Consumer complaint received 2024-05-17 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: SYNCHRONY FINANCIAL
State: MO

Complaint narrative:
I am submitting a formal complaint against Synchrony Bank, XXXX, and XXXX due to ongoing inaccuracies in the reporting of a charge-off on my credit report, which have led to multiple unjust adverse actions against me. Despite my consistent efforts to rectify these inaccuracies through disputes initiated with major credit reporting agencies ( CRAs ), including XXXX and XXXX, starting in XX/XX/XXXX and directly to Synchrony Bank beginning on XX/XX/XXXX, the issue persists. 

Synchrony Bank claimed on XX/XX/XXXX, that their reporting was accurate across all XXXX, XXXX, and XXXX. This statement directly contradicts the evidence I possess, which shows discrepancies in how the charge-off has been reported among the CRAs. Specifically, I have evidence that XXXX deleted this account in XX/XX/XXXX, demonstrating that at least XXXX CRA found the information to be inaccurate. Despite using a credit repair agency and sending multiple personal dispute letters, the inaccuracies remain uncorrected with XXXX and XXXX. 

Notably, XXXX is currently reporting 89 months of credit history for this charge-off, which I believe to be inaccurate. This extended period of incorrect reporting has led to significant financial harm. Under the Fair Credit Reporting Act ( FCRA ), Synchrony Bank, XXXX, and XXXX could be liable for damages due to these inaccuracies. 

These reporting errors have led to severe consequences, including the recent denial of business credit by Synchrony Bank itself, based on the very inaccuracies they perpetuate. This denial is particularly damaging, as it directly impacts my ability to sustain and grow my business. Additionally, I have faced denials for home renovation loans, compounding financial hardship and causing significant emotional distress and XXXX  as I navigate these challenges as a single father of XXXXXXXX XXXX XXXX 

I am currently engaged in arbitration with Synchrony Bank, initiated on XX/XX/XXXX, to address these issues. However, to date, the arbitration has not produced any corrective results. 

The persistent inaccuracies and their profound impacts clearly demonstrate violations of the Fair Credit Reporting Act ( FCRA ) : FCRA 623 ( a ) ( 1 ) ( 15 U.S.C. 1681s-2 ( a ) ( 1 ) ) : Synchrony Bank has failed to report accurate information regarding the charge-off.

FCRA 623 ( a ) ( 2 ) ( 15 U.S.C. 1681s-2 ( a ) ( 2 ) ) : Synchrony Bank has failed to correct and update the inaccurate charge-off information.

FCRA 623 ( b ) ( 15 U.S.C. 1681s-2 ( b ) ) : Synchrony Bank has failed to properly investigate and rectify the disputed information after being notified by the CRAs.

By assuming the role of reporting this information, Synchrony Bank has also assumed liability for ensuring its accuracy. Given the lack of adequate response or corrective action by Synchrony Bank, XXXX, and XXXX, potential liabilities under 15 U.S.C. 1681n for willful noncompliance and 15 U.S.C. 1681o for negligent noncompliance are evident due to the damages I have endured. 
I urgently request the intervention of the CFPB to ensure Synchrony Bank, XXXX, and XXXX amend their reporting practices to comply with FCRA requirements. An immediate correction of my credit information is essential to rectify these ongoing damages and prevent further harm to my financial and personal well-being.

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