Consumer complaint received 2023-12-19
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Problem with personal statement of dispute
Company: Experian Information Solutions Inc. (IL)

Credit reporting and a person 's personal credit score is one of the most impactful factors in ones consumer life. A credit score dramatically changes ones lifestyle, the hundreds of thousand of dollars of interest one pays, where they live, the house they can buy, the schools their kids can attend, the car that they drive and frankly ones overall financial health and well being. 

Transparency to consumers and strict published guidelines should be in place by both Experian and XXXX to help consumers protect their financial well being and not be subject to these mythically calculated scores by these large companies. 

How something in ones life of this magnitude is not transparent and easily calculated by the consumers that are affected is unfair and bordering on unethical. Furthermore, when it comes to credit reporting not only should there be published transparency in how scores are calculated there should be in place, known, transparent scaleable and fair guidelines to how certain activities will impact ones score based on severity of activity. 

In my circumstance, the punishment did not fit my crime. I'm a wealthy individual that has always had XXXX credit score. Im in the upper 1 % of the US income. Im highly educated. If what I am experiencing happens to me then how much worse can it be for people who are less educated, less financially well off and have less financial means/well being. They are in a system that is oppressive and being set up to fail. The United States consumers are being wrongfully held prisoner by Experian and XXXX without knowledge or control of their own credit scores. This has to be fixed. 
I'm currently disputing a {$5.00} late payment with XXXX XXXX. I was told a payoff amount on a XXXX line of credit. I made the full payment I was told to pay before the due date, thought it was closed, only to find out there was as interest calculation that wasn't considered or told to me which resulted in an additional {$5.00} owed that I was not aware of. The final payment, which was the ontime payment, was over XXXX so why would I knowingly leave a {$5.00} outstanding balance. I've filed a CFPB complaint on this topic but XXXX XXXX isnt the only party at fault here. In my opinion the entire credit reporting system is massively flawed and should be overhauled so a consumer can understand it. 
it is unethical and incredibly unfair for consumers to not know how negative remarks can affect their credit and furthermore the severity of the impact on your credit should be based on the severity of the negative actions. For example, the {$5.00} leftover payment ( that I was told the wrong amount by XXXX XXXX ) reduced my perfectly great credit score of XXXX down to XXXX. That is nearly XXXX point drop in credit because of a {$5.00} mistake that was not my fault. I was told regardless of how much the payment missed was, weather it was {$1.00} or {$10000.00} the negative impact is the same. For one, that makes no sense at all. A missed payment of {$10000.00} should have a dramatically different effect than a {$1.00} missed payment. The entire presmise and principal on credit reporting is so companies can qualify consumers to extend credit or terms too. A consumer who misses a {$1.00} payment vs a consumer who misses a {$10000.00} payment should certainly be viewed as more credit worthy. But that isnt the case under the current circumstances. And if that isnt the case then the entire existance and purpose of credit reports and determining one 's credit worthiness is broken. For example, both shoplifting and speeding are both crimes under US law. But do both carry the same sentence? Of course not. Going 43 in a 35 doesnt and shouldnt result in jail time but why does a {$1.00} late payment result in the same sentence as a {$10000.00} missed payment? Secondly, while flawed, if this is going to be the case, then as a consumer the credit reporting companies, such as Experian and XXXX, should have PUBLISHED consumer guidelines in place for consumers to help protect themselves and understand their sentence. These do not exist. 

In conclusion, it is incredibly unfair that such an important factor in ones life is dictated by a mythical calculation by companies who provide XXXX transparency or guidelines to help the consumers of this country dictate thier own financial health.