Product: Credit card

To Whom It May Concern at Synchrony Bank/XXXX  , I am writing to formally file a complaint against Synchrony Bank ( SYNCB ) for inaccurately reporting late payments related to a closed account and for illegally reporting transaction history and income. These actions violate several federal consumer protection laws, specifically the Fair Credit Reporting Act ( FCRA ) and the Privacy Act of 1974. 

Violations Violation of 15 U.S.C. 1681 ( FCRA ) - Accuracy and Fairness of Credit Reporting Under 15 U.S.C. 1681e ( b ), furnishers of credit information must implement reasonable procedures to ensure the accuracy of the information reported. SYNCB has failed to verify the accuracy of the late payments on my closed account. SYNCB has not provided any validation or sufficient documentation to support these claims. Consequently, my credit report contains false and misleading information that undermines my creditworthiness.

Violation of 15 U.S.C. 1681b - Permissible Purposes of Consumer Reports According to 15 U.S.C. 1681b ( a ) ( 2 ), consumer reporting agencies may only furnish a consumer 's report with my consent or for permissible purposes. SYNCB is illegally reporting transaction history and income, which is not permissible under IRS guidelines. I did not authorize the release of this inaccurate information, and my consent has not been properly obtained or documented.

Violation of 15 U.S.C. 1681s-2 ( a ) - Responsibilities of Furnishers of Information Under 15 U.S.C. 1681s-2 ( a ) ( 1 ) ( A ), furnishers like SYNCB are prohibited from reporting information if they know or have reasonable cause to believe the information is inaccurate. The late payments being reported are indeed inaccurate, and SYNCB is violating this provision by continuing to report them. Additionally, SYNCB has a duty under 15 U.S.C. 1681s-2 ( a ) ( 2 ) to correct or update information after a consumer disputes its accuracy. Despite my disputes regarding these late payments, SYNCB has failed to make the necessary corrections.

Violation of the Privacy Act of 1974 SYNCB has an obligation under the Privacy Act of 1974 to protect the privacy of its customers ' financial information. The ongoing reporting of inaccurate late payments without proper validation and disclosure violates my privacy rights and exposes my personal information to third parties without authorization. SYNCB has no
t sufficiently safeguarded my financial information nor provided the required disclosures.

Violation of 15 U.S.C. 1681c - Illegal Reporting of Transactions Under 15 U.S.C. 1681c ( a ), certain adverse information, including late payments, can not be reported to consumer reporting agencies if it falls outside the permissible scope outlined by the law. SYNCB is currently reporting late payments related to a closed account, which is illegal under the FCRA. This is a direct violation of consumer reporting guidelines and must be immediately corrected.

Violation of 12 CFR 1022.43 - Investigations of Disputes According to 12 CFR 1022.43, if a consumer disputes the accuracy of information being reported, the furnisher must investigate and respond promptly. I have notified SYNCB of the inaccuracies related to late payments on my closed account ; however, they have not conducted a reasonable investigation or provided a timely resolution. This failure constitutes a violation of the law. 
Ongoing Trading on a Closed Account Despite the account being officially closed, SYNCB continues to engage in trading activities related to this account. This practice misrepresents the account 's status and raises serious legal concerns regarding compliance with the Fair Credit Reporting Act ( FCRA ) and the Truth in Lending Act ( TILA ). Under 15 U.S.C. 1681b, SYNCB is prohibited from reporting any information that misleads consumers about the nature of their accounts. The continued trading on a closed account constitutes a violation of these provisions and undermines my rights as a consumer.

Securities Fraud and Lack of Full Disclosure SYNCBs actions may constitute securities fraud, particularly in light of the lack of transparency regarding financial transactions. The statements I received imply that a payment due is linked to trading activities involving assets assigned to SYNCB for their financial gain. This not only violates the Securities Exchange Act of 1934 but also raises questions about SYNCBs compliance with 15 U.S.C. 78j ( b ), which prohibits deceptive practices in connection with the purchase or sale of securities. The absence of full disclosure regarding how my payments and transactions are handled is a blatant disregard for my rights and trust as a consumer.

Failure to Disclose Accounting Practices SYNCBs failure to disclose accounting practices related to my closed account represents a violation of 15 U.S.C. 6801, which mandates that financial institutions take appropriate measures to safeguard the privacy and confidentiality of consumer information. By not providing clear and accurate documentation regarding how my payments and transactions are recorded, SYNCB is breaching this privacy obligation and potentially violating consumer protection laws designed to promote transparency and fairness. Such practices can lead to severe financial repercussions and further mental anguish for me as the affected party. 

Failure to Provide Notice and Opt-Out Opportunity SYNCB has failed to provide the required notice regarding my right to opt out of reporting my nonpublic personal information to non-affiliated third parties, as mandated by 15 U.S.C. 6802. Creditors are required to provide notice and an opt-out option before sharing such information. The lack of this notice implies a violation of my privacy rights and compliance obligations under the Consumer Financial Protection Bureau ( CFPB ) guidelines.

Demand for Action I demand that SYNCB : Correct the reporting on my account to reflect paid as agreed or paid in full.

Direct all payments and securities transferred or assigned to third parties back to me in good faith.

Provide written confirmation of the actions taken.

Damages Due to the mental anguish and emotional distress caused by SYNCB 's actions, I am seeking damages in the amount of {$10000.00}. Additionally, for all other related damages outside the court of law, I am requesting {$50000.00}. If we can not reach an agreement, please be advised that I will provide my fee schedule upon litigation. 

Thank you for your attention to this matter.