Consumer complaint received 2024-04-09
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account status incorrect
Company: Experian Information Solutions Inc. (TX)

On XX/XX/year> While reviewing my credit reports I noticed inaccurate information that Experian and XXXX furnished on my consumer report. The following information on the account listed below was incorrect : How to account appears on Experian : XXXX XXXX How the account appears on XXXX : XXXX XXXX XXXX XXXX XXXX XXXX This consumer law, 15 U.S. Code 1681b, outlines the permissible purposes for which consumer reports can be furnished by consumer reporting agencies. These purposes include : Court orders, subpoenas related to federal grand jury proceedings, or subpoenas issued under specific federal laws.

With the written consent of the consumer.

For purposes such as credit transactions, employment background checks, insurance underwriting, eligibility determinations for licenses or benefits, assessing credit risks, or legitimate business needs.

Responding to requests from state or local child support enforcement agencies, provided certain conditions regarding confidentiality and purpose are met.

Providing information to agencies administering state child support plans.

Furnishing reports to federal agencies like the Federal Deposit Insurance Corporation or the National Credit Union Administration in relation to their regulatory or resolution duties concerning financial institutions.

These purposes ensure that consumer reports are used lawfully and responsibly, safeguarding consumer privacy and rights.

This consumer law, 15 U.S. Code 1681s2, outlines the responsibilities of entities that provide information to consumer reporting agencies. It emphasizes the duty of these entities, known as furnishers, to ensure the accuracy of the information they report : Furnishers are prohibited from providing information to consumer reporting agencies if they know or have reasonable cause to believe that the information is inaccurate.

In essence, this law holds furnishers accountable for the accuracy of the information they submit to consumer reporting agencies, aiming to maintain the integrity of credit reports and protect consumers from inaccurate or misleading information.

15 U.S. Code 1681c - Requirements relating to information contained in consumer reports Consumer reports can not include certain types of information unless authorized under subsection ( b ) : Bankruptcy cases over XXXX years old.

Civil suits, judgments, and arrests over XXXX years old or until the statute of limitations expires. 
Paid tax liens over XXXX years old. 
Accounts sent for collection or charged off over XXXX years ago. 
Other negative information over XXXX years old, except for criminal convictions. 
Medical information furnishers ' details, unless restricted or for certain insurance purposes. 
Veteran 's medical debt information less than XXXX year old, unless the agency complies with specific laws. 
Fully paid or settled veteran 's medical debt marked as delinquent, charged off, or in collection, unless the agency complies with specific laws. 

The law requires the Bureau, in collaboration with certain agencies, to create regulations that outline reasonable policies and procedures for users of consumer reports. These guidelines are for cases where a user receives a notice of discrepancy regarding information in the report.

This law mandates that consumer reporting agencies must have reasonable procedures to prevent violations of section 1681c and to restrict the distribution of consumer reports for purposes outlined in section 1681b. These procedures include : Requiring prospective users to identify themselves, state the purpose for which they need the information, and confirm that they won't use the information for other purposes.

Making efforts to verify the identity of new users and the stated purposes before providing them with a consumer report.

Not providing consumer reports to anyone if there are reasonable grounds to believe that the report will be used for purposes not allowed under section 1681b.

Consumer Financial Protection Circulars are guidelines issued to everyone who can enforce federal consumer financial laws. The main enforcer is the Consumer Financial Protection Bureau ( CFPB ), overseeing laws like the ban on unfair financial practices. States and other federal agencies can also enforce these laws. The Circulars aim to ensure consistent enforcement across agencies and provide clarity on the CFPB 's approach to working with other enforcers. However, they don't create legal requirements or rights for external parties, and final decisions are made based on facts and the law by the CFPB.