Consumer complaint received 2021-08-22
Company: CAPITAL ONE FINANCIAL CORPORATION
State: MA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
RE : Capital One Account No. XXXX Capital One Account No. XXXX To Whom It May Concern : Be advised this is not a refusal to pay, but a notice sent pursuant to the Fair Debt Collection Practices Act, 15 U.S.C. 1692 et. seq., and the Fair Credit Reporting Act, 15 U.S.C. 1681 et. seq. that your claim is disputed and validation is requested. 

This is NOT a request for verification or proof of my mailing address or any other personal identifiers, but a request for VALIDATION made pursuant to the above named Titles and Sections. I respectfully request that your offices provide me with competent evidence that I have any legal obligation to pay you. 

At this time I will also inform you that if your offices have reported invalidated information to any of the three major credit bureaus ( XXXX XXXX, and XXXX XXXX ) ; this action might constitute fraud under both federal and state laws. Due to this fact, if any negative mark is found to report on any of my credit reports by your company or the company you represent, I will not hesitate in bringing legal action against you and your client for the following : Violation of the Fair Credit Reporting Act and Defamation of Character. 

It would be constructive for you to note that the FCRA ( Fair Credit Reporting Act ) section 609 ( c ) ( 2 ) ( E ) states : " a consumer reporting agency is not required to remove accurate derogatory information from a consumer 's file, unless the information is outdated under section 605 or can not be verified. 

The can not be verified is the key phrase, as you can see. Since I challenged you and your staff to verify, and you can not, that means all financial institutions and credit reporting agencies concerned with my account are required to remove any derogatory information. It can not be deemed accurate if it can not be verified. If it can not be verified, then it is required to be removed, according to the FCRA. 

Please be advised that the alleged debt that you are attempting collect is uncollectable for the following reasons : Creditor is in breach of any alleged agreement that it claims I am bound by. 
Creditor failed to make full disclosure in its credit card agreement prior to soliciting my application to be bound by it. 
Due to the breach and lack of full disclosure, you are attempting to collect an alleged debt from me, you are committing false, deceptive, or misleading representations or means, in violation of Section 807 of the FDCPA, 15 U.S.C. 1692e, committing fraud.

Creditor has failed to fully disclose the fact that it sold its credit card receivables relating to the alleged account that you claim I am bound by. This transaction is a securitization.

Due to the securitization of the initial outstanding balances of the alleged account, creditor is not a holder in due course, and therefore has no rights or interest in the receivables you are attempting to collect. 

Law in support of the above : SECURITIZATIONS 74. An originator of a typical securitization XXXX the transferor ) transfers a portfolio of financial assets to an SPE, commonly a trust. In " pass-through '' and " pay-through '' securitizations, receivables are transferred to the SPE at the inception of the securitization, and no further transfers are made ; all cash collections are paid to the holders of beneficial interests in the SPE. In " revolving-period '' securitizations, receivables are transferred at the inception and also periodically ( daily or monthly ) thereafter for a defined period ( commonly three to eight years ), referred to as the revolving period. During the revolving period, the SPE uses most of the cash collections to purchase additional receivables from the transferor on prearranged terms.

75. Beneficial interests in the SPE are sold to investors and the proceeds are used to pay the transferor for the assets transferred. Those beneficial interests may comprise either a single class having equity characteristics or multiple classes of interests, some having debt characteristics and others having equity characteristics. The cash collected from the portfolio is distributed to the investors and others as specified by the legal documents that established the SPE. 
See Statement of Financial Accounting Standards No. 140, Financial Accounting Standards Board, XXXX XXXX ( FASB FAS140 ) Please provide the following : 1. Agreement with your client that grants you the agent authority to collect on this alleged debt. 
2. Agreement that bears the signature of the alleged debtor wherein he/she agreed to pay Capital One Account No. XXXX Capital One Account No. XXXX, and or an agreement showing I agree to pay a creditor and or their agent. 
3. A copy of your oath of office confirming you are not violating 15 USC 1692 ( e ) 3, and establishing your legal standing to collect anything from me. 
4. Any insurance claims been made by any creditor regarding this account. 
5. Any judgments obtained by any creditor regarding this account that gives you the right to collect anything from me. 
6. Name and address of alleged original creditor.

7. Name on file of alleged debtor.

8. Alleged account number.

9. Address on file for alleged debtor.

10. Amount of alleged debt and what it is for. 
11. Date this alleged debt became payable.

12. If the account is charged off, the date of original charge off or delinquency.

13. Verification that this debt was assigned or sold to collector.

14. If this debt has been assigned to collector, please provide the commission amount if collection efforts are successful.

15. If this debt has been sold to collector, please provide the price for which it was sold, and proof of sale. Include all trailing documents identifying the SELLER you purchased it from and ALL PREVIOUS OWNERS. 
16. A true and correct copy of the transfer instrument that was used to transfer the initial outstanding balances from this alleged account into the Special Purpose Entity ( SPE ) trust, as described on the FDIC website above.

17. Agreement between your agency and I of any contractual or debtor/creditor arrangement.

18. Complete accounting of alleged debt showing how you specifically calculated the entire amount of what you say I owe.

19. Copies of any and all account level documents that show I agreed to pay what you say I owe to include original signatures. 

If your offices are able to provide the proper documentation as requested, I will require at least 30 days after receipt to investigate this information and during such time all collection activity must cease. 

If your offices fail to respond to this validation request within 30 days from the date of your receipt, all references to this account must be deleted and completely removed from my credit files with the credit reporting agencies, and a copy of such deletion request shall be sent to me immediately. You are to cease all collection efforts as delineated under 15 USC 1692g Sec. 809 ( b ) of the FDCPA until proper validation is provided. 










I would also like to request that no telephone contact be made by your offices to me, my home, or to my place of employment. If your offices attempt telephone communication with me, including but not limited to computer generated calls and calls or correspondence sent to or with any third parties, it will be considered harassment. All future communications with me MUST be done in writing and sent to the address noted in this letter by USPS. 

I declare under penalty of perjury without the United States that the above statements are the truth, the whole truth and nothing but the truth.

Company response to consumer: Closed with explanation