Consumer complaint received 2024-05-13 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Their investigation did not fix an error on your report
Company: Experian Information Solutions Inc.
State: NC

Complaint narrative:
Collector : XXXX XXXX XXXX Th

is company in dispute recently made a statement pertaining to my account, that they stay within the regulations of federal and state law. However, this statement has proven to be false. Experian has been in support of the false verification of this account. A
previously initiated dispute was said to been resolved as of XX/XX/XXXX ( XXXX ). The dispute result was said to have verified the accuracy of this account, as well as details of the account being updated. Upon further look into the account I came to the conclusion that no changes were made after the dispute resolution. 

This account is also being reported on my consumer report as an installment loan which is factually inaccurate. This account should be reported as a credit sale agreement due to the dealer selling the loan to a lender ( XXXX XXXX XXXX ). This account is not being reported accurately in several aspects, therefore making this account obsolete. 

Pertaining to balance, the vehicle was purchased XX/XX/XXXX in the amount of {$21000.00}. Upon looking at the balance statement for XXXX it shows XXXX balance being {$21000.00} which is {$210.00} over the original purchase price. The balance then jumps from XXXX in the amount of {$21000.00} to XXXX {$22000.00}. The balance for XXXX exceeds my payoff balance. Assuming my monthly payment and late fee were allocated into this price, the balance is inaccurate. The same applies to the following months pertaining to inaccuracy. 

It is important to emphasize that this account fails to comply with the Fair Credit Reporting Act, as it lacks any notation of my dispute in the account comments. In addition to the above referenced violations, XXXX XXXX XXXX is in violation of several consumer laws. 

One being, 15 USC 6802 obligations with respect to disclosures of personal information. 
( a ) Notice requirements Except as otherwise provided in this subchapter, a financial institution may not, directly or through any affiliate, disclose to a nonaffiliated third party any nonpublic personal information, unless such financial institution provides or has provided to the consumer a notice that complies with section 6803 of this title. 
( b ) Opt out ( 1 ) In general A financial institution may not disclose nonpublic personal information to a nonaffiliated third party unless ( A ) such financial institution clearly and conspicuously discloses to the consumer, in writing or in electronic form or other form permitted by the regulations prescribed under section 6804 of this title, that such information may be disclosed to such third party ; ( B ) the consumer is given the opportunity, before the time that such information is initially disclosed, to direct that such information not be disclosed to such third party ; and ( C ) the consumer is given an explanation of how the consumer can exercise that nondisclosure option. 
( 2 ) Exception This subsection shall not prevent a financial institution from providing nonpublic personal information to a nonaffiliated third party to perform services for or functions on behalf of the financial institution, including marketing of the financial institutions own products or services, or financial products or services offered pursuant to joint agreements between two or more financial institutions that comply with the requirements imposed by the regulations prescribed under section 6804 of this title, if the financial institution fully discloses the providing of such information and enters into a contractual agreement with the third party that requires the third party to maintain the confidentiality of such information. 

There is no contractual agreement between said financing company and the third-party mentioned. Being, the three major credit reporting agencies. Once reported to the agencies, it can then be unlawfully shared amongst other third parties. This financing company has an obligation by federal law to provide I, the consumer, with three different disclosures prior to furnishing this information on my credit report. I have not received all three disclosures. Therefore my consent was NOT given to have this information furnished on my report. There is no break pertaining to what is required by federal law. There is no or nor some pertaining to how many disclosures I am required to receive. It is stated in 15 USC 6802 that I should have received all THREE disclosures. 

I am demanding this information be removed off of my consumer report. It was furnished unlawfully. 

In addition, I was informed by the dealership in which I purchased the vehicle that I was required to make a down payment. By law, when participating in a consumer credit transaction cash is not an obligation. Please refer to 15 USC 1605. 

( a ) Finance charge defined Except as otherwise provided in this section, the amount of the finance charge in connection with any consumer credit transaction shall be determined as the sum of all charges, payable directly or indirectly by the person to whom the credit is extended, and imposed directly or indirectly by the creditor as an incident to the extension of credit. The finance charge does not include charges of a type payable in a comparable cash transaction. 

A finance charge does not include charges of a type in a comparable cash transaction. Meaning, cash is excluded from a finance charge. I was informed by this company that it was acceptable for them to receive a down payment from me. However, the law stated completely invalidates their previous statement. 

Lastly, I called XXXX on the XXXX XXXX XXXX XXXX XXXX XXXX pertaining to the documentation required pursuant of 15 USC 1666 A. 
Labeled under timing of payments. This statue states ( a ) Time to make payments A creditor may not treat a payment on a credit card account under an open end consumer credit plan as late for any purpose, unless the creditor has adopted reasonable procedures designed to ensure that each periodic statement including the information required by section 1637 ( b ) of this title is mailed or delivered to the consumer not later than 21 days before the payment due date. 

There should have been documentation pursuant of this statue, provided to the credit reporting agencies that are furnishing this information in order for any payment to be treated as late. 

I called and spoke with Experian, escalated my concern to several staff members, where each one informed me there was no such documentation sent from the furnisher. 

In light of this, I then went on to Recite 15 USC 1681 E titled under compliance procedures. This statue states ( b ) Accuracy of report ; Whenever a consumer reporting agency prepares a consumer report it shall follow reasonable procedures to assure maximum possible accuracy of the information concerning the individual about whom the report relates. 

I firmly stated that this information must be deleted if there is no validation of the accuracy of the information on my report. 
XXXX XXXX XXXX failed to send out validation of being able to furnish these late payments on my consumer report to the credit reporting agencies, within the lawful time period which is 21 days or less prior to the due date of each billing cycle. I was told I needed to make a dispute pertaining to these late payments, which I know is unnecessary because if there is no validation, the late payment should have never been furnished. This is a fault of not only the creditor but Experian as well for furnishing invalidated information. 

Delete this account from my report for the multiple violations of my consumer rights and the numerous FCRA violations.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation