Consumer complaint received 2024-08-28 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: VA

Complaint narrative:
Summary/Description of Complaint for CFPB XXXX : XXXX sharing my experience to help others understand the critical need for accurate credit reporting and the significant consequences that arise when mistakes go uncorrected. On XX/XX/XXXX, I discovered serious inaccuracies on my credit report, which have negatively impacted my XXXX XXXX and overall financial standing. These errors are related to an account listed under the name COMENITYBANK/RH. 
The credit report, issued on XX/XX/XXXX, revealed several discrepancies that raised immediate concerns about the accuracy of the information being reported. Here are the key issues I identified : XXXX. Inaccurate Creditor Name : The account is listed as " COMENITYBANK/RH, '' but I am concerned that this XXXX not be the company 's full legal name. Under the Fair Credit Reporting Act ( FCRA ), companies are required to provide complete and accurate information to credit reporting agencies. If the name is incorrect, it must be corrected promptly to comply with federal law. 
XXXX. Conflicting Account Dates and Charge-Off Information : The report shows conflicting dates, including a last payment recorded on XX/XX/XXXX, and an account closure date of XX/XX/XXXX. Additionally, there is no clear information regarding when the account was charged off or whether the debt was sold to another entity. This lack of transparency makes it difficult to properly address the dispute and resolve the issue. 
XXXX. XXXX XXXX and XXXX XXXX : The report lists a charge-off amount of {$350.00}, but provides no details on how this amount was calculated or any information on payments leading up to the charge-off. Without this information, I can not fully understand how the debt was managed, or if errors were made in the reporting. 
XXXX. Incomplete Account Terms : The account terms are simply marked as " NA, '' with no further explanation. This missing information is crucial because it affects my ability to understand the account structure and whether it was reported accurately. 
XXXX. Potential Errors in XXXX XXXX : The credit limit on the account is reported as {$8500.00}, but the high balance is listed as {$1200.00}. This discrepancy raises questions about how the balance was reported and whether the account exceeded its limit without proper documentation. 
XXXX. Lack of Transparency in Dispute Resolution : The report indicates that a previous dispute was investigated, but no details are provided regarding the outcome. The FCRA requires credit reporting agencies to conduct a reasonable reinvestigation of disputed information and correct any inaccuracies. The lack of transparency in resolving this dispute is concerning. 
XXXX. Unclear Account Ownership : The report states that the account was charged off, but it doesnt specify whether the debt remains with the original creditor or has been sold to another lender or debt buyer. Without this information, I can not address the dispute with the correct entity, complicating the resolution process. 
These issues underscore the importance of accuracy and transparency in credit reporting. When such errors are left uncorrected, they can have severe consequences for consumers, including damaged credit scores and financial hardship. I have formally requested a thorough investigation into this account. If the information can not be verified, I expect these errors to be corrected and removed from my credit report. 
If you find yourself facing similar challenges, I strongly encourage you to take action. Carefully review your credit report, dispute any inaccuracies, and ensure that the information being reported is correct. The integrity of the credit reporting system depends on accurate data, and so does your financial health. 
By sharing my experience, I hope to raise awareness and encourage others to stand up for their rights under the Fair Credit Reporting Act. If XXXX encountered issues with inaccurate credit reporting, dont hesitate to seek resolution. Submitting your consumer complaints to the XXXX Consumer Financial Protection Bureau ( CFPB ) and the Federal Trade Commission ( FTC ) is an important step in ensuring that your concerns are heard and addressed. Together, we can help improve the accuracy and fairness of the credit reporting system for everyone.

Company response to consumer: Closed with explanation