
Correspondence sent to me regarding the alleged late payment. 
Any internal notes or records indicating attempts to contact me about the delinquency. 
Proof of the actual due date and any grace period provided. 
Confirmation of who is and has been redeeming the coupon bonds/securities in the name of the account holder and who the trustee and beneficiary are of the account. 

Failure to provide the demanded proof will be taken as acknowledgment that the reported information is incorrect and must be promptly removed from my credit report in perpetuity. 

In addition, I want to inform American Express of the potential costs you may incur if this matter is not resolved promptly and I am forced to pursue arbitration and/or legal action. Below is an itemized list of potential costs American Express may face in arbitration/civil suit : Filing Fee : $ XXXX {$500.00} Administrative Fees : {$1500.00} Arbitrators Fees : {$3000.00} ( estimated for a single arbitrator ) Legal Fees : {$5000.00} ( estimated, if representation is required ) Compensation for Damages : $ XXXX {$10000.00} ( potential credit score damage and associated financial losses ) Additional Expenses : {$2000.00} ( estimated travel, accommodation, and other related costs ) Total Potential Cost : {$22000.00} It is in the best interest of American Express to resolve this matter amicably and without the need for arbitration/civil action. I expect a response from you within 30 days of receiving this notice. If the matter is not resolved to my satisfaction within this timeframe, I will have no choice but to proceed with arbitration/civil action to seek redress for the inaccurate reporting and the damages it has caused me. 

Thank you for your prompt attention to this urgent matter.