Consumer complaint received 2024-01-22
Company: ARVEST BANK GROUP, INC.
State: OK
Product: Credit reporting or other personal consumer reports
Sub-product: Credit reporting
Issue: Improper use of your report
Sub-issue: Reporting company used your report improperly

Complaint:
I have recently filed an opt out notice with XXXX XXXX XXXXs to opt out of their reporting services due to illegally reporting my banking transaction history. I obtained a copy of my consumer disclosure file. The report consisted of my banking information, status history, transactions and inquirers for the past 36 months. I was never offered my formal opt notice from XXXX XXXX XXXX prior to them disclosing my non-public personal information to the inquirers. Per, 12 CFR 1016.4 Initial privacy notice to consumers required. 
( a ) Initial notice requirement. You must provide a clear and conspicuous notice that accurately reflects your privacy policies and practices to : ( XXXX ) Customer. An individual who becomes your customer, not later than when you establish a customer relationship, except as provided in paragraph ( XXXX ) of this section; and ( XXXX ) Consumer. A consumer, before you disclose any nonpublic personal information about the consumer to any nonaffiliated third Party 12 CFR 1016.7 goes on to state the forms of opt out notices which I received no acceptable variation of. 
Furthermore, solely reporting my transition history is illegal as a federally protected consumer and should not be included in any consumer report. 
Per 15 U.S. Code 1681a - Definitions ; rules of construction The term consumer reporting agency means any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties, and which uses any means or facility of interstate commerce for the purpose of preparing or furnishing consumer reports. 
The term consumer means an individual. 
The term consumer report means any written, oral, or other communication of any information by a consumer reporting agency bearing on a consumers credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living ( XXXX ) Exclusions ( A ) ( i ) report containing information solely as to transactions or experiences between the consumer and the person making the report. 
According to Arvest Privacy Policies they do not share any personal information with non-affiliate third parties. ( See attachments ) XXXX XXXX XXXX sent me a letter stating that they had permission from my bank Arvest to furnish my non-public private information. I did/do not consent to having my personal transaction history reported, as it is illegal to do so especially without my written consent.

15 U.S. Code 1681b - Permissible purposes of consumer reports Subject to subsection ( c ), any consumer reporting agency may furnish a consumer report under the following circumstances and no other ( XXXX ) In accordance with the written instructions of the consumer to whom it relates. 
Per the FCRA, as a federally protected consumer I am now opting out of any and all authorization I the consumer may have given you written, unwritten, verbal and nonverbal per 15 U.S. Code 6802 effective immediately and indefinitely.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation