Consumer complaint received 2016-02-08
Product: Credit reporting — 
Issue: Credit reporting company's investigation — Problem with statement of dispute
Company: EQUIFAX, INC. (CO)

I believe EQUIFAX is completely UNFAIR in their practices. Here 's our story, when the housing crisis and recession took place in XX/XX/XXXX, we were one of those families that were adversely affected because the economy took a HUGE nose dive. My husband lost his job and could not find work for 7 months, although he looked everyday. I got a part time job and he did odd jobs, just to stay a float. Then, when he did go back to work, he started making half of his former income. We were one of the lucky ones, we actually did keep our home thanks to friends and family who were generous and helped us out. But after months and months of feeling the stress of barely hanging on, we consulted a financial counselor who advised us against our best judgment to file bankruptcy. We filed but after a couple months, chose to not go through with the bankruptcy and did our best to work with our creditors and continue to pay on our debts. Sadly, someone who files for bankruptcy and then changes their mind, STILL RECEIVES THE SAME PENALTY of someone who gets all their debts discharged. It 's completely unfair! So, we 've waited 7 years for the Bankruptcy and Dismissal to fall off both of our credit reports. XXXX and XXXX XXXX both dropped the bankruptcy and dismissal right at the 7 year mark. HOWEVER, EQUIFAX chooses to keep bankruptcies on their records for 10 YEARS! But here 's the the really awful and absolutely unfair practice, EQUIFAX DOES DROP OFF BANKRUPTCIES THAT ARE DISCHARGED AT 7 YEARS, BUT NOT BANKRUPTCIES THAT ARE DISMISSED. WHAT???!!! So, people who choose to be responsible and still pay their debts are penalized three more years than people who get their debts discharged. It 's ridiculous! There is no board, no governing body, no one to send a petition or an appeal to explain our circumstances and ask them to change their minds. Why, not??????? Why do they get to play God? And why on earth do the XXXX reporting agencies even keep a bankruptcy that is filed, but dismissed on someones credit report for 7 years-10 years anyway?????? It 's just plain wrong! We are being penalized for deciding to do the right thing and do our best to pay our creditors. Good grief!! I 'm certain that we can not be the only family in XXXX that is dealing with this. So many families lost their homes and jobs in XX/XX/XXXX and XX/XX/XXXX. I 'd love to know what can be done? Clearly laws need to be changed to protect hard working families from being penalized for 10 solid years for a decision we were advised to make by a financial counselor. I also, believe that the credit reporting agencies should have a standard to follow. They make up their own retention policy. And when asked who and why or how they decide what they choose to retain on their records, one representative told me that they were complying with the law. I responded that if that were true, then please send me a copy of this law because obviously XXXX XXXX and XXXX were not following the law since they already dropped our bankruptcy and dismissal off their reports. Of course, she had no copy of a law to send me, only a copy of their retention policy, the one they CLEARLY made up on their own. Sadly, Equifax has decided it 's a good idea to penalize people who decide to pay their creditors rather than declare bankruptcy for 3 additional years over XXXX XXXX and XXXX. I am disgusted and disheartened.