Consumer complaint received 2023-11-15
Company: Spring Oaks Capital, LLC
State: MI
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: Investigation took more than 30 days

Complaint:
Consumer Financial Protection Bureau XXXX XXXXXXXX XXXX XXXX XXXX, XXXX  XXXX Re : Complaint Against Reporting Entity for Violation of Fair Credit Reporting Act Dear Consumer Financial Protection Bureau, I am writing to file a formal complaint against XXXX XXXX XXXX XXXX XXXX ( hereinafter referred to as " XXXX '' ) regarding their non-compliance with the Fair Credit Reporting Act ( FCRA ) and, specifically, their failure to adhere to the provisions outlined in Section 611 ( a ) ( 8 ) of the FCRA. This complaint is submitted to the Consumer Financial Protection Bureau ( CFPB ) for investigation and appropriate action. 

On XX/XX/XXXX, I, as a credit consultant, sent a certified letter to On XX/XX/XXXX, I, as a credit consultant, sent a certified letter to XXXX requesting the validation of a collection account as per the provisions set forth in the FCRA. The collection account in question pertains to SPRING OAKS XXXX XXXX  which alleges that I opened an account on XX/XX/XXXX, and currently maintains a balance of {$560.00}. The FCRA mandates that the credit bureau, in this case, XXXX must ensure the accuracy and completeness of the information they report. 

We are filing this complaint on behalf of our client, who is experiencing issues with a closed account reporting negative information on their credit report. Pursuant to our efforts to address this matter, we sent a Validation of XXXX letter to the reporting entity, as allowed under the FCRA. Despite our repeated attempts, we have not received any response from the reporting entity. 

This lack of cooperation is a clear violation of our client 's rights under the FCRA, particularly under the following sections : FCRA Section 611 ( a ) ( 1 ) ( A ) : This section requires consumer reporting agencies to promptly investigate disputes regarding the completeness or accuracy of any information provided by a consumer and to correct or remove any inaccurate information.

FCRA Section 623 ( a ) ( 2 ) : This section mandates furnishers of information to report accurately and prohibits the reporting of information that they know or have reasonable cause to believe is inaccurate. 

Enclosed, please find a copy of the Validation of Debt letter we sent to the reporting entity, along with proof of delivery. We believe that our client 's rights have been willfully neglected, and we seek the intervention of the Consumer Financial Protection Bureau to ensure a fair resolution in accordance with the FCRA. 

We kindly request that the Consumer Financial Protection Bureau conduct a thorough investigation into this matter, compelling the reporting entity to respond appropriately and take corrective action. We appreciate your prompt attention to this issue and look forward to a swift resolution. 

If you require any additional information or documentation, please do not hesitate to contact me at XXXX Thank you for your commitment to protecting consumers ' rights and ensuring the fair implementation of the FCRA. 

Sincerely, XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation