Consumer complaint received 2023-09-25
Company: TD BANK US HOLDING COMPANY
State: GA
Product: Credit reporting or other personal consumer reports
Sub-product: Credit reporting
Issue: Improper use of your report
Sub-issue: Reporting company used your report improperly

Complaint:
ORIGINAL CONTRACT WAS SIGNED BY CONSUMER AND TERMS WERE SAID TO BEMONTHLY PAYMENT OF {$680.00} FOR 75 MONTHS. CONTRACT WAS SIGNED XXXX, FIRST PAYMENT IN THE AMOUNT OF {$680.00} WAS DUE BY XXXX.SOMEWHERE IN BETWEEN THE SIGNING OF CONTRACT AND TRANSFER OF CONTRACTTO TD BANK TERMS OF CONTRACT WERE ALTERED AND MONTHLY PAYMENT AMOUNTWAS CHANGED TO {$680.00} AT 76 MONTHS. CONSUMER DID NOT AUTHORIZE NORCONSENT TO THIS CHANGE IN CONTRACT TERMS. THE ACCOUNT HISTORY STATEMENTTHAT TD AUTO FIANNCE HOLDS ON FILE SHOWS CONSUMER BEING CHARGEDMONTHLY PAYMENT OF {$680.00}. CONSUMER ALSO HAS COPIES OF MONTHLY BILLINGSTATEMENT THAT SHOWS TD AUTO FINANCE WAS CHARGING {$680.00}, WHICH IS AN AMOUNT AND TERM NOT AGREED BY OR DISCLOSED TO CONSUMER. TD AUTOFINANCE KNOWINGLY CHARGED THE INCORRECT AMOUNT AFTER RECEIVINGORIGINAL CONTRACT. NOT ONLY IS THIS A BILLING ERROR BUT TD AUTO FINANCE HASBEEN REPORTING THE WRONG CONTRACT TERMS, PAYMENT AMOUNT AND ACCOUNTBALANCE TO THE CREDIT BUREAUS. ALL OF THIS CONSTITUES AS FRAUD. ACCORDINGTO THE TRUTH IN LENDING ACT, CONSUMER IS ACTUALLY ENTITLED TOCOMPENSATION IF SHE HAS TO FILE FOR ARBITRATION. NOT ONLY WERE THECONTRACT TERMS CHANGED, BUT THAT CAUSED A LIST OF OTHER VIOLATIONSINCLUDING FAILING TO DICLOSE THE TRUE APR AND OTHER PERTINENT ACCOUNTINFORMATION. CONSUMER CAN SUE FOR TWICE THE AMOUNT OF CONTRACT FOR THEFRAUD AND NEGLIGENCE. CONSUMER IS CANCELLING CONTRACT AND RESCINDINGSECURITY INTEREST AS ACCORDING TO THE CONTRACT THE DEBTOR ( XXXX XXXX ) CAN UPHOLD THEIR RIGHTS : ANY HOLDER OF THIS CONSUMERCREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTORCOULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED PURSUANTHERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTORSHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER. PLEASE REVIEW THECONTRACT, THE FRAUD ON THE ACCOUNT, AND 16 CFR Part 433 - PART 433PRESERVATION OF CONSUMERS ' CLAIMS AND DEFENSES : 16 CFR 433.1 - Definitions.CFR Table of Popular Names prev | next 433.1 Definitions. ( a ) Person. An individual, corporation, or any other business organization. ( b ) Consumer. A natural person who seeksor acquires goods or services for personal, family, or household use. ( c ) Creditor. A personwho, in the ordinary course of business, lends purchase money or finances the sale of goodsor services to consumers on a deferred payment basis ; Provided, such person is not acting, for the purposes of a particular transaction, in the capacity of a credit card issuer. ( d ) Purchase money loan. A cash advance which is received by a consumer in return for aFinance Charge within the meaning of the Truth in Lending Act and Regulation Z, which isapplied, in whole or substantial part, to a purchase of goods or services from a seller who ( 1 ) refers consumers to the creditor or ( 2 ) is affiliated with the creditor by common control, contract, or business arrangement. ( e ) Financing a sale. Extending credit to a consumer inconnection with a Credit Sale within the meaning of the Truth in Lending Act andRegulation Z. ( f ) Contract. Any oral or written agreement, formal or informal, between acreditor and a seller, which contemplates or provides for cooperative or concerted activity inconnection with the sale of goods or services to consumers or the financing thereof. ( g ) Business arrangement. Any understanding, procedure, course of dealing, or arrangement, formal or informal, between a creditor and a seller, in connection with the sale of goods orservices to consumers or the financing thereof. ( h ) Credit card issuer. A person who extendsto cardholders the right to use a credit card in connection with purchases of goods orservices. ( i ) Consumer credit contract. Any instrument which evidences or embodies a debtarising from a Purchase Money Loan transaction or a financed sale as defined inparagraphs ( d ) and ( e ) of this section. ( j ) Seller. A person who, in the ordinary course ofbusiness, sells or leases goods or services to consumers. [ 40 FR 53506, Nov. 18, 1975 ] 433.2 Preservation of consumers ' claims and defenses, unfair or deceptive acts or practices.In connection with any sale or lease of goods or services to consumers, in or affecting commerce as commerce is defined in the Federal Trade Commission Act, it is an unfair ordeceptive act or practice within the meaning of section 5 of that Act for a seller, directly orindirectly, to : ( a ) Take or receive a consumer credit contract which fails to contain thefollowing provision in at least ten point, bold face, type : NOTICE ANY HOLDER OF THISCONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THEDEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINEDPURSUANT HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THEDEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER. or, ( b ) Accept, as full or partial payment for such sale or lease, the proceeds of any purchasemoney loan ( as purchase money loan is defined herein ), unless any consumer creditcontract made in connection with such purchase money loan contains the followingprovision in at least ten point, bold face, type : NOTICE ANY HOLDER OF THIS CONSUMERCREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTORCOULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED WITH THEPROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEEDAMOUNTS PAID BY THE DEBTOR HEREUNDER. 433.3 Exemption of sellers taking orreceiving open end consumer credit contracts before November 1, 1977 from requirementsof 433.2 ( a ). ( a ) Any seller who has taken or received an open end consumer credit contractbefore November 1, 1977, shall be exempt from the requirements of 16 CFR part 433 with respect to such contract provided the contract does not cut off consumers ' claims and defenses. ( b ) Definitions. The following definitions apply to this exemption : ( 1 ) All pertinent definitions contained in 16 CFR 433.1. ( 2 ) Open end consumer credit contract : a consumer credit contract pursuant to which open end credit is extended. ( 3 ) Open end credit : consumer credit extended on an account pursuant to a plan under which a creditor may permit an applicant to make purchases or make loans, from time to time, directly from the creditor or indirectly by use of a credit card, check, or other device, as the plan may provide.The term does not include negotiated advances under an open-end real estate mortgage ora letter of credit. ( 4 ) Contract which does not cut off consumers ' claims and defenses : A consumer credit contract which does not constitute or contain a negotiable instrument, or contain any waiver, limitation, term, or condition which has the effect of limiting a consumer 's right to assert against any holder of the contract all legally sufficient claims and defenses which the consumer could assert against the seller of goods or services purchased pursuant to the contract. [ 42 FR 19490, Apr. 14, 1977, as amended at 42 FR 46510, Sept. 16,1977 ]

Company response to consumer: Closed with explanation