Consumer complaint received 2024-11-01 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: CA

Complaint narrative:
In XX/XX/XXXX, I obtained an auto loan from XXXX XXXX XXXX ( XXXX ) for a vehicle that, unbeknownst to me at the time of purchase, had significant mechanical issues. 

Over the course of ownership, the vehicle frequently broke down, requiring numerous costly repairs. Despite investing substantial funds into fixing the car, it continued to have recurring problems. By XX/XX/XXXX, the vehicle was no longer operational, and the cost to repair it exceeded its value and the remaining balance on the loan. Due to the financial burden of repairing a non-functional vehicle and compounded by a change in life and home income, I was unable to continue making payments. Consequently, the vehicle was repossessed once in XX/XX/XXXX. 

From XX/XX/XXXX to XX/XX/XXXX, XXXX reported the account as a repossession every single month on my credit reports. This repeated monthly reporting created the misleading appearance of multiple repossessions, rather than accurately reflecting the single repossession event. From XX/XX/XXXX to XX/XX/XXXX, XXXX  did not furnish any data regarding this account. Then, in XX/XX/XXXX, XXXX reported another repossession, despite no additional repossession occurring. In XX/XX/XXXX, I settled the account in full, and XXXX  is now showing the account as closed and settled for less than the full amount. 

I have filed multiple disputes with Experian, XXXX, and XXXX, citing the inaccurate and misleading reporting of multiple repossessions. On XX/XX/XXXX, I discovered that my disputes were marked as completed without the expected corrections or removal. I contacted all three credit bureaus the same day, and representatives from each agreed that reporting consecutive months of repossession is misleading and not a fair or accurate representation of the situation. They initiated disputes on my behalf, yet XXXX  continues to report inaccurately. 

XXXX 's reporting practices violate the Fair Credit Reporting Act ( FCRA ), which mandates that information furnished to credit bureaus must be accurate and complete. By repeatedly reporting the repossession and adding an additional repossession in XX/XX/XXXX, XXXX is providing false and misleading information that adversely affects my creditworthiness. 

The consequences of XXXX  's actions have been severe : - Denied Housing : I was denied an apartment lease due to the negative impact on my credit report, despite meeting all other qualifications.

- Limited Banking Access : For years, I had been unable to access traditional banking services, forcing me to rely on prepaid debit cards and depend on friends to make payments for bills that do not accept prepaid cards.

- Credit Opportunities Blocked : I have been denied credit applications for personal loans and credit cards, limiting my financial flexibility and subjecting me to higher interest rates. 

- Emotional and Financial Stress : The inaccurate reporting has caused significant stress, hindering my ability to achieve financial stability and meet basic needs. 

On XX/XX/XXXX, XXXX  responded to my BBB complaint by insisting their reporting is accurate and stating they are within their rights to report the repossession as they have. They were dismissive of my concerns and did not acknowledge the misleading nature of their reporting practices. 

I have also become aware that XXXX  is facing a class-action lawsuitConsumer Financial Protection Bureau and the People of the State of New York vs. Credit Acceptance Corporation , filed on XX/XX/XXXX, XXXXaccusing them of predatory practices and unfair reporting. This suggests a pattern of harmful tactics that align with my experience.

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