Consumer complaint received 2020-11-25
Company: Dynamic Recovery Solutions, LLC
State: FL
Product: Student loan
Sub-product: Private student loan
Issue: Getting a loan
Sub-issue: Fraudulent loan

Complaint:
I would like to report a scam, fraud and bad business practice against XXXX XXXX XXXX XXXX, XXXX, now supposedly known as XXXX XXXX XXXX XXXX XXXX XXXX XXXX, for fraudulent demands and claims of unpaid school loan. 

On XX/XX/XXXX, I received a letter from a collection agency, Dynamic Recovery Solutions, with an address of XXXX XXXX XXXX, XXXX, SC XXXX, attempting to collect a debt on behalf of XXXX XXXX XXXX XXXX, XXXX, ( original creditor ), and showed the current creditor as XXXX XXXX XXXX  XXXX XXXX XXXX, and unpaid balance due of {$3000.00}, and an offer for me to pay {$1500.00} to immediately resolve the issue and to settle the claim in full. 

I have never, ever heard of this creditor ; I have never taken any loan out with or borrowed money from this creditor, I have never signed any promissory note or application with this creditor, I have never made any payment to this creditor, nor received any funds from this creditor, ever. 

I responded to the collection agency by calling. I asked for further documentation of what they were talking about. I was told that this debt represented an unpaid school loan. The collection agency sent me a copy of a promissory note and application, which they claim was electronically signed. Again, I never electronically or otherwise signed any forms with this credit. 

I never signed any application for a school loan from this entity, nor any promissory note, I had no private loan, ever. 

I did have a parent-plus federal loan, XXXX/Department of Education, opened on XX/XX/XXXX and paid off in full and closed in XX/XX/XXXX ; refinanced by a XXXX/XXXX  loan opened in XX/XX/XXXX, and paid off in full and closed in XX/XX/XXXX, as reported to all credit bureaus, which verify that both of those accounts show that there was NEVER one late payment, and that every payment made by me was more than the actual amount due. 

This creditor has NEVER appeared on any credit report of mine on any of the credit bureaus during the entire credit reporting time. again, I have never signed an application or promissory note with this company. 

In addition thereto, the credit collection agency, on its initial collection letter to me, states that the law limits how long I can be sued on a debt ; and that the creditor may report or continue to report it to the credit reporting agencies for so long as it is unpaid ; and goes on to inform me that even if the statute of limitations has expired, that I may choose to make the payments on the debt ; and to beware if I do make a payment on the debt, that the statute of limitations begins to run again. 

This collection agency has reported a negative, derogatory filing with the credit bureaus against me. 
The creditor is stating that I borrowed the sum of {$25000.00}, with a remaining balance due of {$3000.00} ; I have reviewed my bank statements back to the date, as I have the same account ; there is not one deposit of such monies, not one payment to this organization, nor any monies withdrawn from my account. 

THIS IS A TOTAL SCAM, verifiable by reviewing my credit report and my bank records ; additionally, I demand some sort of proof of payment and deposit of the loan amount into my account, which does not exist. 

Redacted copies of the demand letter from the collection agency, and copies of the electronically signed application and promissory note are attached.

Company response to consumer: Closed with non-monetary relief