Consumer complaint received 2020-06-25
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: IL
Product: Debt collection
Sub-product: Credit card debt
Issue: Attempts to collect debt not owed
Sub-issue: Debt was result of identity theft

Complaint:
RE : Debt Validation request for Account # XXXX. Purported Creditor Bank of America ( BOA ) account # XXXX Dear XXXX XXXX, ( CC : Consumer Financial Protection Bureau, IL Attorney General, BOA, Department of Justice ) This letter is being sent to you in response to your XX/XX/2020 Debt Collection attempt on the debt I purportedly owe to Bank of America. Be advised that this is not a refusal to pay, but a notice sent pursuant to the Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809 ( b ) that your claim is disputed and validation is requested.

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

Please provide me with the following : What the money you say I owe is for ; Explain and show me how you calculated what you say I owe ; Provide me with copies of any papers that show I agreed to pay what you say I owe ; provide me a proof of purchase of my debt, if any, as required under UCC 203 Art. 9 ; or explain based on which authority you can collect from me. Please provide me a copy of retainer and confirmation sale of my purported debt to XXXX XXXX XXXX by BOA. Show me that you are licensed to collect in my state Provide me with your license numbers and Registered Agent.

Please be further advised that I several times demanded BOA to validate this debt due to my concerns of identity theft and unjust enrichment by BOA which BOA never responded.

Based on recent report from the Senate, BOA is engaged in the wide-crime spree  which caused reasonable concerns how BOA uses my personal information ; who collects the debt IF this debt exists. I also suspect that BOA uses my identity to back their bogus derivatives/credit default swaps to obtain unjust enrichment in the amount of 15-20 times more that my debt. It is not a secret that Big Banks sell securitized borrowers personal information without borrowers knowledge and consent to receive enormous profits in average 12-15 times more than the amount BOA PAYS to obtain an intangible license to sell derivatives masqueraded as a credit card debt. It creates a contract for SERVICES provided by ME to BOA ( such as issue a Promissory Note ) which BOA used in their securitization scheme where I am entitled for royalties from all trades as Quantum Meruit.

Please note that only a creditor or a lawful assignee of the creditor can collect a debt. The creditor is by definition the party who claims to own the debt. If they own the debt then they are reporting the debt as an asset receivable on their accounting records. Since investors do NOT buy debts, but merely buy certificates backed by information about the debt, there is no party anywhere that is a creditor. If there is no creditor, there can be no debt, because there is nobody entitled to receive payment. 

Please explain based on which evidence you concluded that I owe anything to BOA and not BOA owes to me a part of profits they received from trading my personal data on the open market without my knowledge and consent, no need without fair compensation. Based on my estimate, BOA received at least {$18000.00} revenue ( {$1500.00} x 12 ) by selling my securitized data to investors who are NOT my creditors ; while only retuned me {$1500.00} as a one-time payment for issuing a Promissory Note based on which BOA sells their derivatives and other unregulated securities, which BOA expects me to return them with interest. Please be informed that I demand royalties, no less than 20 %, from ALL sales of profits from securities backed by my name and signature, no less than {$3600.00} ( minus {$1200.00} would be {$2300.00} owed to me by Bank of America ). 

Please provide me evidence if my Promissory Note as Appeared on the Application for the Credit was processed by BOA in accordance with GAAP. Was it placed as a receivable to BOA account to generate profits? If yes, please state how much profits were generated by using my signature on the Application as an ASSET on BOA balance sheets. Please explain me how the cash earlier credited is now deposited. Is this a debit to cash and a credit to a bank liability like a checking account or demand deposit account or savings account. Is it treated as a new ASSET on the BOA balance sheets? Is this new ASSET came from me, as a borrower, thus BOA owes me a liability related to this new asset? Please provide me the proof where was my Promissory Note ( application to buy a credit card ) recorded by BOA. 

Please state if my promissory Note was securitized and sold to investors for cash and how much profits BOA received by trading on my name, signature and reputation on the open markets. Please send me a document where it said that I allowed BOA to use my name, signature and reputation to trade on the open market as a security to generate profits. BOA got my Promissory Note/Application for Credit for free and I suspect that is was used as an asset to generate massive profits by trading on my name, which equates to identity theft ; swindling and counterfeiting. 

I respectfully request to validate for me this debt and provide me adequate assurance that my promissory Note was properly recorded in BOA bookkeeping ; disclose if my application was used as a guarantee for any trades ; the amount of profits received from trades ; and a copy of the document where these transactions were explained to me and I gave my permission to these trades. Once BOA provide me a full validation of Debt and Adequate Assurance, I will send you the next payment. This is not a refusal to pay but the request to validate the Debt At this time I will also inform you that if your offices have reported invalidated information to any of the 3 major Credit Bureaus ( XXXX XXXX XXXX XXXXXXXX ) this action might constitute fraud under both Federal and State Laws. Due to this fact, if any negative mark is found on any of my credit reports by your company or the company that you represent I will not hesitate in bringing legal action against you for the following : Violation of the Fair Credit Reporting Act ; Violation of the Fair Debt Collection Practices Act ; Defamation of Character. 

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

Also during this validation period, if any action is taken which could be considered detrimental to any of my credit reports, I will consult with my legal counsel for suit. This includes any listing any information to a credit reporting repository that could be inaccurate or invalidated or verifying an account as accurate when in fact there is no provided proof that it is. 

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 file and a copy of such deletion request shall be sent to me immediately. 

I would also like to request, in writing, that no telephone contact be made by your offices to 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 and I will have no choice but to file suit. All future communications with me MUST be done in writing and sent to the address noted in this letter by USPS. 

It would be advisable that you assure that your records are in order before I am forced to take legal action. This is an attempt to correct your records, any information obtained shall be used for that purpose. 

Best 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