Consumer complaint received 2025-07-24 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Improper use of your report — Reporting company used your report improperly
Company: EQUIFAX, INC.
State: GA

Complaint narrative:
I am filing this complaint against Equifax, Experian, and TransUnion for reporting multiple tradelines that are false, inaccurate, and unverifiable under the Fair Credit Reporting Act ( FCRA ) and other federal laws. These credit bureaus are furnishing information from companies that, according to their own SEC filings and public disclosures, no longer legally own the receivables they claim to report. 

In my formal dispute letter, I identified several accounts including those from XXXX  XXXX, XXXX XXXX, XXXX XXXX, XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX, XXXX XXXX XXXX Bank XXXXXXXX XXXX XXXX XXXXXXXX XXXX XXXX, and others that continue to be reported as charge-offs or collections. However, these institutions have securitized and sold the receivables into trusts and therefore do not retain legal or beneficial ownership of the debt. 

For example : XXXX XXXX disclosed that the receivables... are transferred to the XXXX XXXX XXXX XXXX. 

XXXX XXXX states that all receivables... were transferred to the trust... the receivables transferred to the trust are the trusts primary assets. 

XXXX Bank notes that it transfers receivables to the trust and serves only as servicer. 

XXXX XXXX XXXX XXXX admits in its prospectus : Following the sale, XXXX XXXX retains no legal or beneficial ownership interest in the receivables ; the Trust holds all rights. 

Despite these admissions, the credit bureaus continue to list these institutions as if they are the current owners of the debt, which is materially false and has caused significant harm to my creditworthiness and reputation. 

When I submitted a formal dispute under FCRA 1681i, I specifically requested that the credit bureaus verify : Whether the named entity still owns the receivable, The trust name if the account was securitized, Assignment documents and chain of title, Servicing agreements where applicable.

Instead of properly investigating, the credit bureaus responded with templated letters and continued reporting, failing to provide any meaningful verification. This violates : FCRA 1681e ( b ) Failure to ensure maximum possible accuracy.

FCRA 1681i ( a ) Failure to conduct a reasonable reinvestigation.

FCRA 1681s-2 ( b ) Continuing to furnish data without verification. 

TILA 1638 ( a ) & Reg Z Failure to disclose assignment of ownership. 

XXXX XXXX Mishandling of consumer financial data. 

UCC 9-210 Failure to provide a statement of account and chain of title. 

FDCPA 807808 Misrepresentation of debt ownership and collection authority. 

18 U.S.C. 1956 Potential money laundering or unauthorized financial activity.

Equitable violations such as usufruct and constructive fraud, where creditors benefit from receivables they no longer own. 

These inaccurate reports have damaged my XXXX XXXX, caused me to be denied credit opportunities, and created significant emotional and financial distress. The continued reporting of these invalid tradelines also suggests a systemic failure by Experian, Equifax, and TransUnion to follow federal law and consumer protection guidelines. 

I am requesting the CFPB to investigate this issue and compel the credit bureaus to : Delete all unverifiable or unlawfully reported tradelines, Require furnishers to produce proper documentation of ownership, Impose penalties where willful violations are confirmed, Ensure these practices do not continue to harm other consumers.

Company response to consumer: Closed with explanation