Consumer complaint received 2023-12-05
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NY
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:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Per the FCRA as a federally protected consumer. I am now opting out of any all authorization. Any and all verbal, nonverbal, written and unwritten authorization I, XXXX XXXX may have given to Bank Of America and XXXX on any of my consumer report to provide and exchange any information to each other. 
XXXX is breaking the laws that is set in place to protect me XXXX XXXX AND my consumer credit report, these laws are here to make sure my credit file and credit report has the proper reflection of each account. The laws stated in this letter is the way my account should be reporting and/ or the way this account should be reflected onto my credit report. I am requesting that each account listed here is investigated and corrected due to each law stated here. This account is NOT PROPERLY being reported. I am allowed per this law to tell the credit agencies how I want my accounts to be reflected and if they should be reported. I am opting out of ant and all reporting of these accounts being reported. This account is to be DELETED IMMEDIATLEY. 
Account Name Acoount Number Bank Of America XXXX XXXX DELETED INDEFINITELY AND IMMEDIATELY. 
A year ago I sent XXXX a opt- out letter stating that I am rescinding my permission I gave to the unknowingly and/or knowingly to report accounts to my credit file without my knowledge. 
Per 15 USC 6802-6805 and 16 CFR 313. DELETE IMMEDIATELY AND INDEFINITELY. 
This account is not with Bank Of America anymore they have sold the account to a collection agency XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  WITHOUT MY KNOWLEDGE OR PERMISSION. This account is being reported incorrectly across all credit reporting agencies XXXX, XXXX XXXX, XXXX with dates and balances as well as the consistent monthly reporting of the account. These inconsistencies and false and misleading reporting of my account does a great disservice to me as a consumer, XXXX is at fault for the discrepencies that is being reported with this account on my credit profile. DELETE IMMEDIATLEY DUE TO 15 U.S. Code 1692e - False or misleading representations- 2 ) The false representation of ( A ) the character, amount, or legal status of any debt. ( 10 ) The use of any false representation or deceptive means to collect or attempt to collect any debt or to obtain information concerning a consumer.12 ) The false representation or implication that accounts have been turned over to innocent purchasers for value. 
Per the Fair Debt Collection Practices Act ( FDCPA ), 15 U.S.C. 1681b Permissible purposes and 12 CFR 1022.41b Direct Dispute. This notice states that your claim is disputed and validation of the account is required to MAXIMUM ACCURACY. 15 U.S. Code 1681c2 - Block of information resulting from identity theft- ( a ) a consumer reporting agency shall block the reporting of any information in the file of a consumer that the consumer identifies as information that resulted from an alleged identity theft, not later than 4 business days after the date of receipt by such agency. 15 U.S. Code 1681a - Definitions ; rules of construction- ( d ) Consumer Report. ( 2 ) Exclusions.Except as provided in paragraph ( 3 ), the term consumer report does not include ( i ) report containing information solely as to transactions or experiences between the consumer and the person making the report ; I never gave Bank Of America or XXXX, the permission Per 15 USC 6802-6805 and 16 CFR 313. EFFECTIVE IMMEDIATELY AND INDEFINITELY.

26 U.S. Code 6050P - Returns relating to the cancellation of indebtedness by certain entities- ( a ) In general- ( 1 ) the name, address, and TIN of each person whose indebtedness was discharged during such calendar year, the date of the discharge and the amount of the indebtedness discharged.

When a debt is classified as closed out, an agency must determine if the amount due on the debt should be reported to the Internal Revenue Service ( IRS ) as potential income to the debtor under section 6050P of the Internal Revenue Code ( 26 U.S.C. 6050P ). An agency reports such debts to the IRS using IRS Form 1099-C. The program decision to terminate collection action and accounting decision to write-off DEBT often. Charged off and closed out accounts are considered certificates of indebtedness and this is INCOME. INCOME CLEARLY CAN NOT BE REPORTED TO ANY CREDIT REPORT. 
As clearly being stated here this alleged debt that Bank Of America says they have is no longer a debt. It is a credit that I am suppose to be filing on my taxes. XXXX is wrong for reporting such debt because this is considered income under 26 U.S.C. 6050P and the IRS section 6050P. XXXX IS TO DELETE THIS ACCOUNT IMMEDIATELY. 
The FTC clearly states that The Gramm-Leach-Bliley Act seeks to protect consumer financial privacy. Its provisions limit when a " financial institution '' may disclose a consumer 's " nonpublic personal information '' to nonaffiliated third parties. The Gramm-Leach-Bliley Act was violated during this process in when my personal financial information. I have the right to stop my non personal, personal data from being shared with any other non affiliate or affiliate. This debt is clearly violation of my privacy rights once again. My information was not safegaured it was sold with out my knowledge or agreement to. Second, if you receive " nonpublic personal information '' from a financial institution with which you are not affiliated, you may be limited in your use of that information. Consumers and customers who have the right to opt out may do so at any time. Once you receive an opt-out direction from your existing consumers or customers, you must comply with it as soon as is reasonably possible. - FTC CLEARLY STATES THIS!!!!! 
Bank Of America or XXXX to report my personal information or account information, which is a VIOLATION OF MY PRIVACY per The Privacy Act of 1974 ( 5 USC 522a ), including Statutory Notes ( 5 U.S.C. 552a ), Protects records about individuals retrieved by personal identifiers such as a name, social security number, or other identifying number or symbol. and Opt Out Notices law 16 CFR 313.4 Initial privacy notice to consumers required. ( a ) Initial n 15 U.S. Code 6801 - Protection of nonpublic personal information a ) Privacy obligation policy It is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customersnonpublic personal information. 1 ) to insure the security and confidentiality of customer records and information ; ( 2 ) to protect against any anticipated threats or hazards to the security or integrity of such records ; and ( 3 ) to protect against unauthorized access to or use of such records or information which could result in substantial harm or inconvenience to any customer.

Per 15 USC 1666a -b Reporting ADVERSE credit ratings or standings on my credit report, Timing on Payment the credit reporting agencies can not report utilization to any 3rd party All 3 companies are reporting Utilization which is wrong. A closed account and charged off account can not report any past due Balances. Per 31 CFR 903.5 AND 31 USC 3711 Also a charged off account is income and a certificate of Indebtedness according to the IRS Publication. Once a debt is charged off by the creditor Bank Of America by law is suppose to send me a 1099-C so I can file it on my taxes because it is a certificate of Indebtedness. Income that I claim on my taxes can not be reported to my credit report. DELETE IMMEDIATELY. The credit reporting agencies are not to report income on my credit report. XXXX and Bank Of America is in violation of my privacy rights Per the Privacy Act of 1974 Also said that under 5 USC 552A your social is not suppose to be given out to anyone. They also sharing information with another 3rd party /non affiliate which is in violation of my 16 CFR 313.7 Opt-Out notice XXXX and Bank Of America violated my rights as well under 15 USC 6802-6805 They are suppose to send me a opt-out letter every 30 days. I Have the right to opt-out of anything on credit report. This is a list of laws that XXXX and Bank Of America is abusing and violating. 
Further more in Bank Of America SEC FILINGS Floating rate notes are debt notes and If I am an investor into this company which I have never received my principal amount or secuirities intrest payments on this account that you bank of America did not inform me I was eligible to recive since I have been paying you with debt notes these past 10 years. I am a holder per 16 CFR 443.1 NOTICE ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER. inorder to get such sale of credit recievables which is whne you turned my application and account into a securities that you are currently moving into. As well as reallocating until so you can make principle deposits into your trust account, a charged off debt that you already wrote off and is now income for me and I have not received a 1099-C for it. per your 424B5 prospectus. 
Delinquencies and Collection Efforts page 142 -143 An account is contractually delinquent if the minimum payment is not received by the due date indicated on the monthly billing statement. For collection purposes, however, an account will begin receiving collection treatment based on the number of days that have elapsed since the due date reflected in the respective monthly billing statement, as well as risk, status, balance and other factors. Efforts to collect delinquent credit card receivables currently are made by XXXX Credit Assistance personnel, first party and third party agencies. Collection activities include statement messages, telephone calls, text messages, e-mails and formal collection letters. XXXX employs a proprietary system for collecting past due accounts. Bank of America says that they use third parties to collect debt when the cossumer laws state that you can not give my personal information away without my consent to third parties. 

Charge Off Policy XXXX does not currently sell charged off accounts to third parties. On page 143. My account was sold to a third party twice. Bank of America is lying in their SEC FILING on how they deal with the consumers accounts.

On page 188-189 of the consumer laws part of the SEC FILING FOR 424B5 prospectus The relationships of the cardholder and credit card issuer and the lender are extensively regulated by federal and state consumer protection laws. For credit cards issued by XXXX, the most significant. 
XXXX XXXX XXXX XXXX be liable for certain violations of consumer protection laws that apply to the receivables, either as assignee from XXXX for obligations arising before transfer of the receivables to XXXX XXXX XXXX or as a party directly responsible for obligations arising after the transfer. In addition, a cardholder may be entitled to assert such violations by way of set off against his obligation to pay the amount of receivables owing. 

188 laws include the federal Truth in Lending, Equal Credit Opportunity, Fair Credit Reporting, Fair Debt Collection Practice, GrammLeachBliley and Electronic Fund Transfer Acts, and for members of the military on active duty, the Servicemembers Civil Relief Act and the Military Lending Act. Several of these statutes impose disclosure requirements when a credit card account is advertised, when it is opened, at the end of monthly billing cycles, and on an annual basis. In addition, these statutes limit customer liability for unauthorized use, prohibit certain practices in extending credit, impose certain limitations on the type of accountrelated charges that may be assessed, and regulate the use of cardholder information. Cardholders are entitled under these laws to have payments and credits applied to the credit card accounts promptly, to receive prescribed notices and to require billing errors to be resolved promptly. I AM PROTECTED UNDER THESE LAWS.

PAGE 193 equity interests were traded on an established securities market, or are readily tradable on a secondary market or its substantial equivalent. The beneficiary intends to take measures designed to reduce the risk that either of the issuing entity or master trust II could be classified as a publicly traded partnership ; although the beneficiary expects that such measures will ultimately be successful, certain of the actions that may be necessary for avoiding the treatment of such other securities as readily tradable on a secondary market or its substantial equivalent are not fully within the control of the beneficiary.

ON PAGE A-1-2 Charge offs consist of write offs of principal receivables. AS SAID ON PAGE 14 Currently, XXXX originates and owns credit card accounts from which receivables in accounts designated for inclusion in XXXX XXXX XXXX are sold to ( BA Credit Card Funding, LLC is the beneficiary of the issuing entity. ) XXXX for inclusion in master trust II. BA Credit Card Funding, LLC ( referred to as Funding ), a limited liability company formed under the laws of Delaware and a direct subsidiary of XXXX, is the transferor and depositor of the issuing entity IS securitization trust WHICH MEANS BANK OF AMERICAN HAS WRITTEN OFF AND MADE MONEY OFF OF MY ACCOUNT SECURITIES. 

ON PAGE 28 Security for the Notes The notes of all series are secured by a shared security interest in the collateral certificate and the collection account, but each tranche of notes is entitled to the benefits of only that portion of the assets allocated to it under the indenture and the indenture supplement. 

28 Each tranche ( PORTION ) of notes is also secured by a security interest in any derivative agreement for that tranche. 

The Class A ( 2023-1 ) notes are secured by a shared security interest in : the collection account ; On page 20-21 In addition, the Class A ( 2023-1 ) notes will, and other notes may, have an Adjusted Outstanding Dollar Principal Amount. The Adjusted Outstanding Dollar Principal Amount is the same as the outstanding dollar principal amount, less any funds on deposit in the principal funding subaccount for that note. 



Nominal Liquidation Amount. The nominal liquidation amount of a note is a XXXX dollar amount based on the outstanding dollar principal amount of the note, but after deducting : that notes share of reallocations of Available Principal Amounts used to pay interest on senior classes of notes or a portion of the master trust II servicing fee allocated to its series ; that notes share of chargeoffs resulting from uncovered Investor Default Amounts ; and amounts on deposit in the principal funding subaccount for that note ; and adding back all reimbursements from Excess Available Funds allocated to that note of ( i ) reallocations of Available Principal Amounts used to pay interest on senior classes of notes or the master trust II servicing fee or ( ii ) chargeoffs resulting from uncovered Investor Default Amounts. Excess Available Funds are Available Funds that remain after the payment of interest and other required payments for the notes. 

The nominal liquidation amount of a note corresponds to the portion of the investor interest of the collateral certificate that is allocated to support that note. 

The aggregate nominal liquidation amount of all of the notes plus the Class D Investor Interest is equal to the Investor Interest of Series 2001D. The Investor Interest of Series 2001D corresponds to the amount of principal receivables in master trust II that is allocated to support Series 2001D. Anything that increases or decreases the aggregate nominal liquidation amount of the notes or the Class D Investor Interest will also increase or decrease the Investor Interest of Series 2001D.

Upon a sale of credit card receivables held by master trust II ( i ) following the insolvency of Funding, ( ii ) following an event of default and acceleration for a note, or ( iii ) on a notes legal maturity date, each as described in Sources of Funds to Pay the NotesSale of Credit Card Receivables, the nominal liquidation amount of a note will be reduced to XXXX 

For a detailed discussion of nominal liquidation amount, see The NotesStated Principal Amount, Outstanding Dollar Principal Amount and Nominal Liquidation AmountNominal Liquidation Amount. 

Each tranche of notes is also secured by a security interest in any derivative agreement for that tranche. 


Page 28-29 Security for the Notes The notes of all series are secured by a shared security interest in the collateral certificate and the collection account, but each tranche of notes is entitled to the benefits of only that portion of the assets allocated to it under the indenture and the indenture supplement. 


The Class A ( 2023-1 ) notes are secured by a shared security interest in : the collateral certificate ; the collection account ; the applicable principal funding subaccount ; the applicable interest funding subaccount ; and the applicable accumulation reserve subaccount. 

On page 26 Optional Redemption by the Issuing Entity Funding, so long as it is an affiliate of the servicer, has the right, but not the obligation, to direct the issuing entity to redeem the Class A ( 2023-1 ) notes ( and all other tranches of BAseries notes ) in whole but I DEMAND THAT YOU HAVE 4 DAYS TO UPDATE MY ACCOUNT STATUS DELETED INDEFINITELY AND IMMEDIATELY. 




Respectfully, XXXX XXXX

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