Consumer complaint received 2017-07-21 00:00:00
Product: Credit reporting, credit repair services, or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Old information reappears or never goes away
Company: Experian Information Solutions Inc.
State: NY

Complaint narrative:
reporting company 's investigation into an existing problem We received your complaint. Thank you. We will review your complaint. Depending on what we find, we will typically : Send your complaint to the company for a response ; or Send your complaint to another state or federal agency, or help you get in touch with your state or local consumer protection office ; or Let you know if we need more information to continue our work. YOUR COMPLAINT " The story concerns the Pick-a-Pay loan program, one of the more toxic mortgage offerings during the housing bubble. These loans offered a variety of different initial payment options for borrowers to choose : a sum corresponding to a 15- or 30-year fixed rate loan, an interest-only payment, or a minimum payment that created negative amortization, where the principal balance would actually increase with each passing month. Borrowers naturally trended toward choosing the lowest payment. But they were never told about the implications, and when the pay option expired, their monthly mortgage bill would skyrocket, usually leading to default. These were not loans, but neutron XXXX with a long fuse. And roughly half a million borrowers took these Pick-a-Pay loans under false pretenses from XX/XX/XXXX-XX/XX/XXXX. XXXX XXXX and its subsidiaries sold the loans, but when XXXX XXXX bought XXXX at the end of XX/XX/XXXX, they assumed responsibility for them. Homeowners began to complain when the payments shot up, and law enforcement started investigating as well. Because Pick-a-Pay loans were designed to fail, and because XXXX never disclosed the consequences, XXXX XXXX was liable for violations of multiple consumer fraud statutes. '' My Complaint : Even to this day your company allows XXXX XXXX to continue to stand behind their predatory lending practices, but what they have not provided are a few facts about my case that I think they should know. I initiated litigation proceeding against XXXX XXXX back in XX/XX/XXXXXX/XX/XXXX when their predatory lending practices came to light. The home equity loan was an instrument of XXXX Pick-A-Payment home loan, which was transferred in XX/XX/XXXX under Account XXXX while litigation were still proceeding and without notifying me or my attorney of this critical piece of information. Critical, as the loan transfer released the primary home as collateral positioning XXXX to continue there ruse of a home modification in the works while clearing away any foreclose obstructions. my home was then foreclosed on a short time latter as there was no modification being worked out, so you see you 're being duped just as I was and your now going on record as supporting a loan that was identified by the Attorney General of multiple states as a predatory loan ... Congratulations!

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