Product: Credit reporting or other personal consumer reports

Subject : Complaint Regarding Incorrect Credit Reporting and 1099-B Issuance Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX, IA XXXX XXXX : XX/XX/XXXX Complainant : XXXX XXXX XXXX XXXX XXXX XXXX XXXX, MO XXXX XXXX : XXXX Phone : XXXX Subject : Formal Complaint Regarding Inaccurate Credit Reporting & Violations of Federal Law To Whom It May Concern, I am filing a formal complaint against Capital One Auto and XXXX who recently sold to XXXX regarding their continued reporting of debt despite issuing IRS Form 1099-B, which suggests they have liquidated, transferred, or disposed of the financial interest in these accounts. This inaccurate reporting constitutes multiple violations of federal consumer protection laws, including the Fair Credit Reporting Act ( FCRA ), Fair Debt Collection Practices Act ( FDCPA ), Internal Revenue Code ( IRC ), and Securities Exchange Act. 

Federal Code Violations : 1. Fair Credit Reporting Act ( FCRA ) ( 15 U.S.C. 1681s-2 ( a ) ) * Creditors must report accurate information. Since they issued a 1099-B, they no longer hold the financial interest in these accounts and must update my credit report to reflect a {$0.00} balance or remove the accounts entirely.

2. Fair Debt Collection Practices Act ( FDCPA ) ( 15 U.S.C. 1692e ) * It is illegal for a creditor to misrepresent a debt. If a 1099-B was issued, then reporting the account as still due and owing is a false representation of the character, amount, or legal status of a debt.

3. Internal Revenue Code ( IRC ) ( 26 U.S.C. 6050P ) * If a debt is forgiven, canceled, or otherwise discharged, the creditor must issue a 1099-C instead of a 1099-B.

* A 1099-B generally refers to securities transactions, meaning that these entities may have securitized the debt and profited from its sale without notifying me. This could constitute tax fraud and deceptive financial practices. 

4. Securities Exchange Act of 1934 ( 15 U.S.C. 78j & 17 C.F.R. 240.10b-5 ) * If the 1099-B signifies that these creditors sold my account as a security, then they engaged in a securities transaction while still misrepresenting my debt as an outstanding potential violation of federal securities laws.

Complaint Details : Issuers of 1099-B : Capital One Auto & Navient Accounts still being reported to credit bureaus with an outstanding balance despite the 1099-B transaction. 
These creditors have not provided an explanation as to why they reported a securities transaction instead of debt cancellation. 
My credit score has been negatively impacted by inaccurate and unlawful reporting.

Requested Action from CFPB : 1. Investigate and Order Corrections : * Require Capital One Auto and Navient to either remove the accounts from my credit report or update them to reflect a {$0.00} balance since they no longer have a financial interest in them. 
2. Obtain Verification from Creditors : * Demand that these creditors explain the 1099-B issuance and whether they securitized my debt.

3. Refer Potential Tax Fraud to the IRS : * If they improperly issued a 1099-B instead of a 1099-C, this may indicate tax evasion or fraudulent reporting and should be referred to the IRS for further investigation XXXX 
4. Require Compliance with FCRA and FDCPA : * If these creditors are reporting false or misleading information, they must be penalized for violating consumer protection laws. 

Supporting Documents Enclosed : Copies of 1099-B forms from Capital One and Navient Copies of credit reports showing incorrect reporting Any previous correspondence with these creditors regarding the accounts I request that the CFPB respond with a resolution in writing within 30 days, and if these creditors do not comply, I am prepared to escalate this to the IRS, Federal Trade Commission XXXX FTC ), and the Securities and Exchange Commission XXXX SEC ) XXXX 

Sincerely, By /s/ : XXXX XXXX XXXX