Consumer complaint received 2025-09-04 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account status incorrect
Company: EQUIFAX, INC.
State: CA

Complaint narrative:
CFPB Complaint XXXX XXXX ( XXXX XXXX XXXX ) Respondent : XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX UT XXXX Summary of Complaint : : : : : : : : : : : : : : : : This complaint is filed against XXXX XXXX for deceptive loan origination practices, potential usury, and inaccurate consumer credit reporting. XXXX reported a business loan as a personal delinquency despite being notified multiple times that such reporting was erroneous. The loan was a business loan and they did it while in settlement discussions and a settlement which we made good faith payments towards. 

Background : : : : : : : : : : : : : : : : In XX/XX/year>, I obtained a loan from XXXX through brokers ( XXXX XXXX XXXX XXXX  etc. ). The loan was represented as carrying a XXXX factor rate ( XXXX % interest, or ~ {$96000.00} in finance costs ) with a promise of future refinancing at a lower rate and longer term. Instead, the loan carried an amortization schedule reflecting ~ {$150000.00} in finance costs. These terms were not properly disclosed at signing and contradict what was represented by the brokers. 

Beginning in XX/XX/year>, and over the following seven months, I repeatedly notified at least XXXX XXXX representatives including XXXX XXXX in writing of these misrepresentations, the excessive cost, and that any consumer reporting would be erroneous. Despite this, XXXX reported the loan as a consumer delinquency. 

Settlement and Good Faith Payments : : : : : : : : : : : : : : : In XXXX, I reached a settlement agreement with XXXX XXXX on behalf of XXXX, under which I agreed to fulfill specific terms and made good faith payments totaling {$13000.00}. A condition of finalizing the settlement was that XXXX would remove any erroneous consumer credit reporting. However, I later discovered that XXXX had already reported negative information to consumer credit bureaus, contrary to this condition. 

Violations : : : : : : : : : : : : : : : - * * Deceptive Origination * * : Loan brokers misrepresented rate, term, and refinance opportunities.- * * XXXX * * : Effective cost exceeded allowable rate thresholds. 
- * * Bad Faith Reporting * * : XXXX reported the loan as a personal delinquency despite repeated notice it was commercial. 
- * * FCRA Violation * * : Inaccurate credit reporting of a business loan as a consumer obligation. 

Relief Requested : : : : : : : : : : : : : : : I request that the CFPB investigate XXXX XXXX XXXX  and reporting practices and require the following remedies : 1. Immediate removal of the erroneous consumer credit reporting from XXXX, Equifax, and XXXX. 
2. Confirmation that any settlement agreement terms be honored, including correction of reporting.

3. Investigation of broker misrepresentations and whether the loan terms violated state usury laws.

4. Assurance that XXXX ceases reporting commercial loans as consumer obligations. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation