Consumer complaint received 2023-03-03
Company: Experian Information Solutions Inc.
State: NV
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account status incorrect

Complaint:
I told credit bureaus that they were furnishing inaccurate and incorrect information on my credit report. 

The reporting of such inaccurate information has caused severe damage to my character, my reputation, my general mode of living, and my ability to obtain credit for personal, business, and home purposes. 

15 U.S. Code 1681s-2 Responsibilities of furnishers of information to consumer reporting agencies ( a ) DUTY OF FURNISHERS OF INFORMATION TO PROVIDE ACCURATE INFORMATION 1 ) PROHIBITION ( A ) Reporting information with actual knowledge of errors A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate.

Duty ; a moral or legal obligation ; a responsibility Accurate ; correct in all details ; exact Prohibition : a law or regulation forbidding something As Defined by the IRS, even if you didnt receive a Form 1099-C, you must report canceled debt as gross income on your tax return.

The IRS clearly defines a charge-off as Gross or ordinary income, INCOME DOES NOT GET REPORTED ON THE CONSUMER REPORT which in fact makes the reporting of my account inaccurate!

By definition the IRS clearly says a Canceled or Charge-off is income. The reporting of my account as a debt is inaccurate.

15 USC 1681s-2 says the credit bureaus are furnishers of information.

They are PROHIBITED BY LAW to furnish inaccurate information.

15 USC 1681s-2 ( a ) ( 1 ) ( A ) A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate.

I have put them on NOTICE that they are furnishing incorrect inaccurate information.

The lender must file Form 1099-C and send you a copy if the amount of debt canceled is {$600.00} or more and the lender is a financial institution, credit union , federal government agency, or other applicable entity as discussed earlier in Chapter 1.

The above paragraph is taken directly from the IRS 2021 publication. Enclosed is a copy of an excerpt of the publication highlighted on page 3 & 4.

I DID NOT RECEIVE MY FORM 1099-C that they should have sent when they filed the account as a canceled debt.

15 U.S. Code 1681s-2 ( a ) DUTY OF FURNISHERS OF INFORMATION TO PROVIDE ACCURATE INFORMATION 1 ) PROHIBITION ( B ) Reporting information after notice and confirmation of errors A person shall not furnish information relating to a consumer to any consumer reporting agency if- ( i ) the person has been notified by the consumer, at the address specified by the person for such notices, that specific information is inaccurate ; and ( ii ) the information is, in fact, inaccurate.

In conclusion I have shown them and they have been put on notice that they are reporting inaccurate information and the information is, in fact, inaccurate.

The continued reporting of this inaccurate information is a clear violation of the law 15 USC 1681s-2 of their responsibilities as a furnisher of information.

They have caused me and my family severe harm due to negligence and inaccurate reporting.

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