Consumer complaint received 2025-03-03 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: TX

Complaint narrative:
OFFICIAL COMPLAINT Submitted to : Consumer Financial Protection Bureau ( CFPB ) Address : XXXX XXXX XXXX XXXX, XXXX, DC XXXX Complainant Information Name : XXXX XXXX Address : XXXX XXXX XXXX XXXX, XXXX, TX XXXX Phone : XXXX Email : XXXX Complaint Overview This complaint is filed against XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, Experian Credit Reporting Agency, and XXXX XXXX XXXX  ( XXXX ) for multiple violations of the Fair Credit Reporting Act ( FCRA ), Truth in Lending Act ( TILA ), and other consumer protection laws. The issues include inaccurate reporting of charged-off accounts, unclear payment options in settlement letters, and failure to conduct proper investigations into disputes. These violations have caused significant harm to my credit profile, financial stability, and emotional well-being. 

Key Issues and Violations Identified XXXX. Unclear Payment Options in Chase Settlement Letters In letters received from XXXX XXXX XXXX  ( XXXX ), I observed that the payment options provided are vague and lack essential details. For example : Option 3 : " Make equal monthly payments of $ [ amount ] totaling $ [ amount ]. '' This option fails to specify the number of payments required to satisfy the debt.

It does not clarify whether the total amount includes interest, fees, or other charges.

This lack of transparency makes it impossible to evaluate the feasibility of the payment plan. 
Violations of Law : Fair Debt Collection Practices Act ( FDCPA ) : XXXXXXXX XXXX failure to provide clear and complete payment terms may constitute a deceptive practice under the FDCPA. 
Truth in Lending Act ( TILA ) : Creditors are required to disclose key terms of repayment, including the number of payments, total cost, and any applicable interest or fees. XXXX has failed to meet this standard. 
2. Inaccurate Reporting of XXXX Accounts Account Ending in XXXX : Balance : {$46000.00} ( charged off ). 
Credit Limit : {$37000.00} ( utilization : 122 % ). 
Status : Charged off as of XX/XX/XXXX. 
Delinquency History : Multiple late payments ( 30, 60, 90, 120 days past due ) before charge-off. 
Last Payment Made : XX/XX/XXXX. 
Date Closed : XX/XX/XXXX. 
Account Ending in XXXX : Balance : {$37000.00} ( charged off ). 
Credit Limit : {$31000.00} ( utilization : 119 % ). 
Status : Charged off as of XX/XX/XXXX. 
Delinquency History : Similar to the first account, with multiple late payments before charge-off. 
Last Payment Made : XX/XX/XXXX. 
Date Closed : XX/XX/XXXX. 
Issues Identified : Both accounts show balances exceeding their credit limits, which is misleading and inaccurate. 
The accounts remain on my credit report despite being time-barred under Texass 4-year statute of limitations for debt collection. 
The reporting of these accounts as charged off with inflated balances negatively impacts my creditworthiness. 
3. Failure to Investigate Disputes I submitted disputes to Equifax, TransUnion, and Experian regarding these accounts, requesting corrections to the inaccurate information. However : All three credit reporting agencies failed to conduct proper investigations into the accuracy of the information reported by XXXX. 
No corrective actions were taken, and the inaccurate information remains on my credit report, violating FCRA. 
Violations of Law Fair Credit Reporting Act ( FCRA ) : 15 U.S.C. 1681e ( b ) : Failure to ensure maximum possible accuracy of the information reported by Equifax, TransUnion, and Experian. 
15 U.S.C. 1681i ( a ) : Failure to conduct a reasonable reinvestigation of disputed information by Equifax, TransUnion, and Experian. 
15 U.S.C. 1681s-2 ( b ) : XXXX failed to verify or correct the disputed information reported to the credit bureaus.

Truth in Lending Act ( TILA ) : Chases failure to disclose essential repayment terms in settlement letters violates the requirements for clear and accurate disclosure of payment terms. 
Fair Debt Collection Practices Act ( FDCPA ) : Chases vague and incomplete payment options in settlement letters constitute deceptive practices, violating consumer protection laws. 
Texas Statute of Limitations for Debt Collection : The accounts are time-barred under Texass 4-year statute of limitations, yet they remain on my credit report as active charge-offs. 
Consumer Financial Protection Act ( CFPA ) : Unfair Practices ( 12 U.S.C. 5531 ) : The reporting of inflated balances and charge-offs constitutes an unfair practice that harms consumers.

Deceptive Practices ( 12 U.S.C. 5536 ) : Misleading reporting of balances exceeding credit limits and failure to disclose the time-barred nature of the debts is deceptive.

Impact on My Credit Profile Derogatory Marks : The charge-offs, late payments, and high balances will remain on my credit report for up to 7 years, making it difficult to obtain new credit or favorable interest rates.

Emotional and Financial Stress : The failure to correct inaccurate information caused confusion, stress, and financial harm, impacting my ability to resolve the debts effectively.

Requested Resolutions Clarify Payment Options : Require XXXX to provide clear, detailed payment terms in all settlement offers, including the number of payments, total cost, and any applicable terms or conditions. 
Correct Credit Reporting : Remove inaccurate balances and utilization rates for both XXXX accounts. 
Update the accounts to reflect accurate statuses and ensure they comply with Texass statute of limitations.

Conduct a Proper Investigation : Require Equifax, TransUnion, and Experian to reinvestigate the disputed accounts and verify the accuracy of the information reported by XXXX. 
Provide a detailed explanation of the findings and corrective actions taken. 
Compliance with Federal and State Laws : Ensure all future disputes and communications comply with FCRA, FDCPA, TILA, and CFPA.

Require XXXX to comply with the Texas statute of limitations and refrain from reporting time-barred debts as active. 
Provide Accountability and Transparency : Require Equifax, TransUnion, Experian, and XXXX to issue written statements acknowledging their violations and detailing the steps taken to rectify the inaccuracies. 
Attachments Copies of dispute letters sent to Equifax, TransUnion, and Experian. 
Copies of settlement offer letters from XXXX. 
Credit reports from Equifax, TransUnion, and Experian showing the inaccurate reporting of the charged-off accounts.

Conclusion The actions ( or lack thereof ) by Equifax, TransUnion, Experian, and XXXX XXXX Bank have caused significant harm to my credit profile, financial stability, and emotional well-being. These violations of federal and state laws must be addressed immediately. I request the CFPBs assistance in holding these entities accountable and ensuring compliance with consumer protection laws. 

Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX, TX XXXX Phone : XXXX Email : XXXX XXXX

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