Consumer complaint received 2021-09-01
Company: Experian Information Solutions Inc.
State: MA
Product: Debt collection
Sub-product: Auto debt
Issue: False statements or representation
Sub-issue: Told you not to respond to a lawsuit they filed against you

Complaint:
This Notice is to confirm that your claim is disputed under 15 USC 1692 et seq. Please verify under oath that this claim is valid, free from any claims and defenses including but not limited to : any breach of agreement, failure of consideration or material alterations, and that the original lender provided value. Further, that the alleged account was transferred in good faith and by the consent of all parties involved. 

After reasonable inquiry I have concluded that XXXX XXXX XXXX XXXX. 
is in breach of the alleged agreement. The following facts support my position in this matter : 1. XXXX XXXX XXXX XXXX. failed to disclose to the alleged consumer XXXX XXXX, XXXX. Collateral ( hereinafter consumer ) that XXXX XXXX, XXXX. Collateral used consumers note, capital, funds, money or money equivalent to fund a note, check or similar instrument that was used to fund the charges on the alleged account, whereby XXXX XXXX, XXXX. Collateral did not perform under the agreement and risked nothing of value. 



2. XXXX XXXX XXXX XXXX. has not used any of their own capital, funds, money or money equivalents to pay for any charges on the alleged account. 

3. XXXX XXXX XXXX XXXX. received something-for-nothing by using the consumers note ( s ) to fund charges to the credit card account while retaining payments from consumer. 

4. So, a breach occurred due to the fact that XXXX XXXX XXXX XXXX. failed to disclose the above information in their credit card agreement prior to soliciting applicant to become bound by it. 

5. Due to the breach, and lack of disclosure, XXXX XXXX XXXX XXXX. has, directly or indirectly, used false, deceptive, or misleading representations or means, in violation of Section 807 of the FDCPA, 15 U.S.C. 1692e, which constitutes fraud. 

6. Due to the securitization of the initial outstanding balances of the alleged account, XXXX XXXX XXXX XXXX. is not a holder in due course, and therefore can not have incurred a loss or make a valid claim. 

7. When accounts are 90 days or more overdue, XXXX XXXX XXXX XXXX. receives a payoff of the amount due from insurance, whose premiums were unknowingly funded by the so-called borrower. 

I want to receive absolute assurance from XXXX XXXX XXXX XXXX. that they did not breach the agreement. In order to settle this matter, please sign or have an authorized officer sign the enclosed affidavit, confirming that you have read the agreement, that you understand GAAP, the bookkeeping entries, accounts receivables and deposits, the banking laws, and the Federal Reserve banks policies and procedures. 

In addition please furnish me with the following information : 1. A complete statement of Damages, including each and every loss that XXXX XXXX XXXX XXXX. incurred under the alleged agreement. 

2. A copy of any insurance claim having been made by XXXX XXXX XXXX XXXX. regarding this account. 

3. A front and back, true and correct copy of the alleged signed agreement bearing my signature ( full & complete disclosure ), and a detailed copy of the alleged account. 

4. A true and correct copy of the transfer instrument that was used to transfer the initial outstanding balances from this alleged account into the Special Purpose Entity ( SPE ) trust, as described on the FDIC website. 

5. The name, address and telephone number of XXXX XXXX XXXX XXXX CPA auditor. 

6. Verification if this debt has been assigned or sold to a debt collector. 

7. If this debt has been assigned to a debt collector, please provide the commission amount if collection efforts are successful. 

8. If this debt has been sold to a debt collector, please provide the price for which it was sold. 

If you can not verify and validate this debt by the above listed means, then what right do you have, under the Fair Debt Collection Practices Act 15 USC 1692, to even send me a letter? Are you committing mail fraud? 

It would be constructive for you to note that the FCRA ( Fair Credit Reporting Act ) section 609 ( c ) ( 2 ) ( E ) states : " a consumer reporting agency is not required to remove accurate derogatory information from a consumer 's file, unless the information is outdated under section 605 or can not be verified. 

The can not be verified is the key phrase, as you can see. Since I challenged you and your staff to verify, and you can not, that means all financial institutions and credit reporting agencies concerned with my account are required to remove any derogatory information. It can not be deemed accurate if it can not be verified. If it can not be verified, then it is required to be removed, according to the FCRA. 

You are required by federal law to furnish the credit bureaus with the required disclosure by placing a notice of dispute on my account within ( 30 ) days after receiving this dispute letter. I am maintaining a careful record of dates as well as time-stamped copies of my credit reports, which will show that you have violated the Fair Credit Reporting Act, Section 623 ( a ) ( 3 ) [ 15 USC 1681s-2 ] if you do not place the disclosure within the required ( 30 ) day period. 

Also, during this validation period, if any action is taken which could be considered detrimental to any of my credit reports, I will consult with legal counsel for suit. This includes any listing of any information to a credit-reporting repository that could be inaccurate or invalidated. If your offices have or continue to report invalidated information to any of the three major credit bureaus ( XXXX, Experian, XXXX  ), this action might constitute fraud under both federal and state laws and directly violate the Fair Credit Reporting Act. Due to this fact, if any negative mark is found or continues to report on any of my credit reports by your company or any company that you represent, I will not hesitate in bringing legal action against you for the following : Violation of the Fair Credit Reporting Act and Defamation of Character, Bank Fraud, Aggravated Identity Theft and Conspiracy. 

I am sure your legal staff will agree that non-compliance with this request could violate Fair Credit Reporting Act, Section 623 ( a ) ( 3 ) - Responsibilities of furnishers of information to consumer reporting agencies [ 15 USC 1681s-2 ], putting your company in serious legal trouble with the FTC and other state or federal agencies. 

All communications and omissions will be made part of and incorporated into any litigation arising from this matter. Failure to verify and validate the debt within thirty ( 30 ) days by signing the enclosed affidavit confirms that no further action will be taken and an absolute waiver of any right to collect the alleged debt. Furthermore all references to this account must be deleted and completely removed from my credit file and a copy of such deletion request shall be sent to me immediately. 

You must contact me in writing and request an extension in the event that you need more than thirty ( 30 ) days to verify and validate the debt. Failure to do so confirms that the time limit is reasonable. 

This notice also constitutes a Notice to Cease Telephonic Communications. Non-compliance with this request will violate the Telephone Consumer Protection Act 47 USC 227.

NOTICE THIS IS NOT A REQUEST FOR CONFIRMATION THAT YOU HAVE A COPY OF AN AGREEMENT OR COPIES OF STATEMENTS. THIS IS A DEMAND FOR PROOF THAT YOU HAVE THE REQUISITE KNOWLEDGE OF THE FACTS, AND THAT THE ALLEGED CREDITOR PROVIDED ADEQUATE CONSIDERATION AND INCURRED A FINANCIAL LOSS UNDER THE FULL & COMPLETE ORIGINAL AGREEMENT. 

Notice to the Principal is Notice to the Agent, and Notice to the Agent is Notice to the Principal. 







Please be advised that the alleged debt that has been reported to you is uncollectable for the following reasons : Creditor is in breach of any alleged agreement that it claims I am bound by. 
Creditor failed to make full disclosure in its credit card agreement prior to soliciting my application to be bound by it. 
Due to the breach and lack of full disclosure, you are reporting a collection of an alleged debt from me, under false, deceptive, or misleading representations or means, in violation of Section 807 of the FDCPA, 15 U.S.C. 1692e, committing fraud. 
Creditor has failed to fully disclose the fact that it sold its credit card receivables relating to the alleged account. This transaction is a securitization. 
Due to the securitization of the initial outstanding balances of the alleged account, creditor is not a holder in due course, and therefore has no rights or interest in the receivables you are reporting. 

Law in support of the above : THE TRANSACTION In a credit card securitization transaction only the receivables are sold, not the accounts that generate the receivables. The financial institution retains legal ownership of the credit card accounts and can continue to change the terms on the accounts. Accounts corresponding to securitized loans are typically referred to as thedesignated accounts ( or sometimes trust accounts ). The initial outstanding balances on the designated accounts are sold to the trust as are the rights to any new charges on the designated accounts. Subsequently, as cardholder purchase activity generates more receivables on the designated accounts, these new receivables are purchased by the trust from the originating institution/seller/transferor. The trust uses the monthly principal payments received from the cardholders to acquire these new charges or receivables. When the securitization is initially set up, the originating institution/seller adds sufficient receivables to support the principal balance of the certificates plus an additional amount ( seller 's interest ) that serves to absorb fluctuations in the outstanding balance of the receivables. The originating institution/seller will make subsequentadditionsto the trust in order to keep the seller 's interest at the required level. ( Emphasis added ) See : https : XXXX SECURITIZATIONS 74. An originator of a typical securitization ( the transferor ) transfers a portfolio of financial assets to an SPE, commonly a trust. In " pass-through '' and " pay-through '' securitizations, receivables are transferred to the SPE  at the inception of the securitization, and no further transfers are made ; all cash collections are paid to the holders of beneficial interests in the SPE. In " revolving-period '' securitizations, receivables are transferred at the inception and also periodically XXXX  daily or monthly ) thereafter for a defined period XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXrred to as the revolving period. During the revolving period, the SPE uses most of the cash collections to purchase additional receivables from the transferor on prearranged terms. 
75. Beneficial interests in the SPE  are sold to investors and the proceeds are used to pay the transferor for the assets transferred. Those beneficial interests XXXX  comprise either a single class having equity characteristics or multiple classes of interests, some having debt characteristics and others having equity characteristics. The cash collected from the portfolio is distributed to the investors and others as specified by the legal documents that established the SPE. 
See Statement of Financial Accounting Standards No. 140, Financial Accounting Standards Board, XXXX XXXX ( FASB FAS140 ) This is probably the most legitimate dispute of the validity of the " loan '' you have ever seen. Therefore, you are courteously requested to enter this account as being suspended while in absolutely justified dispute. I trust that you and your management staff operate honorably and that I will never have to sue you for blemishing my credit for illegally allowing the pretender lenders erroneous and robotically unconscious computer-generated reports of default, if they occur, to lower my credit score. Wish me well in getting this resolved with the " lender '' itself, and I appreciate your protecting my credit score in the meantime. Thank you for your cooperation and I wish the best of success and happiness to you. 

Thank you very much and best regard. 

I declare under penalty of perjury without the United States that the above statements are the truth, the whole truth and nothing but the truth.

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