Consumer complaint received 2025-01-24 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Problem with a company's investigation into an existing problem — Their investigation did not fix an error on your report
Company: Applied Data Finance, LLC
State: NC

Complaint narrative:
I am filing this complaint against Personify Financial ( Applied Data Finance , LLC d/b/a Personify Financial Services, LLC ) , for failing to investigate and correct inaccurate information related to my personal loan account ( # XXXX ) despite multiple disputes. Despite repeated disputes, Personify has failed to address multiple violations of consumer protection laws, including the FCRA, TILA, IRS charge-off reporting requirements, and potential usury laws. 1. Failure to comply with arbitration clause : The loan agreement includes a binding arbitration clause requiring disputes to be resolved through arbitration. personify failed to initiate or complete arbitration before charging off the account on XX/XX/year>. This is a breach of the agreement and undermines the legitimacy of the charge-off. 2. Inaccurate Reporting and Misrepresentation of Ownership : The account was sold to XXXX XXXX XXXX but Personify continues to report a balance on my credit report which is misleading and violates FCRA 1681e ( b ). 3. Unsupported charge-off balance : Personify has not provided documentation to substantiate the reported charge off balance of {$3900.00} despite my request. 4. TILA Violations : The loan agreement fails to meet TILA disclosure requirements. It does not provide a clear breakdown of the APR ( 36.20 % ), total repayment amount, or how bi-weekly payments of {$110.00} were calculated. These omissions make it impossible for borrowers to fully understand the cost of the loan, violating TILA 's Regulation Z. 5. Investigation Did Not Fix Errors : Personify did not adequately address these inaccuracies in their investigation and failed to provide evidence supporting the accuracy of the reported information. 6. IRS Charge-off Reporting Requirements Ignore : IRS regulations XXXX XXXX XXXX XXXX ) require creditors to issue a form 1099-C when a charge-off occurs for amounts exceeding {$600.00}. Personify has not provided anu evidence of compliance with this requirement, raising questions about the validity of the charge-off. Without proper documentation, this reporting is incomplete and misleading.7. Usury Concerns : The loan agreement does not specify the governing state law for determining permissible interest rates. This raises questions about whether the 36.20 % APR exceeds state usury laws, which typically cap personal loan interest rates. 8. Privacy and Transaction Reporting Concerns : The inaccurate reporting of transaction history and account status violates my right to accurate and lawful reporting under FCRA 1681b, which limits the permissible use and disclosure of consumer information. Personify failures have caused significant harm to my credit report and financial standing. Their refusal to address arbitration compliance, TILA violations, and the misrepresentation of the account damages my financial reputation and ability to secure credit.

Company response to consumer: Closed with explanation