Consumer complaint received 2023-10-09
Company: BMW Financial Services NA, LLC
State: TX
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problem with a company's investigation into an existing problem
Sub-issue: Investigation took more than 30 days

Complaint:
On XX/XX/XXXX, I sent them a letter disputing about the account reporting on my credit report, I stated the following : Greetings! I recently got declined by many financial institutions for having the charge off on my credit report that is being reported by BMW FINANCIAL SERVICES. I would also like to point out that my consumer information currently is not being accurately reported and is causing injury to my family by not being able to acquire goods and services I need for our home. There was a " Charged Off '' that BMW FINANCIAL SERVICES adversely reported on my credit report as a Charged Off account. 
We are both aware that BMW FINANCIAL SERVICES as well as all other businesses lawfully acting in commerce utilizes the IRS form 1099C Cancellation of Debt for the remaining debt obligation not recovered. From my limited knowledge and tax obligations for the year of 2023, such an IRS form is then reported as " INCOME '' and not as a " DEBT '' on a consumer 's tax filing requirements. While the business can cancel/ write off the account receivable '' as a " BAD DEBT '' and receive a tax deduction as mentioned in the IRS XXXX XXXX. 
This current issue of BMW FINANCIAL SERVICES furnishing this inaccurate information on my consumer credit report is clearly not only going against the rules of construction in the area of " exclusions '' of " reports containing information solely as to transactions or experiences between the consumer and the person making the report '', This inaccurate information as to what the IRS Publication XXXX defines as " Income '' and not " Debt '' is being furnished to third XXXX data furnishers as well. 
Perhaps this is a small oversight that BMW FINANCIAL SERVICES is not aware of and can address quickly at no cost by submitting a request to XXXX, XXXX, XXXX, and XXXX to remove this inaccurate derogatory account from my credit profile since the DEBT has be canceled and reported as INCOME as well as to stop the current injury so that me and my family can continue to prosper just like you and yours. 
With that in mind, If for some reason this is not the correct understanding of the " exclusions '' part in the construction of a consumer 's credit report with accurate information and the correct IRS reporting a " Debt '' charged off and reported as " Income '', please let us know with supporting details so that we can be better informed consumers and honest taxpayers. 
Please advise at your earliest convenience as to how we can rectify this current situation peacefully. I'm up at XXXX writing this letter and I am really emotionally bothered about this reflecting on my credit as a derogatory report which is defamation of my character and it's starting to affect my mentally at XXXX XXXX XXXX XXXX XXXX If your company fails to respond within a period of ten ( 10 ) days form the date of receipt of this letter, then the account must completely deleted form my credit report, and a copy of such deletion request should be send to me. 
Surely blessed are your eyes because they do see and your ears because they do hear. 


And until now they have not replied nor delete the account off my credit report.

Company response to consumer: Closed with explanation