Consumer complaint received 2023-04-09
Company: SANTANDER HOLDINGS USA, INC.
State: CA
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Information belongs to someone else

Complaint:
As a victim of fraudulent activity related to an opened car loan that I did not authorize, I am very concerned about the impact this has had on my financial wellbeing. According to the Fair Credit Reporting Act ( FCRA ) and the Truth in Lending Act ( TILA ), I have the right to dispute any fraudulent information on my credit report and seek restitution for any damages caused by the fraud.

Under FCRA section 1681g, I am entitled to receive a copy of my credit report from all three major credit bureaus and review it for accuracy. If I find any inaccuracies, I have the right to dispute them with the credit bureau and the creditor that provided the information. Additionally, under FCRA section 1681e, creditors and credit bureaus have a duty to ensure that the information they report is accurate and up-to-date. In this case, the car loan that was fraudulently opened in my name should not have been reported to the credit bureaus without my consent, and any negative impacts to my credit score resulting from this fraudulent activity should be rectified.

Furthermore, under TILA section 1641, if the creditor sells or assigns the car loan to another party, they are required to notify me in writing of the transfer within 30 days. If the creditor fails to provide this notification, I have the right to rescind the loan for up to three years after the loan is made. Given that I did not authorize the opening of this car loan, it is unlikely that I received the required notification of transfer, which may give me further grounds to challenge the legitimacy of the loan.

As a victim of fraud, I should not be held liable for any debts incurred without my knowledge or consent. According to the Fair Debt Collection Practices Act ( FDCPA ), debt collectors are prohibited from engaging in any abusive, deceptive, or unfair practices in attempting to collect a debt. This includes attempting to collect a debt that is not owed or attempting to collect an inflated amount. If the car loan in question was fraudulently opened and I did not benefit from the proceeds of the loan, I should not be held responsible for repayment of the loan or any associated fees or interest.

In light of these laws and protections, I urge the creditor and any collection agencies involved in this matter to take swift action to rectify this situation. I should have a provisional credit added to my account for the full amount of the fraudulent loan, and any negative impacts to my credit score resulting from this fraudulent activity should be removed. I also request that the creditor and any collection agencies cease all attempts to collect on this debt until the matter is resolved and I am provided with sufficient evidence that the debt is valid and owed by me.

Thank you for your attention to this matter, and I look forward to a swift and satisfactory resolution to this issue.

Company response to consumer: Closed with explanation