Consumer complaint received 2025-08-08 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account status incorrect
Company: EQUIFAX, INC.
State: NC

Complaint narrative:
I am filing this complaint against ( XXXX ) for severe violations of the Fair Credit Reporting Act ( FCRA ), the Truth in Lending Act ( TILA ), North Carolina consumer protection laws, and established federal case law. 

This involves my XXXX auto loan account, which has been reported inaccurately and inconsistently to all three major credit bureaus, with a reported APR of 35.67 % an obviously false and usurious figure that no system should have allowed to pass unchallenged and with an account balance that has increased over time despite regular payments. 

Specific Violations and Issues False APR Reporting One or more credit bureaus reflect an APR of 35.67 %, which is not the contractual rate and is far above any legal limit for vehicle loans under North Carolina law. 

No internal controls appear to have flagged or corrected this obviously erroneous and damaging figure.

This is a direct violation of FCRA 623 ( a ) ( 1 ) ( A ) and TILA disclosure requirements.

Balance Inflation Despite Payments The balance being reported today is higher than the original loan amount, even after years of consistent payments.

This is either the result of unlawful fee application, improper interest calculation, or erroneous reporting all of which require immediate correction and explanation. 

Conflicting Bureau Data XXXX XXXX  and Equifax each display different account statuses, balances, and late-payment histories for the exact same loan. 

This is conclusive evidence that XXXX has failed its duty under FCRA XXXX to ensure furnished data is accurate and consistent. 

Failure to Investigate Disputes Previous disputes were closed with verified results despite glaring contradictions in the furnished data. 

This constitutes willful noncomplian

ce under FCRA 616 and negligent noncompliance under FCRA 617. Potential Usury and State Law Violations Th
e reported APR of 35.67 % far exceeds permissible limits under North Carolina General Statutes.

If this rate was ever actually charged, it would constitute criminal usury. If it was never charged, then its reporting is defamatory, reckless, and financially damaging. 

Pattern of Negligence and Reckless Disregard XXXX conduct goes beyond a clerical error it reveals systemic breakdowns in : Loan servicing accuracy Compliance oversight Credit reporting quality control Dispute handling integrity By allowing a 35 % + auto loan APR to appear on a consumer report and permitting balances to inflate rather than decrease, XXXX has destroyed confidence in its ability to comply with basic lending laws. 

The contradictions across bureaus make continued reporting indefensible. There is no lawful way for three versions of the same tradeline to be accurate at the same time.

2. Texas Debt Collection Act ( TDCA ) Texas Finance Code 392.304 ( a ) ( 8 ) Misrepresenting the character, extent, or amount of a consumer debt Furnishing a false APR, inflating the loan balance, or reporting contradictory bureau data misrepresents the debt.

This is a direct violation, even if accidental, and is actionable under TDCA and the DTPA.

Texas Finance Code 392.304 ( a ) ( 19 ) Using any other false representation or deceptive means to collect a debt or obtain information Texas Deceptive Trade Practices Act ( DTPA ) Tex. Bus. & Com. Code 17.46 ( b ) ( 5 ), ( 7 ), ( 12 ), and ( 24 ) Prohibits : Misrepresenting the terms or conditions of a loan; Misrepresenting rights, remedies, or obligations under a contract; Failing to disclose information known at the time of the transaction if it would affect a consumers decision ; Engaging in unconscionable acts that take advantage of a consumers lack of knowledge.

Under the DTPA, violations of the TDCA are automatically considered false, misleading, or deceptive acts.

4. Texas Identity Theft Enforcement and Protection Act Tex. Bus. & Com. Code 521.051 & 521.053 Failure to correct known errors after dispute, especially if they affect a persons identifying or financial information, can fall under Texas identity theft and consumer protection statutes.

Governed by the Federal Credit Union Act ( 12 U.S.C. 1757 ( 5 ) ( A ) ( vi ) ) and NCUA regulations.

NCUA Lending Rate Ceiling Currently 18 % APR on most loans, regardless of state law.

This federal ceiling overrides Texas usury caps.

Governed by the Texas Credit Union Department and Texas Finance Code.

For motor vehicle installment loans, state-chartered credit unions follow Texas Finance Code Chapter 348 ( Motor Vehicle Installment Sales ) rate formulas rather than the flat 10 % cap in 302.001 ( a ).

For a {$45000.00} used vehicle, the Chapter 348 formula allows : A base add-on rate that equates to roughly 18 % 21 % APR on larger loans, depending on the term.

Exact limit depends on term length and the Time Price Differential schedule in 348.104 ( for used vehicles ).

No lawful exemption for any credit union federal or state permits an APR anywhere near 35 % for an auto loan of this size.

If XXXX  is federally chartered, 35.67 % is nearly double the NCUA ceiling of 18 %.

If XXXX  is state-chartered in Texas, it far exceeds the maximum under Chapter 348 for a {$45000.00} loan.

Even if it was never charged and only reported to the bureaus, misreporting an illegal APR violates : FCRA 623 ( a ) ( 1 ) ( A ) Furnishing information known to be inaccurate.

Texas Debt Collection Act 392.304 ( a ) ( 8 ) Misrepresenting the amount or character of a debt.

Texas Deceptive Trade Practices Act ( DTPA ) False or misleading representation in a consumer transaction.

Company response to consumer: Closed with explanation