Consumer complaint received 2025-01-13 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: EQUIFAX, INC.
State: TX

Complaint narrative:
Subject : Formal Complaint Against Credit Reporting Agencies for Improper Handling of Charge-Off Disputes To Whom It May Concern at the Consumer Financial Protection Bureau ( CFPB ) : I am writing as a deeply dissatisfied consumer to file a formal complaint regarding the mishandling of my credit report disputes by the credit reporting agencies ( CRAs ). Despite my legitimate challenges to the reporting of charge-offs on my credit file, these agencies have failed to conduct proper investigations, yet continue to report a balance due, enabling original creditors to potentially collect payments multiple times for the same debt. This behavior is not only unacceptable but potentially fraudulent. 
My disputes relate to the reporting of charge-offs, which are inaccurately reflected as balances still due. The CRAs claim to have " verified '' this information, but their so-called verification process is nothing more than an automated ID match through a computer system. This lazy and flawed approach does not constitute a proper investigation under the Fair Credit Reporting Act ( FCRA ). 
Moreover, the continued reporting of a balance after a debt is charged off is an accounting error that the CRAs are fully aware of. Such actions have significant implications for both myself and the IRS. If the original creditor has indeed charged off the debt, they are required to issue a Form 1099-C for canceled debt income. I demand a copy of this form so I can accurately report it as income on my taxes and ensure compliance with federal law. By failing to address this matter and allowing this erroneous reporting to persist, the CRAs are complicit in facilitating a potential violation of IRS regulations.

Under the FCRA, the CRAs are obligated to ensure the maximum possible accuracy of the information they report. Their failure to investigate my disputes properly and their continued reporting of inaccurate balances represent clear violations of this obligation. Furthermore, this practice exposes me to potential tax liabilities and creates unnecessary financial and emotional stress.

I am seeking the following remedies : 1. Immediate removal of all inaccuracies related to the charge-offs or collections reported on my credit file.

2. Copies of any Form 1099-C issued by the original creditor to substantiate the charged-off debt.

3. Compensation of {$1000.00} per violation, as stipulated by the FCRA, for each instance where the agencies failed to comply with their legal obligations.

4. Any additional statutory damages deemed appropriate for the harm caused by their negligent and fraudulent actions.

I urge the CFPB to hold these agencies accountable for their blatant disregard of consumer rights and their legal responsibilities. This matter has caused significant harm to my financial health and well-being, and I expect swift and decisive action. 
Thank you for your attention to this matter. Please confirm receipt of this complaint and inform me of the steps being taken to address it. 
Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation