Consumer complaint received 2024-01-24 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Improper use of your report — Reporting company used your report improperly
Company: EQUIFAX, INC.
State: CA

Complaint narrative:
My information was sold and bought illegally because I was a victim of the Equifax Breach. I want these items Deleted from my credit reports effective immediately. I am attaching proof that Equifax has admitted that I was in fact a victim of the data breach and Equifax has done nothing. Please help me delete these illegal accounts from my credit reports. 
XXXX XXXX # XXXX open XX/XX/XXXXXXXX XXXX XXXX XXXX open XX/XX/XXXX Furthermore I was affected by their illegal practices listed below A XXXX car loan class action website has been established to inform consumers of a proposed {$550.00} XXXX  settlement that they may qualify for. Though the website is live, the settlement is not accepting claims at this time. A judge has yet to approve the settlement deal. Top Class Actions will provide information on how to file a claim as soon as the details are available. The {$550.00} XXXX  settlement would resolve a probe by 34 state attorneys general into allegations that XXXX issues unfair auto loans with excessive interest rates and other terms. These loans were allegedly offered to subprime consumers who were highly likely to default on the debts. XXXX profited by approving high-cost loans to disadvantaged auto buyers who were doomed from the start, California Attorney General XXXX XXXX said in a statement, according to U.S. News . This settlement should be a warning to the industry that we are committed to protecting consumers from abusive business practices. According to the multi-state investigation website, XXXX knew that some of their borrowers were at a high risk of default but turned a blind eye to these risks and exposed these borrowers to unnecessarily high levels of risk through high loan-to-value ratios, significant backend fees, and high payment-to-income ratios. XXXX has agreed to pay {$65.00} XXXX  in restitution to the XXXX states participating in the investigation. This restitution will compensate certain subprime borrowers who defaulted on XXXX auto loans between XXXX XXXX, XXXX and XXXX XXXX, XXXX. For XXXX car loan borrowers who have not had their cars repossessed despite having the lowest quality loans, the company will reportedly allow them to keep their cars and waive any remaining loan balances. In total, these customers will be offered up to {$45.00} XXXX in loan forgiveness. Loan forgiveness will also be extended to other consumers, according to the XXXX car loan settlement website. Certain defaulted consumers will have their deficiency balances waived by the company, with XXXX agreeing to provide up to {$430.00} XXXX in immediate loan forgiveness. XXXX  loans were reportedly packaged into bonds by the company and sold to investors. In XXXX alone, the company issued {$8.00} XXXX of these bonds. This is reportedly twice as much as any other subprime auto loan lender. For loans that XXXX has sold, the company will attempt to buy these loans back under the settlement terms. Should the company successfully acquire the loans, they will provide additional deficiency waivers, according to the settlement website. Going forward, the settlement also requires XXXX to change their practices to better serve consumers. The loan company will be required to consider the borrowers full list of actual monthly debt obligations before extending a XXXX car loan. Additionally, if a consumer has a negative residual income after considering these monthly obligations, XXXX will not extend financing. If XXXX loans default in the future, the company will reportedly be required to test these loans to see if the consumer had a negative residual income at the time of the financing origination. This test must account for basic living expenses, according to the settlement terms. Should the test reveal that the loan was unaffordable to the consumer and the borrower defaulted within a certain period of time, the loan must be forgiven by XXXX. XXXX car loan car with money illustrationPreviously, XXXX allegedly allowed problematic third-party dealers, such as those offering vehicle service contracts, to waive documentation requirements for income and expenses. Going forward, the lender will reportedly stop allowing such exceptions and will be required to monitor dealers for income inflation, expense inflation and power booking. The final terms of the XXXX car loan settlement requires the company to maintain fair policies and procedures for deferments, forbearances, modifications and other collection matters that all employees must follow. XXXX has reportedly been expecting to reach a settlement to resolve the XXXX multi-state probe. As a result, the lender has reportedly set aside funding and made changes in anticipation meaning that their earnings will not be impacted. Over the last several years, we have strengthened our risk management across the board improving our policies and procedures to identify and prevent dealer misconduct, and tightening standards to ensure affordability, XXXX said in a statement, according to XXXX XXXX. The settlement was lead by Illinois Attorney General XXXX. Attorneys general from XXXX XXXX XXXX XXXX XXXX XXXX XXXX serve as the settlements executive committee. The following states attorneys general are also included in the settlement : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation