Consumer complaint received 2025-02-03 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account status incorrect
Company: Experian Information Solutions Inc.
State: PA

Complaint narrative:
Introduction & Overview of Complaint I am filing this formal complaint against XXXX XXXX XXXX, for failing to provide a cure period before reporting a late payment, which has inaccurately impacted on my credit report and is now threatening my ability to secure a home loan scheduled to close on XX/XX/XXXX. 
This complaint is not just about a single inaccurate credit reporting incident, it is about the real life impact it is having on me and my entire family. 
I am my family 's primary provider, and we have been planning this home purchase for years to provide stability and security. 
Because of this unjustified credit reporting error, my lender is now reconsidering the mortgage approval or may increase my interest rate significantly.

If this is not resolved immediately, my family may lose the home we have already invested time and money in securing. 
On a call on XX/XX/XXXX, at XXXX EST, XXXX XXXX, with the assistance of XXXX XXXX XXXX, informed Affirm of an anticipated late payment and sought information regarding a cure period before adverse credit reporting. Affirms representative, XXXX, stated that XXXX does not offer a cure period because they do not impose late fees. 
XXXX Under Virginia law, expressly 6.2-1520 ( B ) of the Code of Virginia, lenders are permitted to charge a late payment fee of {$20.00} for any payment not received within 10 days of the due date. This implies a 10-day grace period during which a borrower can make a late payment without incurring a late fee. While the statute does not explicitly mandate a cure period, the allowance for a late fee after 10 days suggests that lenders should provide a 10-day window before taking adverse actions, such as reporting to credit bureaus. 
This directly violates Virginia consumer lending laws and federal credit reporting statutes, including the Fair Credit Reporting Act ( FCRA ) and the Fair Debt Collection Practices Act ( FDCPA ). 
This complaint is submitted with XXXX XXXX XXXX, a financial advocate with expertise in government and consumer financial matters ( not an attorney ). 
II. Complaint Details A. Consumer & Loan Information : Complainant Name : XXXX XXXX XXXX ( Last Four Digits ) : XXXX Date of Birth : XX/XX/XXXX Current Address : XXXX XXXX XXXX XXXX XXXX, PA XXXX XXXX Address XXXX XXXX XXXX XXXX Wy, XXXX XXXX VA XXXX Financial Institution Involved : XXXX XXXXXXXX. 
Account Type : Installment Loan for Consumer Purchase High Credit Amount : {$1600.00} Balance : {$0.00} ( Paid in Full ) Date Reported Late : XX/XX/XXXX Date of Last Activity : XX/XX/XXXX XXXX. Violations and Personal Harm to My Family A. Failure to Provide a Cure Period Before Reporting a Late Payment Violation of Virginia Consumer Lending Laws Affirm failed to provide me with a legally required grace or cure period before reporting my late payment to credit bureaus.

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