Consumer complaint received 2025-01-22 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Improper use of your report — Reporting company used your report improperly
Company: EXCEL FINANCE COMPANY
State: TX

Complaint narrative:
Dear XXXX, I am writing to formally dispute inaccuracies in my credit report regarding the account listed under the name EXCELFINANCE with account number XXXX. Upon reviewing my credit report, I noticed several errors that appear to violate the Fair Credit Reporting Act ( FCRA ) and could misrepresent my creditworthiness. Below are the specific issues with this account, along with references to applicable U.S.C. codes : 1. Balance Reporting After Account Sale The report states " Company sold : - '' but continues to list a balance of {$270.00}. Under 15 U.S.C. 1681s-2 ( a ) ( 1 ), furnishers of information are required to report accurate and complete data. If this account was sold, EXCELFINANCE should report a {$0.00} balance since they no longer own the debt.

Action Requested : Please verify whether this account has been sold and update the balance to {$0.00} if the account is no longer owned by EXCELFINANCE.

2. Charged-Off Account Still Reporting a Balance The account is marked " Charged off as bad debt, '' yet it still reflects a balance of {$270.00}. Charge-offs represent debts that have been written off as a loss, and balances should typically be reported as {$0.00}.

This reporting is inconsistent with 15 U.S.C. 1681s-2 ( a ) ( 2 ), which requires accurate updates to credit information.

Action Requested : Confirm the accuracy of this charge-off and update the balance to {$0.00}, or provide documentation supporting why a balance remains.

3. Missing Information About the Sale of the Debt The " Company sold '' field is blank, and no information is provided about the entity to which this account was sold. Per 15 U.S.C. 1681g ( a ) ( 2 ), consumers have the right to know the identity of the entity that currently holds their debt.

Action Requested : Provide the name and contact information of the entity to which this account was sold.

4. Discrepancies Between Balance and Past Due Amount The report lists a " Balance '' of {$270.00}, but the " Past due amount '' is {$340.00}. These figures are inconsistent and unexplained, violating the FCRAs accuracy requirements under 15 U.S.C. 1681e ( b ).

Action Requested : Provide an explanation of this discrepancy or correct the information to reflect consistent and accurate balances.

5. Incomplete Payment History The report does not display any payment history, yet the account has been charged off. Charge-offs generally result from significant non-payment, so the absence of a payment history makes the reporting incomplete. Under 15 U.S.C. 1681e ( b ), credit reporting agencies must ensure maximum possible accuracy, which includes providing a complete history.

Action Requested : Either provide a detailed payment history or update the report to reflect the absence of payment history prior to the charge-off.

6. Ambiguity in Terms and Account Status The " Terms '' field lists " 7 Months, '' but the nature of this term is unclear. Additionally, the " Status updated '' field shows " Dec 2024, '' which may not align with the actual timeline of events. These inconsistencies further contribute to inaccurate reporting.

Action Requested : Clarify and correct the terms and timeline associated with this account.

Request for Resolution In light of the issues listed above, I respectfully request the following actions : Investigate the inaccuracies and update the credit report to reflect accurate, complete, and consistent information.

Provide documentation validating the reporting of this account.

Provide written confirmation of any corrections made to my credit report.

If you are unable to validate the accuracy of the information or fail to address these discrepancies, I request that this account be removed from my credit report entirely in accordance with 15 U.S.C. 1681i ( a ).

Company response to consumer: Closed with explanation