Consumer complaint received 2025-12-09 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: Tower Loan of Mississippi, Inc.
State: LA

Complaint narrative:
Tower Loan of MS ( XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXFPB Complaint for Inaccurate and XXXX XXXX XXXX Tower Loan of Mississippi XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX To Whom It May Concern, I am submitting this complaint regarding Tower Loan of Mississippi due to inaccurate, inconsistent, and unverified information being reported on my credit file for the installment account listed below : Creditor : Tower Loan of MS Account Number : XXXX XXXX XXXX XXXX XXXX  Date Opened : XX/XX/XXXX Date Closed : XX/XX/XXXX Reported Status : Charge-off Balance : {$1300.00} Monthly Payment : {$51.00} Payment Received : {$0.00} High Balance : {$820.00} ( reported XXXX ) Estimated Removal : XX/XX/XXXX The information furnished by Tower Loan appears to violate several sections of the Fair Credit Reporting Act ( FCRA ) and Regulation V ( 12 CFR Part 1022 ).

ISSUES WITH THE REPORTING 1. The reported balance and high-balance history conflict with each other.

Tower Loan reports : Current balance : {$1300.00} Historical high balance : {$820.00} It is impossible for the current balance to exceed the historical high balance unless the account is being reported inaccurately or unlawfully modified after charge-off. This inconsistency violates : FCRA 607 ( b ) Duty to ensure maximum possible accuracy FCRA 602A Protection against misleading credit reporting XXXX. The account was closed in XX/XX/XXXX but updated with new balances well into XXXX. 

The account shows Date Closed = XX/XX/XXXX, but Tower Loan continued reporting updated balances through XX/XX/XXXX, long after closure. 

Closed accounts can not accrue new balances or be updated with new high-balance metrics unless the creditor can prove legal basis for these changes. 

This violates : Regulation V ( 12 CFR 1022.42 ) Reasonable accuracy procedures FCRA 623 ( a ) ( 1 ) ( A ) Furnishers can not report information they know or should know is inaccurate 3. No payment history is reported, but a charge-off is shown.

The tradeline reports : Payment Received : $ 0 Monthly payment obligation : {$51.00} Charge-off status If Tower Loan is reporting a charge-off, they must supply : Original amount owed Payment history How they arrived at the charge-off balance When delinquency supposedly began Without these verifiable records, the charge-off is not compliant with : FCRA 611 ( a ) ( 1 ) ( A ) Right to dispute and require verification FCRA 623 ( b ) Furnisher duty to investigate upon notice 4. Reporting a charge-off without supporting documentation is unlawful.

If Tower Loan can not validate : Original agreement Account balance calculations Posting of fees/interest Payment history Date of first delinquency then the information must be deleted under : FCRA 611 ( a ) ( 5 ) ( A ) Unverifiable data must be deleted I respectfully request the CFPB assist with the following : 1. Compel Tower Loan of MS to conduct a full, reasonable investigation into this tradeline.

2. Require Tower Loan to provide complete documentation, including : Original promissory note/loan agreement Full payment ledger Accounting of how the balance increased to {$1300.00} after closure Proof supporting the charge-off classification 3. Correction or deletion of any information that can not be verified with original records.

4. Immediate update to ensure reporting complies with FCRA 623 ( a ) and 623 ( b ).

5. Written results of the investigation provided to me and the credit bureaus.

I certify that the statements made in this complaint are true and accurate to the best of my knowledge. I am requesting CFPB assistance because this incorrect reporting is harming my creditworthiness and does not appear to comply with federal law. 

Thank you for your time and attention.

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