Consumer complaint received 2023-10-19
Company: SYNCHRONY FINANCIAL
State: FL
Product: Debt or credit management
Sub-product: Debt settlement
Issue: Didn't provide services promised

Complaint:
Dear XXXX XXXX, I am writing in further response to your letter dated XX/XX/2023, regarding accounts ending in XXXX and XXXX. While I appreciate you taking the time to respond, I believe there are certain XXXX XXXX XXXX and federal regulations that require you to provide validation and accounting of these accounts. 

Pursuant to the Uniform Commercial Code ( UCC ) 3-501 and 3-505, as the account debtor Synchrony Bank is obligated upon presentment to provide validation and evidence of the accounting and status of the loans, or otherwise provide notice of dishonor. Furthermore, under 16 CFR 433.2 of the Federal Trade Commissions Holder-In-Due-Course Rule, Synchrony Bank must provide notice to the consumer of any assignment or sale of the debt and preserves the consumers rights to demand documentation and proof of claim from the original creditor. Bear in mind that my financial instrument was securitized via Synchrony Card Issuance Trust. Your XXXX XXXX XXXX XXXX XXXX has a fiduciary duty to shareholders as trustees of the Trust, thus must uphold UCC servicing laws. 

As per 12 CFR 226.17 of Federal Reserve Regulation Z and 12 CFR 1022.121-1022.122 under the Fair Credit Reporting Act, I demand a full verified accounting of the current balance owed, as well as documentation fulfilling the error resolution and loan record furnishing requirements for any account information furnished to credit bureaus or third parties. 

Additionally, pursuant to UCC 9-210 Synchrony Bank must provide an accounting of the unpaid indebtedness for these credit agreements secured by collateral. In summary, failure to provide the requested validated proof of claim and accounting of the status and payment history for these accounts constitutes breach of Synchrony Banks legal obligations under the stated federal and uniform commercial statutes.

Additionally, 673.1041 of the UCC preserves my rights to discharge debts through alternate forms of payment. Any 1099-C, 1099-OID, or 1099-A forms Synchrony Financial files with the IRS regarding my account must also be provided to me as the consumer for accurate tax reporting, for any canceled/discharged debt over {$600.00} ( per IRS rules for Form 1099-C ). Failure to provide these forms constitutes as tax fraud. I am requisitioning valid proof of the claim notarized under penalty of perjury of the accounting on the public and private side of my account. 

As asserted in my previous letter, UCC 3-601 preserves your rights as original creditor to collect on or settle these accounts regardless of their charge-off status. Thus, I formally request settlement and closure of these accounts by payment to your institution, as the originating creditor and security holder. Please confirm within 30 days your willingness to accept payment and validate these debts under the required commercial laws. 

Regards, 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