Consumer complaint received 2023-11-20
Company: TRANSUNION INTERMEDIATE HOLDINGS, INC.
State: IL
Product: Credit reporting or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a company's investigation into an existing problem
Sub-issue: Their investigation did not fix an error on your report

Complaint:
XXXX, Transunion, and XXXX continue to inaccurately report my consumer account even after my repeated attempts to correct the situation. The account is listed inaccurately and has several discrepancies. 

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX This means this account has not been properly verified and the XXXX can not report the account as a charge off if any balance is over a dollar it is due to the consumer for the sell of my security. XXXX has violated the federal reserve act by not complying with the terms set out for national banks. 

12 CFR 1026.11 - Treatment of credit balances ; account termination. 
CFR State Regulations prev | next 1026.11 Treatment of credit balances ; account termination. 
( a ) Credit balances. When a credit balance in excess of {$1.00} is created on a credit account ( through transmittal of funds to a creditor in excess of the total balance due on an account, through rebates of unearned finance charges or insurance premiums, or through amounts otherwise owed to or held for the benefit of the consumer ), the creditor shall : ( 1 ) Credit the amount of the credit balance to the consumer 's account ; ( 2 ) Refund any part of the remaining credit balance within seven business days from receipt of a written request from the consumer ; ( 3 ) Make a good faith effort to refund to the consumer by cash, check, or money order, or credit to a deposit account of the consumer, any part of the credit balance remaining in the account for more than six months. No further action is required if the consumer 's current location is not known to the creditor and can not be traced through the consumer 's last known address or telephone number. 

( b ) Account termination. 

( 1 ) A creditor shall not terminate an account prior to its expiration date solely because the consumer does not incur a finance charge. 

( 2 ) Nothing in paragraph ( b ) ( 1 ) of this section prohibits a creditor from terminating an account that is inactive for three or more consecutive months. An account is inactive for purposes of this paragraph if no credit has been extended ( such as by purchase, cash advance or balance transfer ) and if the account has no outstanding balance. 

( c ) Timely settlement of estate debts ( 1 ) General rule. 

( i ) Reasonable policies and procedures required. For credit card accounts under an open-end ( not home-secured ) consumer credit plan, card issuers must adopt reasonable written policies and procedures designed to ensure that an administrator of an estate of a deceased accountholder can determine the amount of and pay any balance on the account in a timely manner. 

( ii ) Application to joint accounts. Paragraph ( c ) of this section does not apply to the account of a deceased consumer if a joint accountholder remains on the account. 

( 2 ) Timely statement of balance ( i ) Requirement. Upon request by the administrator of an estate, a card issuer must provide the administrator with the amount of the balance on a deceased consumer 's account in a timely manner. 

( ii ) Safe harbor. For purposes of paragraph ( c ) ( 2 ) ( i ) of this section, providing the amount of the balance on the account within 30 days of receiving the request is deemed to be timely. 

( 3 ) Limitations after receipt of request from administrator ( i ) Limitation on fees and increases in annual percentage rates. After receiving a request from the administrator of an estate for the amount of the balance on a deceased consumer 's account, a card issuer must not impose any fees on the account ( such as a late fee, annual fee, or over-the-limit fee ) or increase any annual percentage rate, except as provided by 1026.55 ( b ) ( 2 ). 

( ii ) Limitation on trailing or residual interest. A card issuer must waive or rebate any additional finance charge due to a periodic interest rate if payment in full of the balance disclosed pursuant to paragraph ( c ) ( 2 ) of this section is received within 30 days after disclosure. 
12 CFR 1016.7 - Form of opt out notice to consumers ; opt out methods. 
CFR prev | next 1016.7 Form of opt out notice to consumers ; opt out methods. 
( a ) ( 1 ) Form of opt out notice. If you are required to provide an opt out notice under 1016.10 ( a ), you must provide a clear and conspicuous notice to each of your consumers that accurately explains the right to opt out under that section. The notice must state : ( i ) That you disclose or reserve the right to disclose nonpublic personal information about your consumer to a nonaffiliated third party ; ( ii ) That the consumer has the right to opt out of that disclosure; and ( iii ) A reasonable means by which the consumer may exercise the opt out right. 

( 2 ) Examples ( i ) Adequate opt out notice. You provide adequate notice that the consumer can opt out of the disclosure of nonpublic personal information to a nonaffiliated third party if you : ( A ) Identify all of the categories of nonpublic personal information that you disclose or reserve the right to disclose, and all of the categories of nonaffiliated third parties to which you disclose the information, as described in 1016.6 ( a ) ( 2 ) and ( 3 ) of this part, and state that the consumer can opt out of the disclosure of that information; and ( B ) Identify the financial products or services that the consumer obtains from you, either singly or jointly, to which the opt out direction would apply. 

( ii ) Reasonable opt out means. You provide a reasonable means to exercise an opt out right if you : ( A ) Designate check-off boxes in a prominent position on the relevant forms with the opt out notice ; ( B ) Include a reply form together with the opt out notice that, in the case of financial institutions described in 1016.3 ( l ) ( 3 ) of this part, includes the address to which the form should be mailed ; ( C ) Provide an electronic means to opt out, such as a form that can be sent via electronic mail or a process at your Web site, if the consumer agrees to the electronic delivery of information ; or ( D ) Provide a toll-free telephone number that consumers may call to opt out. 

( iii ) Unreasonable opt out means. You do not provide a reasonable means of opting out if : ( A ) The only means of opting out is for the consumer to write his or her own letter to exercise that opt out right; or ( B ) The only means of opting out as described in any notice subsequent to the initial notice is to use a check-off box that you provided with the initial notice but did not include with the subsequent notice. 

( iv ) Specific opt out means. You may require each consumer to opt out through a specific means, as long as that means is reasonable for that consumer. 

( b ) Same form as initial notice permitted. You may provide the opt out notice together with or on the same written or electronic form as the initial notice you provide in accordance with 1016.4. 

( c ) Initial notice required when opt out notice delivered subsequent to initial notice. If you provide the opt out notice later than required for the initial notice in accordance with 1016.4 of this part, you must also include a copy of the initial notice with the opt out notice in writing or, if the consumer agrees, electronically. 

( d ) Joint relationships in the case of financial institutions other than credit unions and covered entities subject to FTC enforcement jurisdiction. For purposes of this paragraph ( d ), you is limited to financial institutions other than credit unions and financial institutions described in 1016.3 ( l ) ( 3 ) of this part. 

( 1 ) If two or more consumers jointly obtain a financial product or service from you, you may provide a single opt out notice. Your opt out notice must explain how you will treat an opt out direction by a joint consumer ( as explained in paragraph ( d ) ( 5 ) of this section ). 

( 2 ) Any of the joint consumers may exercise the right to opt out. You may either : ( i ) Treat an opt out direction by a joint consumer as applying to all of the associated joint consumers; or ( ii ) Permit each joint consumer to opt out separately. 

( 3 ) If you permit each joint consumer to opt out separately, you must permit one of the joint consumers to opt out on behalf of all of the joint consumers. 

( 4 ) You may not require all joint consumers to opt out before you implement any opt out direction. 

( 5 ) Example. If XXXX and XXXX have a joint checking account with you and arrange for you to send statements to XXXX 's address, you may do any of the following, but you must explain in your opt out notice which opt out policy you will follow : ( i ) Send a single opt out notice to XXXX 's address, but you must accept an opt out direction from either XXXX or XXXX. 

( ii ) Treat an opt out direction by either XXXX or XXXX as applying to the entire account. If you do so, and XXXX opts out, you may not require XXXX to opt out as well before implementing XXXX 's opt out direction. 

( iii ) Permit XXXX and XXXX to make different opt out directions. If you do so : ( A ) You must permit XXXX and XXXX to opt out for each other; ( B ) If both opt out, you must permit both to notify you in a single response ( such as on a form or through a telephone call ) ; and ( C ) If XXXX opts out and XXXX does not, you XXXX only disclose nonpublic personal information about XXXX, but not about XXXX and not about XXXX and XXXX jointly. 

( e ) Joint relationships in the case of credit unions. 

( 1 ) If two or more consumers jointly obtain a financial product or service, other than a loan, from a credit union, the credit union may provide only a single opt out notice. The opt out notice must explain how the credit union will treat an opt out direction by a joint consumer ( as explained in the examples in paragraph ( e ) ( 5 ) of this section ). 

( 2 ) Any of the joint consumers may exercise the right to opt out. A credit union may either : ( i ) Treat an opt out direction by a joint consumer to apply to all of the associated joint consumers; or ( ii ) Permit each joint consumer to opt out separately. 

( 3 ) If a credit union permits each joint consumer to opt out separately, the credit union must permit one of the joint consumers to opt out on behalf of all of the joint consumers. 

( 4 ) A credit union may not require all joint consumers to opt out before the credit union implements any opt out direction. 

( 5 ) Example. If XXXX and XXXX have a joint share account with a credit union and arrange for the credit union to send statements to XXXX 's address, the credit union may do any of the following, but it must explain in its opt out notice which opt out policy it will follow : ( i ) Send a single opt out notice to XXXX 's address, but it must accept an opt out direction from either XXXX or XXXX. 

( ii ) Treat an opt out direction by either XXXX or XXXX as applying to the entire account. If it does so, and XXXX opts out, it may not require XXXX to opt out as well before implementing XXXX 's opt out direction. 

( iii ) XXXX XXXX and XXXX to make different opt out directions. If it does so, and if XXXX and XXXX both opt out, it must permit one or both of them to notify it in a single response ( such as on a form or through a telephone call ). 

( 6 ) Special rule for loans. 

( i ) A credit union is required to provide an initial opt out notice to a borrower or guarantor on a loan if it shares his or her nonpublic personal information with nonaffiliated third parties other than for purposes under 1016.13, 1016.14, and 1016.15. 

( ii ) A credit union may satisfy its annual opt out notice requirement by providing one notice to those borrowers and guarantors jointly. 

( f ) Joint relationships in the case of covered entities subject to FTC enforcement jurisdiction. For purposes of this paragraph ( f ), you is limited to the financial institutions described in 1016.3 ( l ) ( 3 ). 

( 1 ) If two or more consumers jointly obtain a financial product or service from you, you may provide a single opt out notice, unless one or more of those consumers requests a separate opt out notice. Your opt out notice must explain how you will treat an opt out direction by a joint consumer ( as explained in paragraph ( f ) ( 5 ) of this section ). 

( 2 ) Any of the joint consumers may exercise the right to opt out. You may either : ( i ) Treat an opt out direction by a joint consumer as applying to all of the associated joint consumers; or ( ii ) Permit each joint consumer to opt out separately. 

( XXXX ) If you permit each joint consumer to opt out separately, you must permit one of the joint consumers to opt out on behalf of all of the joint consumers. 

( 4 ) You may not require all joint consumers to opt out before you implement any opt out direction. 

( 5 ) Example. If XXXX and XXXX have a joint credit card account with you and arrange for you to send statements to XXXX 's address, you may do any of the following, but you must explain in your opt out notice which opt out policy you will follow : ( i ) Send a single opt out notice to XXXX 's address, but you must accept an opt out direction from either XXXX or XXXX. 

( ii ) Treat an opt out direction by either XXXX or XXXX as applying to the entire account. If you do so, and XXXX opts out, you may not require XXXX to opt out as well before implementing XXXX 's opt out direction. 

( iii ) Permit XXXX and XXXX to make different opt out directions. If you do so : ( A ) You must permit XXXX and XXXX to opt out for each other; ( B ) If both opt out, you must permit both to notify you in a single response ( such as on a form or through a telephone call ) ; and ( C ) If XXXX opts out and XXXX does not, you may only disclose nonpublic personal information about XXXX, but not about XXXX and not about XXXX and XXXX jointly. 

( g ) Time to comply with opt out. You must comply with a consumer 's opt out direction as soon as reasonably practicable after you receive it. 

( h ) Continuing right to opt out. A consumer may exercise the right to opt out at any time. 

( i ) Duration of consumer 's opt out direction. 

( 1 ) A consumer 's direction to opt out under this section is effective until the consumer revokes it in writing or, if the consumer agrees, electronically. 

( 2 ) When a customer relationship terminates, the customer 's opt out direction continues to apply to the nonpublic personal information that you collected during or related to that relationship. If the individual subsequently establishes a new customer relationship with you, the opt out direction that applied to the former relationship does not apply to the new relationship. 

( j ) Delivery. When you are required to deliver an opt out notice by this section, you must deliver it according to 1016.9 of this part. 

( k ) Model privacy form. Pursuant to 1016.2 ( a ) of this part, a model privacy form that meets the notice content requirements of this section is included in the appendix to this part.

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 non-monetary relief