Consumer complaint received 2023-10-23
Company: CAPITAL ONE FINANCIAL CORPORATION
State: FL
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:
CAPITAL ONE AUTO FINANCE, is furnishing inaccurate and incorrect information to the consumer reporting agencies. 
The account reporting inaccurately is Account # XXXX. 

The reporting of such inaccurate information has caused severe damage to my character, my reputation, my general style of living and my ability to obtain any type of credit for personal and/or household purposes. 

The inaccurate information they have reported has negatively impacted and affected my ability to sustain my livelihood.

15 U.S. Code 1681s2 - Responsibilities of furnishers of information to consumer reporting agencies ( a ) DUTY OF FURNISHERS OF INFORMATION TO PROVIDE ACCURATE INFORMATION ( 1 ) PROHIBITION ( A ) Reporting information with actual knowledge of errors 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.

Duty : a moral or legal obligation ; responsibility Accurate : correct in all details ; exact Prohibition : a law or regulation forbidding something The term person is defined in 18 U.S.C. 2510 ( 6 ) to mean any individual person as well as natural and legal entities.

As defined by The IRS : Even if you didnt receive a Form 1099-C, you must report canceled debt as gross income on your tax return.

The IRS Clearly defines a charge off as Gross or Ordinary Income. INCOME DOES NOT GET REPORTED ON THE CONSUMER REPORT, which in fact, makes their reporting of this account inaccurate!

By Definition The IRS Clearly says a Cancelled or Charge off account is income. The reporting of this account as a debt is inaccurate.

15 USC 1681 s-2 Says Capital One Auto Finance is a furnisher of information to a consumer reporting agency. 

They ARE PROHIBITED BY LAW to furnish inaccurate information. I demanded them to Cease and Desist the reporting of this incorrect/inaccurate information immediately, and they have failed to do so. 



15 USC 1681 s-2 ( a ) ( 1 ) ( A ) 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. 

Reasonable cause to believe means a basis for belief in the existence of facts which, in view of the circumstances under and purposes for which the standard is applied, is substantial, objective, and sufficient to satisfy applicable constitutional requirements. 

They signed for and received my certified letter on XX/XX/XXXX, and was already put on NOTICE that they were furnishing incorrect inaccurate information. 

The lender must file Form 1099-C, and send the consumer a copy if the amount of debt canceled is {$600.00} or more, and the lender is a financial institution, credit union , federal government agency, or other applicable entity as discussed earlier in Chapter 1.

Chapter 1 states : 1. A financial institution described in section 581 or 591 ( a ) ( such as a domestic bank, trust company, building and loan association, or savings and loan association ).

6. Any organization whose significant trade or business is the lending of money, such as a finance company or credit card company ( whether or not affiliated with a financial institution ).

The above paragraph is taken directly from the IRS 2022 Publication.

Under section : Statements to Debtors, it states : If you are required to file Form 1099-C, you must provide a copy of Form 1099-C or an acceptable substitute statement to each debtor.

They once again failed to send me my FORM 1099-C that they should have sent when they filed the account as a canceled debt.

My address was listed on the letter!

15 U.S. Code 1681s2 - Responsibilities of furnishers of information to consumer reporting agencies ( a ) DUTY OF FURNISHERS OF INFORMATION TO PROVIDE ACCURATE INFORMATION ( 1 ) PROHIBITION ( B ) Reporting information after notice and confirmation of errors A person shall not furnish information relating to a consumer to any consumer reporting agency if ( i ) the person has been notified by the consumer, at the address specified by the person for such notices, that specific information is inaccurate ; and ( ii ) the information is, in fact, inaccurate.

In conclusion, I have shown you and them, and they have been put on notice that they are reporting inaccurate information. The information is, in fact, inaccurate.

The continued reporting of this inaccurate information is a clear violation of the Law 15 USC 1681 s-2 of your responsibilities as a furnisher of information.

They have caused me and my family severe harm due to your negligence and inaccurate reporting. This is a final opportunity to Cure and DELETE this Erroneous, inaccurate account from my Consumer Report.

They have 10 Calendar Days to DELETE THIS ACCONT FROM MY CONSUMER REPORTS!

Company response to consumer: Closed with explanation