Consumer complaint received 2023-10-29
Company: Experian Information Solutions Inc.
State: CA
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:
Experian is obligated by the FCRA to report accurate accounting. Consumer has advised Experian, on numerous occasions that inaccurate reporting tactics is injurious, fraudulent, racketeering, a XXXX, conspiracy, extortion, coercion, securities fraud and a direct violation of their security agreement with the security exchange. Consumer gave Experian, 4 days per law to update the accounts as paid as agreed and remove all negative reporting, As these accounts were already prepaid. FTC fraud report was filed on behalf of the consumer. Consumer is now requesting Experian to provide the documentation used to determine said accounts. if documentary evidence does not exist Experian is to update consumer credit report immediately! Experian is liable under the SEC to follow certain rules. Experian commission file number is 1-11689. In addition I will be filing form 211 treasury omb form to audit consumers account. Experian is securitizing consumers data and yet refuses to provide me with a copy of their consumer FILE not consumer report. 
Experian has 15 days to provide me with a copy of my written consent given to said " creditor '' authorizing the release of my personal and private information. As all companies have been provided with a letter of opt out per the provisions of 12 CFR 1016.1 ( a ) and ( b ) 12 CFR 1016.1 a ) Purpose. This part governs the treatment of nonpublic personal information about consumers by the financial institutions listed in paragraph ( b ) of this section. This part : ( 1 ) Requires a financial institution to provide notice to customers about its privacy policies and practices ; ( 2 ) Describes the conditions under which a financial institution may disclose nonpublic personal information about consumers to nonaffiliated third parties ; and ( 3 ) Provides a method for consumers to prevent a financial institution from disclosing that information to most nonaffiliated third parties by opting out of that disclosure, subject to the exceptions in 1016.13, 1016.14, and 1016.15.

Experian is a nonaffiliated third party. 

( b ) Scope. 

( 1 ) This part applies only to nonpublic personal information about individuals who obtain financial products or services primarily for personal, family, or household purposes.

Pursuant to 12 CFR 1016.7 ( 1 ) Form of opt out notice. If you are required to provide an opt out notice under 1016.10 ( a ), you must provide a clear and conspicuous notice to each of your consumers that accurately explains the right to opt out under that section. The notice must state : ( ii ) That the consumer has the right to opt out of that disclosure; and ( iii ) A reasonable means by which the consumer may exercise the opt out right.

( g ) Time to comply with opt out. You must comply with a consumer 's opt out direction as soon as reasonably practicable after you receive it.

( h ) Continuing right to opt out. A consumer may exercise the right to opt out at any time.

( i ) Duration of consumer 's opt out direction.

( 1 ) A consumer 's direction to opt out under this section is effective until the consumer revokes it in writing or, if the consumer agrees, electronically.

15 U.S. Code 6802 - Obligations with respect to disclosures of personal information ( a ) Notice requirements Except as otherwise provided in this subchapter, a financial institution may not, directly or through any affiliate, disclose to a nonaffiliated third party any nonpublic personal information, unless such financial institution provides or has provided to the consumer a notice that complies with section 6803 of this title.

I was not provided with a notice of disclosure by any corporation.

Pursuant to 15 usc 6804 in general no nonpublic information as it relates to a consumer must not be disclosed without the written consent of the consumer.

Experian has also knowingly violated my right by denying me my right to credit.

per 15 USC 1601. Congress states that I have a right to credit and therefore have a right to informed use of credit to protect me against all unfair billing and credit practices.

15 USC 1602 Definitions and rules of construction.

A list of terms that are applicable to truth in lending.

( b ) Bureau- means the Bureau means of Consumer Financial Protection .

Experian has been posing as a Bureau but this can not be. Experian does not have a governmental charter with any government. According to Experian 's own License and disclosure policy Experian is a credit marketplace platform. ( See Exhibit A ) ( c ) ( d ) The term organization means a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association.

( e ) The term person means a natural person or an organization.

( f ) The term credit means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment.

I am the original creditor. Per Federal Reserve Act Section 16 Title Part 1 and 2.

The application shall be accompanied by a tender to the local Federal Reserve agent of collateral in an amount equal to the sum of the Federal Reserve notes thus applied for and issued pursuant to such application. All accounts have been prepaid already. My tender was the signature on the application that was then collateralized and securitized. Which made the application a collateral security. The Federal Reserve then took my collateral security and sent it to the bank in one of the following forms : notes, drafts, bills of exchange. In no event shall such collateral security be less than the amount of Federal Reserve notes applied for. The bank then turned around added the check they received in my name as an asset to their leger cashed the check, which was paid to bearer, me not the bank and attached a finance charge to it and lent me my own money. Thus, turning me into the debtor and them the creditor and demanded repayment on all accounts. The balances on these accounts are not owed to the bank. All accounts show a positive balance because these are the interest payments that are owed to ME ( the creditor, the Lender, the beneficiary, the principal account holder ). The bank is to credit my interest payments to me per the electronic funds transfer act.

Banks CAN NOT LEND CREDIT Truth in Lending Act, Case Law and Regulation Z Truth in Lending Act was passed to prevent unsophisticated consumer from being misled as to total cost of financing, Truth in Lending Act, Section 102, 15 USC Section 1601. Griggs v Provident Consumer certiorari granted, vacated 103 S.Ct. 400, 459 U.S. 56,74 L.Ed.2d 225, on remand 699 F.2d 642 15 USC 1666b Timing of payments A creditor may not treat a payment on a credit card account under an open end consumer credit plan as late for any purpose.

Per 12 USC 1431 Powers and Duties of Banks ( a ) Each bank shall have power, subject to rules and regulations prescribed by the Director, to BORROW and give security therefor and to PAY INTEREST thereon, to issue debentures, bonds, or other obligations upon such terms and conditions as the Director may approve.

Per 12 USC 1433 The notes, debentures, and bonds issued by any bank, with unearned coupons attached, shall be accepted at par by such bank in payment of or as a credit against the obligation of any home-owner debtor of such bank.

The bank furnishes a statement of account every month. Which bears the bearers principal account number, principal account name and principal account address. This statement is of interest earned and owed to principle. However, instead of the bank crediting the account for the value of the certificate of indebtedness. The bank uses this form to deceive the customer by asking the customer to pay. When in fact the top portion of the statement is a bond the bottom part of the statement is what referred to as an interest dividend coupon. Which is a check for payment of the interest dividends earned in the four-week cycle that are owed to me. These dividend interest payments are to be deposited into the principals account for payment or to be utilized as credit.

15 U.S. Code 1692j - Furnishing certain deceptive forms ( a ) It is unlawful to design, compile, and furnish any form knowing that such form would be used to create the false belief in a consumer that a person other than the creditor of such consumer is participating in the collection of or in an attempt to collect a debt such consumer allegedly owes such creditor, when in fact such person is not so participating.

( b ) Any person who violates this section shall be liable to the same extent and in the same manner as a debt collector is liable under section 1692k of this title for failure to comply with a provision of this subchapter.

12 CFR 1026.21 Treatment of credit balances When a credit balance in excess of {$1.00} is created in connection with a transaction ( through transmittal of funds to a creditor in excess of the total balance due on an account, through rebates of unearned finance charges or insurance premiums, or through amounts otherwise owed to or held for the benefit of a consumer ), the creditor shall : ( a ) Credit the amount of the credit balance to the consumer 's account ; ( b ) Refund any part of the remaining credit balance, upon the written request of the consumer; and ( c ) Make a good faith effort to refund to the consumer by cash, check, or money order, or credit to a deposit account of the consumer, any part of the credit balance remaining in the account for more than 6 months, except that no further action is required if the consumer 's current location is not known to the creditor and can not be traced through the consumer 's last known address or telephone number.

The amount due on this consumer accounts is in fact in excess of {$1.00} in a positive balance and is constituted as money owed to me. Experian is in direct violation of this FCRA rule for maliciously reporting these credits as a negative balance and deceiving me and furthering injuring me.

15 USC 1692j ( g ) The term creditor refers only to a person who both ( 1 ) regularly extends, whether in connection with loans, sales of property or services, or otherwise, consumer credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required, and ( 2 ) is the person to whom the debt arising from the consumer credit transaction is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement. Notwithstanding the preceding sentence, in the case of an open-end credit plan involving a credit card, the card issuer and any person who honors the credit card and offers a discount which is a finance charge are creditors. For the purpose of the requirements imposed under part D of this subchapter and sections 1637 ( a ) ( 5 ), 1637 ( a ) ( 6 ), 1637 ( a ) ( 7 ), 1637 ( b ) ( 1 ), 1637 ( b ) ( 2 ), 1637 ( b ) ( 3 ), 1637 ( b ) ( 8 ), and 1637 ( b ) ( 10 ) of this title, the term creditor shall also include card issuers whether or not the amount due is payable by agreement in more than four installments or the payment of a finance charge is or may be required, and the Bureau shall, by regulation, apply these requirements to such card issuers, to the extent appropriate, even though the requirements are by their terms applicable only to creditors offering open-end credit plans.

( i ) The adjective consumer, used with reference to a credit transaction, characterizes the transaction as one in which the party to whom credit is offered or extended is a natural person, and the money, property, or service which are the subject of the transactions are primarily for personal, family, or household purposes.

A consumer and creditor can only be a natural person not an entity or a corporation.

18 USC 894- Collection of extension of credit by extortionate means- Whoever knowingly participates in any way, or conspires to do so, in the use of any extortionate means, 1. To collect or attempt to collect any extension of credit 2. To punish any person for non repayment thereof, Shall be fined under this title or imprisoned not more than 20 years.

Extortion- extortion refers to imposing an action or obtaining something by force or coercion. The crime of extortion does exclude legitimate negotiation methods. One example could be a party negotiating a deal with a contractor ; neither party could make a threat towards one another in exchange for something in the contract. A legitimate negotiation tactic might include the idea of puffing '' ( which is making something look reasonably better than it might otherwise be ) Under the color of office, a public or private authority may abuse their authority to commit extortion.

California describes extortion under Section 518 of its penal code as to : Threaten or use force against someone or claim official right to make someone do something when one does not have the right to do it ( making the victim act " under color of official right '' ; Intend to make the victim give you something valuable or perform an official act for you ; Make the victim consent to giving you something valuable or performing an official act ; AND Actually, make the victim give you something valuable or perform an official act.

Per 15 USC 1591 ( e ) ( 2 ) The term " coercion '' means ( A ) threat of serious harm to or physical restraint against any person ; ( B ) Any scheme, plan or pattern intended to cause a person to believe that failure to perform an act would result in serious harm to or physical restraint again any person ; or the abuse of threatened abuse of law or the legal process.

Per 18 usc 880 A person who receives, possesses, conceals, or disposes of any money or other property which was obtained from the commission of any offense under this chapter that is punishable by imprisonment for more than 1 year, knowing the same to have been unlawfully obtained, shall be imprisoned not more than 3 years, fined under this title, or both.

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