Consumer complaint received 2024-04-27 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Information is missing that should be on the report
Company: Experian Information Solutions Inc.
State: CA

Complaint narrative:
The company name is XXXX. My issue is that they are not reporting to the credit bureau the updated information on my credit builder account and really hurting my score. 

Context : I originally opened an account with for their debit card offering because in order to get their credit builder charge card ( " credit card '' ) it is mandatory to get the debit card first. Furthermore, on top of having to open a debit card you have to send at least {$200.00} USD from your paycheck into the account to active the credit builder charge card. 

Product description : Their credit builder card is supposed to act similar to a credit card in regard to the credit reporting features, however it really is a debit card. Its a hybrid card because it has the debit card capital use with the credit card billing and reporting. So you transfer money from your debit card into a separate escrow deposit account where the credit builder charge card can use to make payments. The catch is that you are subject to their billing cycle from the XXXX of any month to the XXXX of that month. If you do not " pay '' before the XXXX then the XXXX of the next month they will report your outstanding " balance '' to the credit bureau. In reality there is no balance and no amount owed because its your own money! their is no access to debt! 

Situation : The first time I had a " balance '' reported was on XX/XX/2024 with {$400.00} USD total outstanding. Since it is not a true revolving line of credit there is no credit limit so that credit reporting agencies determine credit utilization in their grading so it showed a credit utilization of 990 %!!! I immediately called to understand what was the issue because I obviously assumed based on their advertising that my balance would automatically be paid off every month ; logically since it is my very own money. Why would I want to have anything outstanding on a charge card? Anyways, so I called to fully understand how their product really works. After that they told me that I could opt out of the automatic XXXX billing and manually pay of front. I have done this and they have failed to report my payment history and updated " balance '' which is now {$0.00}. The latest results I have on my credit report is still an outstanding of {$400.00} with no credit limit therefore still a credit utilization of 990 % since XX/XX/2024. 

Problem : It is now XX/XX/2024 with the same data since XX/XX/2024. This is really hurting my credit score and quite frankly I just want to clear this erroneous information and close out from this card. It is clearly not useful for what I thought it would be. I just want this issue resolved and fix my credit report. This really looks so bad on my score and it is not even real. It was my very own money and there is no debt owed and it is obviously not true that I have 990 % utilization! 

Solution : Tell the company to report my updated credit history and have them correct the errors for the past 3 months!

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