Credit reporting or other personal consumer reports -- Problem with a company's investigation into an existing problem -- Complaint #7521612

Complaint Overview

Complaint ID: 7521612

Company: Experian Information Solutions INC.

Product: Credit reporting or other personal consumer reports

Sub-Product: Credit reporting

Issue: Problem with a company's investigation into an existing problem

Sub-Issue: Their investigation did not fix an error on your report

State: Illinois

ZIP Code: 600XX

Date Received: 2023-09-08T12:00:00-05:00

Date Sent to Company: 2023-09-08T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

XXXX, Experian, and XXXX continue to report inaccurate information on my consumer account listed XXXX XXXX XXXX Account # : XXXX. There is several inconsistencies listed among the reporting agencies listed below. Furthermore, federal law states any consumer account with a balance over a {$1.00} is due to the consumer therefore the account can not be in collections or charged off. Once an acount is charged off it is considered income and can not be reported per the IRS. - If there is a balance of credit or insurance of the account in connection to a consumer credit transaction with a surplus over XXXX dollar, this account should be credited in the amount of the credit balance, upon request, the remaining balance of the amount should be refunded to the consumer, by cash, check, or money order. The amount can not be known without knowing the journal and legder entires of the account from the date of account opening as described in Publication IRS 583. Account Type - Detail : Credit Card Credit Card - Date Opened : XX/XX/XXXX XX/XX/XXXX XX/XX/XXXX High Credit : {$520.00} {$0.00} {$350.00} Last Reported : XX/XX/XXXX XX/XX/XXXX XX/XX/XXXX Comments : Charged off as bad debt Purchased by another lender Purchased by a another lender. Unpaid balance reported as a loss by credit grantor. Sold to XXXX XXXX XXXX XXXX Account transferred or sold Charged off account Date Last Active : XX/XX/XXXX XX/XX/XXXX XX/XX/XXXX Date of Last Payment : XX/XX/XXXX XX/XX/XXXX XX/XX/XXXX 15 U.S. Code 1681 - Congressional findings and statement of purpose ( a ) Accuracy and fairness of credit reporting The Congress makes the following findings : ( 1 ) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system. ( 2 ) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers. ( 3 ) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers. ( 4 ) There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumers right to privacy. ( b ) Reasonable procedures It is the purpose of this subchapter to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of this subchapter.

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