Consumer complaint received 2024-01-02 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: Experian Information Solutions Inc.
State: CA

Complaint narrative:
I am writing to file a formal complaint with the Consumer Financial Protection Bureau ( CFPB ) regarding the inaccurate reporting by all three credit reporting agenciesXXXX, XXXX, and Experiandue to erroneous information provided by XXXX XXXX XXXX. The inaccurate reporting has significantly impacted my financial standing due to its repercussions on my credit report as reported to XXXX. 

The issue arose from the inaccurate reporting of transaction history by XXXX XXXX XXXX  to unaffiliated third parties, leading to adverse effects on my credit profile. Specifically, the reporting inaccuracies stemmed from the misunderstanding that making double payments would count as two separate payments for two distinct months. Despite my making double payments twice, totaling four payments, the credit reporting agencies labeled these as late payments on my credit report, which is factually incorrect. 

My attempts to rectify this situation by requesting XXXX XXXX to either remove the inaccurate late reporting or update my account as " paid as agreed '' were met with refusal. XXXX XXXX, marketed as a credit-building tool, failed to address these inaccuracies despite my efforts to resolve the matter. 

Moreover, my involvement with XXXX XXXX was based on the understanding that by making monthly payments of {$30.00} into a savings account, I would establish a {$2500.00} credit line recordation reported to credit agencies, thus improving my credit score. However, the requirement for a loan application was undisclosed to me. It became apparent that my confidential information was utilized without my explicit consent for a loan application, which I did not directly initiate. 

Further research revealed that XXXX XXXX XXXX, through its parent company XXXX XXXX XXXX, engaged in the sale of debt securities as indicated in their SEC Form D, dated XX/XX/XXXX. This activity, unbeknownst to me, utilized my personal and private information as collateral without my informed consent or knowledge. 

The utilization of my personal data for capital gains without my consent violates the Privacy Act of XXXX. I was unaware of XXXX XXXX XXXX XXXX  affiliation and the use of my confidential information for the purpose of securitization and raising capital. This action was done without compensation to me or any clear disclosure of these practices. 

Moreover, the closure of my account with XXXX XXXX resulted in the removal of the {$2500.00} credit recordation and the erroneous reporting of two missed payments, which has adversely affected my creditworthiness. This inaccurate reporting has subsequently led to the denial of credit extensions, hampering my financial opportunities. 

I believe XXXX XXXX XXXX specifically through its subsidiary XXXX XXXX, engaged in deceptive practices by marketing a product that involved a cash-secured credit installment loan without adequate disclosure. Multiple violations of the Truth in Lending Act were evident, as I was charged interest on an installment loan that I never received. 

The situation I have described constitutes fraudulent practices and has caused significant harm to my financial standing. I urge the CFPB to thoroughly investigate these practices and take appropriate actions to rectify the inaccuracies on my credit report, prevent further deceptive practices, and ensure consumer protection in such financial dealings. 

Thank you for your attention to this matter. 
Sincerely, [ Your Name ] [ Your Contact Information ] References to UCC Codes ( placed as deemed appropriate in the letter ) : Regarding the handling of payments not reflecting accurately in my credit report, it appears to contravene UCC 3-501, which outlines the obligation of good faith in the handling of payment transactions and the need for proper notification of non-payment.

The nondisclosure of loan application requirements and the subsequent utilization of my confidential information might implicate UCC 1-201 ( b ) ( 20 ), emphasizing the need for mutual assent and knowing acceptance of terms in a transaction.

Furthermore, the utilization of my personal information as collateral without my informed consent potentially violates UCC 9-203, emphasizing the need for explicit consent and understanding in transactions involving personal property as collateral.

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