Consumer complaint received 2023-06-05
Company: CAPITAL ONE FINANCIAL CORPORATION
State: MN
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:
Demand For Arbitration XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX CAPITAL ONE XXXX XXXX XXXX, XXXX XXXX XXXX, XXXX  XXXX Dear, CAPITAL ONE The correspondence to my original dispute was less than satisfactory as I was sent a multitude of documents that served no relevant purpose to what was sent in my original correspondence to the subject matter at hand. I also want to emphasize I informed XXXXCapital One to cease sending any documents that werent referenced in specific with my original correspondence. Both XXXXCapital One are knowingly and willingly furnishing inaccurate and false information on my consumer report and were supposed to provide validation of the alleged debt in reference to accounts XXXX that included a general ledger statement. This was supposed to include a verification of the claim against XXXX XXXX, that is, a signed Invoice. This was also supposed to include a copy of the contract binding both CAPITAL ONE AND XXXX XXXX and it was supposed to be sent notarized by recorded delivery so that there is an independent witness to it being delivered. '' The verification also should have included a statement under penalty and perjury from Capital One admitting whether they are the holder in due course or if they are a servicer. This statement was also supposed to include a statement under penalty and perjury admitting whether or not Capital one sold my note in a pooling and servicing agreement. This is also known as securitization. 

In reference to everything mentioned previously, Capital one was also supposed to provide me with the identity of the true holder in due course for the loans associated with both accounts. Since they are claiming a debt is allegedly owed that was supposed to be included with the general statement ledger with the name of the debt collector the loans were sold to. This also includes the CUSIP numbers under which both loans were securitized. I also never received a visual inspection of my original wet ink promissory note ( not a photocopy ). Although these were mentioned none of the things mentioned in specific were provided. Instead I was sent a letter by XXXXCapital One stating the debt was verified as accurate after multiple correspondences of the subject matter at hand even though no reasonable measures were taken to verify the debt. In addition to that Id also like to note the 2 accounts in this notice are also being reported as charged off.

Charge offs/Canceled Debts are reported as ordinary income according to irs publication 4681 and by law only debt is permitted to be reported on the consumer report. This is a direct violation of both XXXX/Capital one since 15 USC 1681 s-2 clearly states 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. Both XXXXCapital One were put on notice and had reasonable cause to believe the information is false and inaccurate due to the fact both accounts are being reported as charged off. They also had reason to believe the accounts were inaccurate and false due to the fact XXXX and XXXX are both reporting the accounts as paid in full/paid as agreed and based on the law mentioned all reports must report the same exact thing with 100 percent accuracy. My consumer report is also reporting 100 percent payment history so this further constitutes as evidence XXXXCapital One are knowingly and willingly reporting inaccurate and false information according to the law mentioned. 

Due to the fact XXXXCapital One is furnishing information on my consumer report negligently, this has caused me and my livelihood a substantial amount of damages. Because of XXXXCapital One continuing to furnish false and inaccurate information after final notice I have been damaged in excess of XXXX dollars. I also made sure to document demonstrable evidence of being denied my consumer rights to the mentioned extension of credit due to XXXXCapital One furnishing false and inaccurate information after being put on notice and being given a reasonable amount of time to cure the inaccurate and false reporting. 


Both XXXXCapital one were unable to provide this proof as I have requested within 30 days, they have in turn defaulted in regards to not being a party of interest and can not rightfully enforce any claims under U.C.C. - ARTICLE 3 3-301.

Under US Code TITLE 15 > CHAPTER 41 > SUBCHAPTER V > 1692g part b ), both accounts are officially in dispute. By law, all collection activities must cease until this matter is resolved. XXXX XXXX are both now liable for blatant disregard to this law and are subject to fines by the FTC. You are advised to consult legal counsel on this matter. 
Because the debt was not properly validated by XXXXCapital One in accordance with the Fair Debt Collections Practices Act, Both XXXXCapital One have a legal responsibility to terminate the claim and correct any negative credit reporting which may have been made in connection with this alleged debt. I also want to emphasize that this is my official notice of my demand for arbitration and I will be seeking damages in excess of XXXX for actual damages and an invoice will be attached to this notice in accordance with 15 USC 1611, 15 USC 1681n and 15 USC 1681o and any other laws that correlate to the subject matter in question. 

Thank you, XXXX : XXXX / [ Agent/Beneficiary ] Without Prejudice, All Natural Inalienable Rights Reserved

Company response to consumer: Closed with explanation