Consumer complaint received 2022-10-17
Company: NAVY FEDERAL CREDIT UNION
State: NV
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 have continued to dispute the accounts ending XXXX and XXXX for accuracy and completeness. My social security number and electronic/wet signature gave value to the consumer transactions. Navy Federal continues to say that they have " loaned '' me money and I am responsible for repaying them. A bank is unable to make loans per 12 USC 83. This account was paid with the use of my social security number and when I gave a financial asset according to 12 CFR 360.6 ( 2 ). Navy Federal has also taken security interest in this asset. Payment for these accounts were already made according to 26 CFR 15a.453-1 ( 3 ). As banks are not able to loan money, Navy Federal has failed to explain how they loaned me money. I have continued to ask for documentary evidence as to the accounting records and they keep sending statements. Statements are not an accurate accounting capture. 

The reporting of late payments of an extension of credit when these accounts are already paid for is inaccurate and false. Navy Federal received a finance charge for each credit transaction. The finance charge is defined as the sum of all charges and covers any late payment and or defaults on the transaction. 


Navy Federal is required to provide me with disclosures in order to furnish my non-public, personal information to non-affiliated 3rd parties. I have the right to opt out of the reporting of my non-public information to a non-affiliated 3rd party and NF has not provided me the disclosures to do so. My consent was never given to allow this company to report my private non-public information to a non-affiliated third party. The use of my personal identifying information in the reporting of such false information to a third party without written consent is identity theft. 

Navy Federal has volunteered to act as fiduciary with the accounts they service and they are required to act in the best interest of the beneficiary which in this case is me. Reporting my accounts as late and closing them by falsely reporting them delinquent is not acting in the best interest of the beneficiary. Fiduciaries are required to protect the confidentiality and security of their customers. Furnishing my non-public information to non-affiliated 3rd parties is compromising my confidentiality and security to anyone who can access my consumer report. 

Navy Federal has made extortionate extensions of credit by reporting negative information to consumer reporting agencies to coerce payment to them that it is not owed. I am being punished for the non-repayment of an extension of credit. Repayment on an extension of credit is unlawful. and constitutes racketeering activity. By continuing to report such known inaccurate and false information, it is believed that Navy Federal is involved in XXXX with the consumer reporting agencies. Navy Federal has become unjustly enriched off of an extension of credit and the collecting of any further payments by saying that I owe money that I do not. 

I am demanding that the information on my account be updated to paid as agreed or deleted altogether as these accounts are already paid. 

Navy Federal also released a {$700.00} security deposit for a secured card to a closed account that I no longer have access to as they closed it. They refuse to transfer my credit balance to my savings account as agreed at the time I opened the account. 

Lastly, Navy Federal has placed an account that was previously deleted from my report on XX/XX/2022 back onto my report on XX/XX/XXXX. Pursuant to 15 USC 1681i ( 4 ) ( B ) ( ii ), .... '' If any information that has been deleted from a consumers file pursuant to subparagraph ( A ) is reinserted in the file, the consumer reporting agency shall notify the consumer of the reinsertion in writing not later than 5 business days after the reinsertion or, if authorized by the consumer for that purpose, by any other means available to the agency. '' I was never notified that this information was reinserted back on my credit profile by the furnisher or the consumer reporting agency XXXX.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation