Consumer complaint received 2025-09-30 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: EQUIFAX, INC.
State: OK

Complaint narrative:
I am disputing the continued reporting of the above-referenced XXXX XXXX account XXXX XXXX has failed to lawfully verify the accuracy of this account, and the reporting is both factually inaccurate and legally deficient. 

1. Improper and Arbitrary Interest Reporting XXXX XX/XX/XXXX response letter acknowledges a balance of {$6100.00}, which includes {$2500.00} in post-default interest. This figure equates to approximately 36 % simple interest for two years not compounded interest as would normally be consistent with a fixed APR of 36 %. If the contract required compounding, XXXX balance is understated by more than {$1100.00}. If the contract required another accrual method, XXXX has not identified or documented it. 

Further, XXXX admitted that it is willing to waive the post-default interest if payment is made. This proves that the amount they are reporting is discretionary, not contractual. Reporting discretionary figures as if they are accurate contractual obligations violates the Fair Credit Reporting Act ( FCRA, 15 U.S.C. 1681s-2 ( a ) ), which requires furnishers to report only accurate, verifiable information. 

XXXX. Reporting During Active Dispute Despite multiple open disputes, XXXX has continued to update this account with new delinquency notations and additional interest. Furnishers are prohibited from continuing to report disputed information without resolving verification, per the FCRA. This is a clear breach of their obligations. 

3. Failure to Provide Verification I have repeatedly requested the following, which XXXX has refused to provide : An itemized calculation of all balances, fees, and interest accruals. 

The contractual clause authorizing post-default interest and the accrual method used. 

A full and authoritative copy of the loan agreement and repayment schedule. 

Instead, XXXX has responded with duplicative, boilerplate letters even marking CFPB disputes as duplicate instead of providing new information. They also previously claimed to have sent a debt validation letter in XXXX, two years before the loan originated in XX/XX/XXXX, which undermines their credibility. 

4. Unreliable and Non-Authoritative Records XXXX letters contain repeated typographical errors and disclaimers that certain documents are not authoritative. These errors, combined with the discretionary reporting of interest, demonstrate that the account as reported can not be trusted to meet the FCRAs standard of maximum possible accuracy. 

XXXX. Inconsistent Interest Method Compounding vs. XXXX XXXX XXXX own payment ledger shows that prior to charge-off, interest was accrued monthly on a compounding basis. For example : On XX/XX/XXXX, XXXX added Interest Accrual ( XXXX ) of {$110.00}, raising the balance from {$4600.00} to {$4800.00}. 

On XX/XX/XXXX, another Interest Accrual ( XXXX ) of {$110.00} was applied, this time calculated on the new balance of {$4600.00}, not just the original principal. 

On XX/XX/XXXX, Interest Accrual ( XXXX ) of {$110.00} was added, again compounding on the updated balance. 

These entries confirm that interest under the contract was applied monthly and compounded on the new balance each period. 

However, after charge-off on XX/XX/XXXX, XXXX abandoned this method and instead applied simple annual interest. In their XX/XX/XXXX response, they admitted to adding {$2500.00} in post-default interest, a figure that matches two years of 36 % simple interest on the charged-off principal ( {$3500.00} ) not compounding interest as required under the contract and disclosures. 

XXXX further admitted they are willing to waive the post-default interest if payment is made. This proves the reported balance is discretionary, arbitrary, and inconsistent with the contract. 

This inconsistent application of interest accrual : Contradicts the loan agreement and Truth in Lending disclosures. 

Creates an unverifiable, discretionary balance. 

Violates the FCRA requirement for maximum possible accuracy. 

By switching from compounding to simple interest post-default, XXXX has materially altered the way the debt was calculated. A debt reported with inconsistent and discretionary methods can not be considered accurate or verifiable. 

Demand for Deletion Because XXXX has failed to verify this account, continues to report discretionary and inaccurate figures, and has violated the FCRA by updating a disputed account, I demand that this account be deleted in its entirety from my credit report. Correction is not sufficient, as the reporting itself is fundamentally unreliable and unverifiable.

Company response to consumer: Closed with non-monetary relief