Consumer complaint received 2024-09-19 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: Experian Information Solutions Inc.
State: LA

Complaint narrative:
I am writing to formally dispute inaccurate information being reported on my credit report regarding a repossession. The account in question is listed as follows : Creditor Name : XXXX XXXX XXXX Account Number : XXXX Date of Repossession : XX/XX/year> It has come to my attention that the repossession is being reported month after month on my payment history, which is not only inaccurate but also in violation of the Fair Credit Reporting Act ( FCRA ). Specifically, under the FCRA, negative information such as a repossession can only be reported once, corresponding to the date it actually occurred. 
Additionally, the FCRA mandates that credit reporting agencies maintain accurate information ( 15 U.S.C. 1681e ( b ) ). Repeatedly reporting the repossession each month creates an inaccurate and misleading credit report, which negatively impacts my credit score. Moreover, the statute of limitations for reporting a repossession is seven years from the date of the first delinquency leading to the repossession ( 15 U.S.C. 1681c ( a ) ( 4 ) ). Reporting this repossession multiple times does not extend this statute and is therefore improper. 
I request that you promptly investigate this account and correct the inaccurate information by removing the repeated entries of the repossession from my payment history. Please update my credit report accordingly and provide me with a confirmation of these corrections. 
Also XXXX XXXX XXXX violated my rights the financial institution repossessed my car without using the arbitration clause in the agreement and shared my personal information with a third party without my consent. Repossession without arbitration of the loan agreement contains an arbitration clause, the lender is required to use arbitration to resolve any disputes with you before they can repossess your car. If the lender repossesses your car without first trying to resolve the dispute through arbitration, they may be in violation of the terms of your agreement. Sharing personal information without consent The Fair Credit Reporting Act ( FCRA ) protects consumers from unauthorized sharing of their personal information. The FCRA requires businesses to obtain a consumer 's consent before sharing their personal information with a third party, If the financial institution shared my personal information with a third party without my consent, they may be in violation of the FCRA. Under the Fair Credit Reporting Act ( FCRA ), Section 611 ( a ) ( 7 ), I have the right to request " a description of the procedure used to determine the accuracy and completeness of the information. '' Additionally, FCRA Section 607 ( b ) requires that credit reporting agencies " follow reasonable procedures to assure maximum possible accuracy of the information '' contained in consumer reports. 15 U.S. Code 1666b is a law that covers the timing of payments for open-end consumer credit plans. The law requires creditors to : Provide payment due date information : Creditors must mail or deliver statements to consumers at least 21 days before the payment due date. 
Provide extension information : Creditors must provide the amount and date of each extension of credit. 
Handle inquiries : Creditors can treat inquiries for clarification or documentation as billing errors. 
The law also states that creditors can not treat a payment as late unless they have reasonable procedures to ensure that statements are delivered on time. 
If a creditor fails to comply with the requirements of 15 U.S. Code 1666b, they may forfeit their right to collect the amount indicated by the obligor. The amount that can be forfeited is capped at {$50.00}.

15 U.S. Code 1637a is a section of the United States Code that covers disclosure requirements for open-end consumer credit plans that are secured by a consumer 's primary residence. This section requires that creditors provide the following information to consumers when they distribute an application to open a credit card account. 
Annual percentage rate The annual percentage rate for any extension of credit under the plan, along with a statement that this rate only includes interest Interest rate information A statement that interest rate information will be included with each periodic statement The Truth in Lending Act ( TILA ) was enacted to protect consumers from unfair or inaccurate credit billing practices. TILA requires creditors to disclose credit terms in a meaningful way. 15 U.S. Code 1637 ( a ) - ( d ) covers disclosure requirements for open-end consumer credit plans, including interest rates, finance charges, consumer rights, and creditor responsibilities. 

Please provide the specific details on how the investigation was conducted, including number of the person or entity that verified the information. 

XXXX. The name, address, and telephone XXXX. The method and sources used for verification. 
I appreciate your prompt attention to this matter and look forward to your detailed response as required by law. 
Sincerely,

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