Product: Credit reporting or other personal consumer reports

Subject : Formal Complaint Against Bank of America Regarding Inaccurate Charge-Off Reporting I am writing to file a formal complaint against Bank of America regarding the inaccurate reporting of a charge-off on my credit report. I am extremely displeased with the current state of credit bureau regulation, as these agencies are supposed to enforce fair and accurate reporting practices to protect consumers. Under the Fair Credit Reporting Act ( FCRA, 15 U.S.C. 1681 ), all credit information reported on a consumers credit report must be 100 % accurate. I have provided detailed information clearly demonstrating that the reporting by Bank of America is inaccurate, yet I am unsure why the Consumer Financial Protection Bureau ( CFPB ) has not taken action to enforce removal of this erroneous charge-off from my report.

Details of the Issue Inaccurate Charge-Off Reporting : Bank of America has reported a charge-off while still claiming I owe the debt. Under 15 U.S.C. 1681s-2 ( a ) ( 1 ), creditors must not furnish information they know ( or have reasonable cause to believe ) is inaccurate. Reporting a charge-off while simultaneously asserting the debt is owed constitutes a breach of this legal requirement.

Failure to Provide Required IRS Documentation : If a debt has been canceled or forgiven in amounts of {$600.00} or more, Internal Revenue Code Section 6050P requires the issuer to provide the consumer with a Form 1099-C. Bank of America has not issued such documentation, undermining the legitimacy of its charge-off reporting. 
Harmful Impact & Statutory Damages : This inaccurate reporting has severely impacted my credit standing and caused financial harm. As outlined in 15 U.S.C. 1681n, I am entitled to seek statutory damages of up to {$1000.00} per violation of the FCRA if the creditor is found to have willfully furnished inaccurate information.

Lack of Validation for the Debt : Attached is the only letter I have received from Bank of America regarding this matter. This letter does not validate the debt or provide the information required for proper debt verification. 

Concerns Regarding Regulatory Enforcement The fact remains that Bank of America has failed to follow fair reporting practices required under the FCRA, and I am relying on the CFPB to enforce these rules, given that Bank of America is not operating within the law. Unfortunately, the CFPB has not compelled Bank of America to correct or remove the inaccurate charge-off. This inaction continues to harm my credit profile. 

What Constitutes Proper Debt Validation Under 15 U.S.C. 1692g of the Fair Debt Collection Practices Act ( FDCPA ), when a debt is disputed, the collector ( or original creditor, depending on jurisdiction ) must provide sufficient information to validate the debt, such as : The original amount and date of the debt.

The name of the original creditor and current owner of the debt. 
Itemization of any fees, interest, or other charges added.

Wet signature on original contract Bank of Americas single-letter response fails to meet these requirements, as it does not provide any substantiating documentation or itemization to confirm the validity of the alleged debt.

Requests for Resolution I respectfully request that the following actions be taken immediately : Remove the Charge-Off Entry : The charge-off entry should be deleted from my credit report due to its inaccuracy and the creditors failure to provide any proof of its validity.

Provide All Supporting Documentation : Proof of any notices sent to me informing me of a charge-off.

Verification of the debt, including any itemization of charges, interest, or fees.

Form 1099-C ( if the debt was indeed canceled ), as required by IRC Section 6050P.

Confirm Removal in Writing : Issue written confirmation stating that the charge-off has been removed from my credit reports and that no further collection activity will be pursued.

Compensate Statutory Damages : Under 15 U.S.C. 1681n, compensate me for the willful noncompliance with the FCRA. 

Next Steps If this matter is not resolved promptly and satisfactorily, I will : Escalate my complaint to the Office of the Attorney General, FTC, Office of the Comptroller of the Currency and other relevant authorities.

Pursue legal remedies to enforce my rights under the FCRA and FDCPA, and to seek additional damages for the harm caused by these violations. 
Thank you for your time and attention to this pressing matter.