Consumer complaint received 2024-09-26 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: Bread Financial Holdings, Inc.
State: PA

Complaint narrative:
XXXX Subject : Dispute of Inaccurate Account Information and Request for Removal - ADS/COMENITY/WAYFAIR This is my third request to have this issue corrected. 

I am writing to dispute inaccurate and incomplete information reported on my credit report related to my account with ADS/COMENITY/WAYFAIR. Upon reviewing my report, I have identified several discrepancies and incomplete data that violate my rights under the Fair Credit Reporting Act ( FCRA ) and have caused significant emotional distress. I am formally requesting the immediate removal of this account from my credit report. 

Issues with the Account : Inaccurate Charge-Off Reporting : The account reflects a charge-off in XX/XX/2021 with a balance of {$990.00} written off. However, the account now lists a {$0.00} balance, which may suggest that the debt has been either paid, settled, or sold to collections. Under FCRA ( 15 U.S.C. 1681c ( a ) ), credit information must be accurately reported. The current charge-off status does not clearly indicate whether the account was resolved or the nature of the resolution, leaving me unable to determine the accurate status of this account.

Incomplete Payment History : The payment history shows no activity for months leading up to the charge-off in XXXX XXXX, which is highly irregular. The FCRA ( 15 U.S.C. 1681s-2 ) requires creditors to report accurate and complete information. The absence of information prior to the charge-off suggests that payments or delinquencies may have been inaccurately reported or omitted altogether, resulting in an incomplete history.

Inaccurate Balance vs. Credit Limit Reporting : The account lists a credit limit of {$500.00} and a highest balance of {$990.00}, indicating the account was significantly over the limit. If this over-limit amount is due to fees or penalties, it must be clearly explained in the report. FCRA ( 15 U.S.C. 1681i ) allows me to dispute any incorrect or unclear information, and the balance exceeding the credit limit should be re-examined to determine if the amount was accurately reported or if excessive fees were improperly applied.

Failure to Update Account Information : Since the balance is now listed as {$0.00}, but the charge-off remains, there is a lack of clarity on how the account was resolved. Under FCRA ( 15 U.S.C. 1681s-2 ), creditors are required to promptly update account statuses to reflect the current status of the debt.

Request for Immediate Removal : The inaccuracies, omissions, and incomplete data on this account have negatively affected my credit score and caused me considerable stress and hardship. The failure to report accurate and complete information is a violation of my rights under both the FCRA and FDCPA ( Fair Debt Collection Practices Act - 15 U.S.C. 1692e ), as any misrepresentation of debt or improper reporting is unlawful.

Given these violations and the negative impact they have had on my financial well-being and emotional health, I request the immediate removal of this account from my credit report. The continuous errors have caused me significant stress and affected my ability to secure credit.

Company response to consumer: Closed with explanation