Consumer complaint received 2024-02-14
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: TRANSUNION INTERMEDIATE HOLDINGS, INC. (TX)

The FICO score system and the credit reporting bureau system in the USA is a sham and desperately needs to be replaced. The system is rigged and it is pathetic that our government doesn't do anything to better protect consumers. I just finished a XXXX year long divorce that cost me and my family {$500000.00} from hardworking middle class Americans. The judicial system in America is also pathetic to allow such a waste of assets and do nothing about a person that is a perpetual liar and law breaker ( my ex-wife ). The 3 credit bureaus need to be replaced with a not for profit consumer run institution and my case is a strong case as to why. I was forced to foreclose on my marital home ( I had a lien ) to get paid for my house as my ex wife agreed to pay me in our divorce decree, but she never paid me and instead she defaulted. I spent my entire retirement savings for the past 5 years paying the minimum payments on my maxed out credit cards due to my divorce trying to preserve my credit rating in the hopes that one day I would be able to buy a home again. My retirement is now gone and I have paid my credit cards twice of what I ever charged on them because they have been XXXX me for 30 % interest for XXXX years, another sham that CFPB needs to do a better job of addressing this loan sharking by credit cards ( the credit cards were not willing to work with me in adjusting the interest rate to something more reasonable ). I am a hard working XXXX XXXX XXXX XXXX by the system that our government has made. Finally, I was paid {$120000.00} for my marital home ( this is money I should have received years ago ). I used this money to pay off a XXXX private XXXX loan that I had had since XXXX  with a balance of {$14000.00}. Then I took out {$25000.00} on a 1 % XXXX year intro APR balance transfer card that XXXX XXXX XXXX XXXX was kind enough to extend the credit to me because of my good payment history even though my existing credit cards were maxed out. This should have helped my credit score because I had {$40000.00} of available credit on credit cards that were maxed out, and the new {$25000.00} line decreased my credit utilization rate. Then I used some of my {$120000.00} to pay off the credit cards I couldn't put on the {$25000.00} balance transfer card. So I paid off another {$13000.00} of credit card debt further decreasing my credit card utilization rate. I also forced my ex wife to sell our marital home, which I was forced to sign the deed over to her as part of our settlement, but I remained on the mortgage of a home that I didn't even own. So I was able to close a mortgage account for a house that I didn't even own. So now I closed a XXXX  loan for {$14000.00} that I was paying 10 % interest on, I paid off {$13000.00} of credit cards that I was paying 30 % interest on, I refinanced the remaining {$25000.00} of credit cards for 1 % interest for a year and 14 % interest thereafter, I got rid of a {$110000.00} mortgage that I didn't even own the house to, so my credit and financial situation has vastly improved in the last XXXX months and I am much more able to take on healthy debt such as a car loan or a home loan ( both things that I am desperate to do- as I have been driving my XXXX car with almost XXXX miles on it for XXXX years and I need a newer more reliable vehicle and I have been forced to be homeless  since XXXX and live with my parents due to the corrupt court system and incompetent police and incompetent judges. My credit score before I paid off my debts XXXX months ago was XXXX with maxed out credit cards paying 30 % interest. After paying off my debts and closing accounts that are just sucking me dry my credit score dropped over XXXX points to XXXX. I can't even qualify for a conventional mortgage with that credit score and I should have a FICO score closer to XXXX with the financial situation that I have put myself in. The credit bureaus do not indicate what a good financial custodian I have been, and I was very much considering bankruptcy. Maybe now after being treated like this I should have filed for bankruptcy. It will cost me {$100.00} more dollars a month to finance a house with a credit score of XXXX compared to the score that I should have of XXXX or better. This is a sham of our system and pathetic that our government allows good people like me to be taken advantage of by a for profit system that just wants to keep you enslaved. I already missed out on buying a house that I wanted to buy, even though I have the money to buy it with a conventional mortgage, because my FICO score is so messed up by the credit bureaus. Additionally, the information that is being reported to the credit bureaus is not being updated in a timely manner. I paid for a credit monitoring service ( XXXX  ) and on my credit reports they have inaccurate balance information that should be updated on a credit card that I have a {$0.00} balance on saying I have an {$11000.00} balance. What I think is the worst thing is that the XXXX major credit bureaus are allowed to screw up someone's financial life by having a FICO score system that is so incompetently corrupt and does not reflect truth or reality of someone's financial health. I am WAY more financially healthy and able to take on healthy debt now with a FICO of XXXX than I was 2 months ago with a FICO of XXXX. The FICO scoring system needs to be overhauled and the XXXX for profit credit bureaus need to be replaced with a not for profit consumer run agency. I have been the epitomy of a GREAT American trying to do everything right, and I have been royally screwed by the system that our government has allowed to thrive. I expect the CFPB to use my situation as an example as to why the XXXX credit bureaus and FICO score system should be eliminated. I expect to be contacted by the CFPB and communicated with what the CFPB plans to do about this egregious situation.