Consumer complaint received 2023-08-12
Company: Experian Information Solutions Inc.
State: MD
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:
I would like to point out the inaccuracies that are being placed on my report. There are accounts listed that do not line up with reporting from other credit reporting agencies. Which means this report needs to be reviewed and verified. Also, all inquiries on this report should be removed under 15 USC 1681 Permissible Purposes. Every account listed below has either been Closed or Charged off or even sold to a third-party creditor. All closed/charged off/sold accounts are therefore cancelled and a cancellation of debt ( 1099C ) has been filed for all listed accounts. They are now considered income and should not be listed on my report. Also 15 USC 1692e False or Misleading Representation. In the section listed below are posing to act on behalf of the company when in reality they brought a debt that had already been filed as a cancellation of debt. Which means all accounts Listed under Accounts turned over to a third-party creditor is incorrect when the debt has already been discharged through a cancellation of debt.

There is a record of financial transaction history listed for all Open accounts on my report and their status changed to should be Paid As Agreed 26 CFR 1.1232-1 1.1232-1 Bonds and other evidences of indebtedness ; scope of section. 
( a ) In general. Section 1232 applies to any bond, debenture, note, or certificate or other evidence of indebtedness ( referred to in this section and 1.12323 and 1.12323A as an obligation ) which is a capital asset in the hands of the taxpayer, and which is issued by any corporation, or by any government or political subdivision thereof. In general, section 1232 ( a ) ( 1 ) provides that the retirement of an obligation, other than certain obligations issued before XX/XX/XXXX, is considered to be an exchange and, therefore, is usually subject to capital gain or loss treatment. In general, section 1232 ( a ) ( 2 ) ( B ) provides that in the case of a gain realized on the sale or exchange of certain obligations issued at a discount after XX/XX/XXXX, which are either corporate bonds issued on or before XX/XX/XXXX, or government bonds, the amount of gain equal to such discount or, under certain circumstances, the amount of gain equal to a specified portion of such discount, constitutes ordinary income. In the case of certain corporate obligations issued after XX/XX/XXXX, in general, section 1232 ( a ) ( 3 ) provides for the inclusion as interest in gross income of a ratable portion of original issue discount for each taxable year over the life of the obligation, section XXXX ( a ) ( XXXX ) ( XXXX ) provides for an increase in basis equal to the original issue discount included in gross income, and section XXXX ( a ) ( XXXX ) ( A ) provides that any gain realized on such an obligation held more than 1 year ( 6 months for taxable years beginning before XXXX ; 9 months for taxable years beginning in XXXX ) shall be considered gain from the sale or exchange of a capital asset held more than 1 year ( 6 months for taxable years beginning before XXXX ; 9 months for taxable years beginning in XXXX ). For the requirements for reporting original issue discount on certain obligations issued after XX/XX/XXXX, see section XXXX ( a ) and the regulations thereunder. Section XXXX ( c ) treats as ordinary income a portion of any gain realized upon the disposition of coupon obligations which were acquired after XX/XX/XXXX, and before XX/XX/XXXX, without all coupons maturing more than 12 months after purchase attached, and coupon obligations which were acquired after XX/XX/XXXX, without all coupons maturing after the date of purchase attached. 
( b ) Requirement that obligations be capital assets. In order for section XXXX to be applicable, an obligation must be a capital asset in the hands of the taxpayer. See section XXXX and the regulations thereunder. Obligations held by a dealer in securities ( except as provided in section XXXX ) or obligations arising from the sale of inventory or personal services by the holder are not capital assets. However, obligations held by a financial institution, as defined in section XXXX ( c ) ( relating to treatment of losses and gains on bonds of certain financial institutions ) for investment and not primarily for sale to customers in the ordinary course of the financial institution 's trade or business, are capital assets. Thus, with respect ot obligations held as capital assets by such a financial institution which are corporate obligations to which section XXXX ( a ) ( XXXX ) applies, there is ratable inclusion of original issue discount as interest in gross income under paragraph ( a ) of XXXX, and gain on a sale or exchange ( including retirement ) XXXX be subject to ordinary income treatment under section XXXX ( c ) and paragraph ( a ) ( XXXX ) of XXXX. 
( c ) Face-amount certificates ( XXXX ) In general. For purposes of section XXXX, this section and XXXX and XXXX, the term other evidence of indebtedness includes face amount certificates as defined in section XXXX ( a ) ( XXXX ) and XXXX of the XXXX XXXX XXXX of XXXX ( XXXX XXXX. XXXX and XXXX ). 
( XXXX ) Amounts received in taxable years beginning prior to XX/XX/XXXX. Amounts received in taxable years beginning prior to XX/XX/XXXX under face amount certificates which were issued after XX/XX/XXXX, are subject to the limitation on tax under section XXXX ( XXXX ) ( XXXX ). See paragraph ( g ) of XXXX ( relating to limit on tax attributable to receipt of a lump sum received as an annuity payment ). However, section XXXX ( XXXX ) ( XXXX ) does not apply to any such amounts received in taxable years beginning after XX/XX/XXXX. 
( XXXX ) Certificates issued after XX/XX/XXXX. In the case of a face-amount certificate issued after XX/XX/XXXX ( other than such a certificate issued pursuant to a written commitment which was binding on such date and at all times thereafter ), the provisions of section XXXX ( a ) ( XXXX ) ( relating to the ratable inclusion of original issue discount in gross income ) shall apply. See section XXXX ( f ). For treatment of any increase in basis under section XXXX ( a ) ( XXXX ) ( A ) as consideration paid for purposes of computing the investment in the contract under section XXXX, see XXXX ( c ) ( XXXX ). 
( d ) Certain deposits in financial institutions. For purposes of section XXXX, this section and XXXX and XXXX, the term other evidence of indebtedness includes certificates of deposit, time deposits, bonus plans, and other deposit arrangements with banks, domestic building and loan associations, and similar financial institutions. For application of section XXXX to such deposits, see paragraph ( XXXX ) of XXXX. However, section XXXX, this section, and XXXX through XXXX shall not apply to such deposits made prior to XX/XX/XXXX. For treatment of renewable certificates of deposit, see paragraph ( XXXX ) ( XXXX ) of XXXX.

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