Consumer complaint received 2024-09-11
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Improper use of your report — Reporting company used your report improperly
Company: Experian Information Solutions Inc. (MD)

Dispute of Invalid Contract and Reporting - XXXX XXXX XXXX, Account XXXX Dear CFPB Representative, I am submitting this formal dispute regarding the XXXX XXXX XXXX contract, associated with account number XXXX. Upon reviewing the contract, I have identified numerous violations of consumer protection laws, including the Fair Credit Reporting Act ( FCRA ), Truth in Lending Act ( TILA ), and other applicable laws under the Consumer Financial Protection Bureau 's jurisdiction. 
This contract is invalid, and I request its immediate cancellation and the removal of all related negative information from my credit report. 
XXXX. **Fraudulent Misrepresentation ( TILA, 15 U.S.C . 1635 ( a ) ) ** Violation : The contract contains misleading and unclear financial terms, including undisclosed costs, improper financial breakdowns, and vague interest rate descriptions. The Truth in Lending Act ( TILA ) requires that all financial terms, especially those relating to interest rates, loan amounts, and payments, must be clearly disclosed to the borrower.

- Contract Section : The Closing Disclosure provided in the contract fails to present a clear breakdown of costs, making it difficult to fully understand the total financial obligation. This ambiguity violates TILA 's transparency requirements. 
- Impact : As a consumer, I was not presented with the full scope of my financial obligations, which renders this agreement voidable under 15 U.S.C. 1635 ( a ). 
XXXX. XXXXUnfair and Deceptive Practices ( FTCA , 15 U.S.C . 45 ( a ) ) ** Violation : The contract 's interest rate of 17.99 %, combined with hidden fees and unclear closing cost disclosures, suggests predatory lending practices. Under the Federal Trade Commission Act ( FTCA ), 15 U.S.C. 45 ( a ), unfair or deceptive acts or practices in commerce are prohibited.

- Contract Section : The Loan Terms outlined in the Closing Disclosure detail a 17.99 % interest rate, which significantly exceeds industry norms and constitutes predatory lending. 
- Impact : The deceptive nature of the loan terms violates consumer protection laws, and I was misled about the true cost of financing this timeshare. 

XXXX. **Lack of Consent for Credit Reporting ( FCRA, 15 U.S.C . 1681b ) ** Violation : At no point during the signing of the contract did I explicitly consent to allow XXXX XXXX to report my payment history or delinquency to credit reporting agencies. Reporting such information without proper authorization violates the Fair Credit Reporting Act ( FCRA ), 15 U.S.C. 1681b. 
- Contract Section : There is no clause in the contract explicitly authorizing XXXX XXXX to report any information to credit reporting agencies. 
- Impact : The absence of consent for credit reporting means that any negative entries related to this account on my credit report are unauthorized and should be immediately removed. 
XXXX. **Unconscionability ( UCC XXXX XXXX ) ** Violation : The contract 's terms are heavily one-sided, favoring XXXX XXXX while offering little benefit to me as the consumer. Such imbalanced terms render the contract unconscionable under the Uniform Commercial Code ( UCC ) 2-302. 
- Contract Section : The Acknowledgment of Representations severely limits my resale rights and burdens me with high fees, while offering no protections or recourse. The contractual obligations I am expected to meet far exceed any benefit received. 
- Impact : Given the oppressive nature of these terms, this contract is unenforceable under the law. 
XXXX. **Violation of Consumer Credit Protection Act ( CCPA ) ** Violation : The contract fails to comply with the transparency requirements set forth by the Consumer Credit Protection Act ( CCPA ), which mandates that all financial obligations must be clearly and transparently disclosed. 
- Contract Section : The Closing Disclosure and Purchase Agreement fail to present a full and transparent breakdown of costs, leaving out essential details regarding closing fees, hidden costs, and the implications of missing payments. 
- Impact : The lack of clarity and transparency violates the XXXX, making the contract legally questionable. 
XXXX XXXX XXXX Request for Immediate Action : Given these violations of federal law, I request the following : 1. Immediate invalidation of the contract due to its non-compliance with consumer protection laws. 
XXXX. XXXXmmediate removal of all negative credit reporting related to this contract, as it was reported without proper consent under the FCRA. 
XXXX. Full investigation into XXXX XXXX ' practices regarding this contract and other similar timeshare agreements. 
Please respond to this request within 30 days, as required by law. Thank you for your prompt