Consumer complaint received 2023-04-15
Company: BMO HARRIS BANK NATIONAL ASSOCIATION
State: IL
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Was not notified of investigation status or results

Complaint:
I am writing to XXXX dispute the charged-off account and inaccurate reporting associated with the above-referenced account number XXXX, as reported by BMO Harris Bank NA XXXX Upon reviewing my credit report, I discovered that the account was reported as charged off, which needs to be corrected. 

The specific inaccuracies in the reporting include the following timeline of events : XXXX. XX/XX/XXXX : 30 days past due XXXX. XX/XX/XXXX : Current XXXX. XX/XX/XXXX : 30 days past due XXXX. XXXX and XX/XX/XXXX : XXXX XXXX. XXXX and XX/XX/XXXX : 30 days past due XXXX. XX/XX/XXXX : 60 days past due XXXX. XX/XX/XXXX : 90 days past due XXXX. XX/XX/XXXX to XX/XX/XXXX : Listed as " ND '' I believe this to be a violation of the XXXX XXXX Reporting Standards, as the account should not be reported as charged-off if there are inconsistencies in the reported payment history. 


I vehemently dispute the accuracy of the charged-off account and assert that the reporting is fundamentally flawed. 

By taking a write-off for the previous debt, BMO Harris Bank NA effectively exploits public tax dollars to assist with the write-off. This action constitutes a form of public assistance. Moreover, my requirement to file the discharged debt as income on my tax return falls under the income statute, which should exempt this debt from being reported on my credit report.

In addition, I have yet to receive Form 1099-C ( Cancellation of Debt ) from XXXX XXXX XXXX XXXX which contravenes the Internal Revenue Service ( IRS ) regulations under section 6050P of the Internal Revenue Code. Regardless, I have dutifully filed the discharged debt as income on my tax return, as mandated by the IRS. BMO Harris Bank NA failure to provide the 1099-C constitutes a breach of the IRS tax code, and it has come to my attention that you have taken a write-off for the debt in question.

It is crucial to emphasize that income is not required to be reported on a consumer report under the Fair Credit Reporting Act ( FCRA ). Section 605 ( a ) ( 4 ) of the FCRA explicitly states that consumer reporting agencies may not include any information in a consumer report that pertains to " receipt of public assistance benefits. '' I assert that the income reported on my tax return, which encompasses the discharged debt, qualifies as public assistance benefits and is therefore exempt from reporting on my consumer report.

I demand that you provide documentation supporting the validity and accuracy of the reported information, including any signed agreements that establish the debt and any other pertinent information.

I insist that you investigate this matter and verify the following : 1. The accurate reporting of the charged-off account on my credit report, considering that I have filed the discharged debt as income on my tax return despite not receiving a 1099-C from BMO Harris Bank NA 2 . The validity of the reporting of the charged-off account.

3. The accurate reporting of the charged-off account on my credit report, considering the inconsistencies in the reported payment history. 
4. The validity of the reporting of the charged-off account, considering that it is not in compliance with the XXXX XXXX Reporting Standards. 

Should the investigation reveal inaccuracies in the reporting of the charged-off account, I expect you to remove the account promptly. 
I request that you provide me with the 1099-C you neglected to issue, as required by the IRS regulations .

I demand that you respond to this dispute within 30 days, as mandated by the Fair Credit Reporting Act ( FCRA ). Failure to comply may result in further actions, including filing a complaint with the Consumer Financial Protection Bureau ( CFPB ) and seeking legal counsel. 

I await your prompt attention to this matter.

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