Consumer complaint received 2024-05-25
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account status incorrect
Company: Experian Information Solutions Inc. (CA)

[ Your Name ] [ Your Address ] [ City, XXXX, ZIP Code ] [ Email Address ] [ Phone Number ] [ Date ] Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX, IA XXXX Re : Dispute of Inaccurate Credit Reporting by XXXX XXXX XXXX and XXXX XXXX  XXXX XXXX XXXX Account Number : XXXX ) Dear Sir/Madam, I am writing to file a formal complaint regarding the inaccurate reporting of a charge-off account on my credit reports by XXXX XXXX XXXX XXXX ) and XXXX  XXXX XXXX XXXX XXXX The details of the account in question are as follows : - Original Creditor : XXXX XXXX XXXX XXXX - Account Type : Installment ( Unsecured loan ) - Balance : {$0.00} - Date Opened : XX/XX/XXXX ( XXXX )/ XX/XX/XXXX ( Experian ) - Payment Status : Collection/Chargeoff - Last Reported : XX/XX/XXXX ( XXXX )/ XX/XX/XXXX ( Experian ) - Date Last Active : XX/XX/XXXX ( XXXX )/ XX/XX/XXXX ( Experian ) - Date of Last Payment : XX/XX/XXXX ( XXXX & Experian ) - Comments : Charged off as bad debt, Purchased by another lender ( XXXX  XXXX XXXX XXXX XXXX XXXX Unpaid balance reported as a loss by the credit grantor The issues with this account are as follows : 1. **No Contract with XXXX  XXXX XXXX XXXX XXXX ** I have no contractual relationship with XXXX  XXXX XXXX XXXX XXXX According to the Fair Credit Reporting Act ( FCRA ) and 15 U.S. Code 1692e, debt collectors must report accurate information and must not use false, deceptive, or misleading representations. The absence of a direct contract with XXXX XXXX XXXX XXXX invalidates the reporting of this debt on my credit report. 

2. **Continuous Reporting of Charge-off : ** The XXXX XXXX XXXX account has been reported as a charge-off every month for an extended period. According to IRS guidelines, an unpaid charge-off is considered income and should not be repeatedly reported. The continuous monthly reporting of this charge-off is misleading and does not accurately reflect the true status of the debt. Under the FCRA, information reported on my credit report must be accurate and not misleading.

3. **Sale of Debt : ** The debt associated with this account has been sold to another company, XXXX XXXX XXXX XXXX XXXX The original creditor should have updated the account status to indicate this change. Reporting the debt as an active charge-off after it has been sold is inaccurate and misleading. 

4. **Issuance of Form 1099-C : ** I have requested a Form 1099-C from the original creditor, which should have been issued to indicate the cancellation of the debt. The absence of this form suggests that the debt should no longer be reported as active.

I have previously disputed this matter with the credit bureaus ( XXXX, Experian, and XXXX ) and the original creditor, but the issue remains unresolved. Therefore, I am seeking the assistance of the CFPB to investigate this matter and ensure that my credit reports are corrected to reflect accurate information. 

Please find attached copies of relevant documentation, including my communications with the original creditor and the credit bureaus. 

I request that the CFPB intervenes to have this inaccurate charge-off removed from my credit reports promptly. 

Thank you for your attention to this matter. 

Sincerely, XXXX XXXX XXXX