Consumer complaint received 2020-05-14
Company: CAPITAL ONE FINANCIAL CORPORATION
State: FL
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: Their investigation did not fix an error on your report

Complaint:
Request for Verification of Debt Balance, Verification of Commercially Reasonable Sale and Accuracy of Credit Bureau Reporting Practices I am writing to once again to request a deletion or validation of Capital One Auto Finances ( COAF ) credit bureau reporting practices. Please see details below and the attached documentation for reference. 

XX/XX/XXXX I financed a car for my son from Capital One Auto Finance ( COAF ) XX/XX/XXXX I made the last monthly payment on the account but still had a balance on the account. 
XX/XX/XXXX XXXX sent me a Notice of Strict Enforcement of Contract Rights indicating a  {$15000.00} balance. 
XX/XX/XXXX The car was repossessed by Capital One Auto Finance ( COAF ) XX/XX/XXXX COAF sent me a Notice of Intent to Sell that included a Reinstatement and Redemption Letter indicating I could get the car back for {$16000.00}. 
XX/XX/XXXX COAF sold the car for {$4500.00}. I am requesting validation that the car was sold at a commercially reasonable market value. 
XX/XX/XXXX COAF sent me an Explanation of Calculation of Surplus indicating a {$12000.00} surplus on a {$16000.00} loan whereby {$4500.00} was collected for the vehicle and fees totaling {$990.00} were being charged to me resulting in a total surplus of {$12000.00}. 

As of today, XX/XX/XXXX, COAF uses unfair practices and continues to report inaccurate information to all three credit bureaus on my behalf as outlined below and contradicted by the documentation provided to me by COAF ( attached ). 

1. I am requesting that COAF correct the date of last payment on this account to XX/XX/XXXX as indicated on the attached documentation provided to me by COAF.  COAF actively and inaccurately reports XX/XX/XXXX to credit bureaus as the date of last payment on the account. This will extend the amount of time the negative account stays in my credit file. 
2. I am requesting verification that reporting late fees EVERY month for 7 years on an account that has been charged-off is aligned to statutes, laws, regulations and policies guiding fair credit reporting practices. COAF consistently reports late payments on this account EVERY MONTH to all three credit bureaus for a total of 54+ late payments on my credit file. The last late payment reported was XX/XX/XXXX. 
3. I am requesting that documentation sent to me for validation of this loan be resubmitted AND include clarification and explanations for all codes, records, transactions, etc. specific to COAF. The documents submitted previously were incomplete and include codes and transactions that are not easily understood by a non-COAF employee. Most importantly, the final account balance on XX/XX/XXXX is clearly {$9900.00} per the attached, yet COAF consistently reports a balance of {$11000.00} to all three credit bureaus. How was this amount calculated? 
4. I am also requesting verification that the car was sold at a commercially reasonable fair market price. The car was purchased for {$16000.00} on XX/XX/XXXX. COAF sold the car for {$4500.00} on XX/XX/XXXX. How was the sale price calculated? This information is needed to verify the balance on the debt and adherence to statutes, laws and regulations guiding the sale of a repossessed car by a lender after repossession. 
5. Lastly, I am requesting all documentation and records related to this account including, but not limited to documentation, communication, notes, records, clear transaction history that includes an explanation of all notes and codes to afford me the right to verify the amount COAF claims I owe and that all statutes, laws, regulations, and policies related to this case have been followed. 

If the information requested can not be provided within a reasonable or mandated timeline, I am requesting that this debt be removed from my credit files permanently. Historically, this company has consistently made errors when reporting my credit history to all three credit bureaus. Spending time validating and verifying the debt collection and credit reporting practices of COAF has become costly and time consuming.

Company response to consumer: Closed with explanation