Consumer complaint received 2024-09-10 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Fees or interest — Problem with fees
Company: Experian Information Solutions Inc.
State: TX

Complaint narrative:
I contacted XXXX XXXX and XXXX several times in XXXX and XXXX to resolve this issue with no updates. 

I am writing to formally dispute the inaccurate information reported on my credit report regarding my XX/XX/XXXX secured credit card account ( Account No. XXXX ). Below are the discrepancies I have identified : This account was opened as a secured credit card in XX/XX/XXXX, funded with {$300.00} of my personal funds. Currently, two of the three major credit reporting agencies, as well as XXXX, are reporting a past due balance of {$310.00} as of XX/XX/XXXX, despite the account being charged off with a {$610.00} write-off. Additionally, the reports reflect that the account was 30, 60, 90, and 120 days past due from XX/XX/XXXX through XX/XX/XXXX, while the balance remained at {$310.00}. When I requested the account be closed, the {$300.00} security deposit I used to open the account was never refunded, leaving me uncertain as to how I owe {$610.00}. 

This inaccurate reporting violates several consumer protection laws : Fair Credit Reporting Act ( FCRA ) ( 15 U.S. Code 1681e ( b ) and 1681i ) : Under the FCRA, credit reporting agencies are required to ensure the accuracy of the information they report. Reporting false information, such as incorrect balances and past-due statuses, violates these provisions. Additionally, I am exercising my right to dispute this inaccurate information, and I expect a thorough investigation and correction of the errors as required by law within the 30-day timeframe.

Fair Debt Collection Practices Act ( FDCPA ) ( 15 U.S. Code 1692e and 1692f ) : It is unlawful to misrepresent the amount of a debt or attempt to collect an amount not authorized by the agreement that created the debt. Given that this account was secured by my {$300.00} deposit, and I never received a refund upon the accounts closure, I believe the reported balance of {$610.00} and past due statuses constitute a violation of these protections. 

Truth in Lending Act ( TILA ) ( 15 U.S. Code 1631 ) : TILA mandates clear and accurate disclosure of terms and fees. The increase from a {$0.00} balance in XX/XX/XXXX to a {$610.00} charge-off, without clear communication or return of my security deposit, raises concerns about violations of TILAs disclosure requirements. 

Unfair, Deceptive, or Abusive Acts and Practices ( UDAAP ) : Failing to return my {$300.00} security deposit and inaccurately reporting delinquencies may also violate UDAAP regulations, which prohibit financial institutions from engaging in deceptive or unfair practices. 

I have attached XXXX XXXX statements from XXXX XXXX, which show a balance of {$0.00} and indicate that the account was closed at my request. Please explain how a {$0.00} balance escalated to {$610.00} and why I have not received my security deposit refund. 

In compliance with the Fair Credit Reporting Act, I request that you promptly investigate this matter and correct the inaccuracies on my credit report. I expect to receive a response within the FCRA-mandated timeframe.

Thank you for your prompt attention to this matter. I look forward to your response and the resolution of this issue.

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