Credit card -- Incorrect information on your report -- Complaint #16999341
Store Card Status Misfire: Bread Financial Accused of Credit Report Error
Complaint Overview
Complaint ID: 16999341
Company: Bread Financial Holdings, INC.
Product: Credit card
Sub-Product: Store credit card
Issue: Incorrect information on your report
Sub-Issue: Account status incorrect
State: New Jersey
ZIP Code: 07036
Date Received: 2025-10-31T12:00:00-05:00
Date Sent to Company: 2025-11-03T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Referral
Risk Assessment
Risk Level: low
The risk is low as the dispute concerns a closed account and a specific status code, which is unlikely to have widespread systemic implications.
Consumer Sentiment: negative
Topics: Credit reporting, Account status, Store credit card
AI Analysis
CFPB complaint 16999341 was filed against Bread Financial Holdings, Inc. regarding Credit card (Store credit card), specifically about "Incorrect information on your report". A New Jersey consumer reported that Bread Financial Holdings, Inc. incorrectly reported their closed store credit card account status as 'Closed with explanation' on their credit report. The complaint was received on October 31, 2025 from New Jersey. The company responded with "Closed with explanation".
What You Should Do -- Consumer Action Plan
Consumers should regularly review their credit reports and dispute any inaccuracies with the credit bureaus and the creditor.
Legal Context & Consumer Protection Laws
The Fair Credit Reporting Act (FCRA) requires credit reporting agencies and furnishers to ensure the accuracy of information provided.
Regulatory Insight
This case highlights the importance of accurate account status reporting, as even closed accounts can impact credit scores and future lending.
Resolution Likelihood
unlikely
State-Specific Consumer Protections
In New Jersey, consumers have rights under state and federal laws to ensure the accuracy of their credit information.
Industry Comparison
Disputes over account status reporting are common in the credit card industry, affecting both general and store-specific cards.
Related Issues
Frequently Asked Questions
What is CFPB complaint 16999341 about?
CFPB complaint 16999341 involves Credit card (Store credit card). The consumer reported an issue with "Incorrect information on your report", specifically "Account status incorrect". This complaint was filed against Bread Financial Holdings, Inc. on October 31, 2025.
Which company is complaint 16999341 filed against?
Complaint 16999341 was filed against Bread Financial Holdings, Inc.. You can view all complaints against this company on their profile page at /company/bread-financial-holdings-inc.
What was the company's response to complaint 16999341?
Bread Financial Holdings, Inc. responded with "Closed with explanation". The response was marked as timely by the CFPB.
When was complaint 16999341 filed?
Complaint 16999341 was received by the CFPB on October 31, 2025. It was sent to Bread Financial Holdings, Inc. on November 3, 2025.
What state was complaint 16999341 filed from?
Complaint 16999341 was filed from New Jersey. You can view all complaints from this state at /state/NJ.
Was the consumer satisfied with the resolution of complaint 16999341?
Dispute information is not available for complaint 16999341.
What product category is complaint 16999341 about?
Complaint 16999341 is categorized under "Credit card", specifically "Store credit card". This is one of the product categories tracked by the CFPB.
How was complaint 16999341 submitted?
Complaint 16999341 was submitted via Referral. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 16999341?
The Fair Credit Reporting Act (FCRA) requires credit reporting agencies and furnishers to ensure the accuracy of information provided. This relates to a Credit card complaint against Bread Financial Holdings, Inc. involving "Incorrect information on your report".
How likely is complaint 16999341 to be resolved?
Resolution likelihood: unlikely. The company's current response is "Closed with explanation". The company did respond in a timely manner, which is a positive indicator.
What does the risk level mean for complaint 16999341?
This complaint is rated as low risk. The risk is low as the dispute concerns a closed account and a specific status code, which is unlikely to have widespread systemic implications.
What regulatory actions apply to complaint 16999341?
This case highlights the importance of accurate account status reporting, as even closed accounts can impact credit scores and future lending. The CFPB tracks complaints like this one to identify patterns of misconduct across the Credit card industry.
What should the consumer do about complaint 16999341?
Consumers should regularly review their credit reports and dispute any inaccuracies with the credit bureaus and the creditor.
Are there state-specific protections for complaint 16999341?
In New Jersey, consumers have rights under state and federal laws to ensure the accuracy of their credit information. This complaint was filed from New Jersey.
How does complaint 16999341 compare to industry norms?
Disputes over account status reporting are common in the credit card industry, affecting both general and store-specific cards.
What is the typical process for disputing an incorrect account status with a credit bureau?
Consumers can file a dispute online, by mail, or by phone with each of the three major credit bureaus (Equifax, Experian, TransUnion). The bureau will then investigate the claim with the furnisher of the information.
How can a 'Closed with explanation' status on a credit report affect a consumer?
While generally less impactful than negative remarks on open accounts, an 'explanation' status can sometimes be misinterpreted by lenders or may indicate a past issue that could be considered during a credit review.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.