Consumer complaint received 2022-07-21
Company: PORTFOLIO RECOVERY ASSOCIATES INC
State: TX
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 sent XXXX, XXXX, XXXX, and Portfolio Recovery a validation of debt according to XXXX, I have already filed a complaint with CFPB on XX/XX/22 and sent letters requesting this debt buyer to validate all 8 of the accounts under my name. Portfolio only sent me statements and also a letter showing that they have purchased the charged off debt. I have proof of all statements that and letters that portfolio sent, but I can not attach to this website. 
I have submitted the law stating that Portfolio Recovery have no legal rights to report any debt on my credit report per CFPB subpart 2 regulation F 1006.34 ( b ) ( 2 ) ( i ) : 1006.34 Notice for validation of debts. 

( i ) The last statement date, which is the date of the last periodic statement or written account statement or invoice provided to the consumer by a creditor ; Official interpretation of Paragraph 34 ( b ) ( 3 ) ( i ).

1. Last statement date. Under 1006.34 ( b ) ( 3 ) ( i ), the last statement date is the date of the last periodic statement or written account statement or invoice provided to the consumer by a creditor. For purposes of 1006.34 ( b ) ( 3 ) ( i ), the last statement may be provided by a creditor or a third party acting on the creditors behalf, including a creditors service provider. However, a statement or invoice provided by a debt collector is not a last statement for purposes of 1006.34 ( b ) ( 3 ) ( i ), unless the debt collector is also, a creditor.

Per your law that you have written and stated on your website, Portfolio has not validated any of the alleged debt according to section 1006.34 ( b ) ( 2 ) ( i ). This company is also reporting inaccurate payments on my XXXX report, and I have pointed this information out to all XXXX of the credit reporting agencies, that fail to correct this ongoing issue. These companies and CRA 's are not following your rules and laws that have been put in place to protect the consumer! Why have laws, if you are not going to reinforce what you have in place? It's your law CFPB, why is it so hard for the consumer to win or get anything removed deleted if the Credit Reporting Agencies do not follow the laws?

THE FAIR CREDIT REPORTING ACT Public Law 91-508 & Amendments Title VI : Provisions relating to credit reporting agencies 601. Short title This title may be cited as the Fair Credit Reporting Act.

602. Congressional findings and statement of purpose [ 15 U.S.C. 1681 ] ( a ) Accuracy and fairness of credit reporting. The Congress
makes the following findings : ( 1 ) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system.

( 2 ) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers. 
( 3 ) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers.

( 4 ) There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumers right to privacy. 
( b ) Reasonable procedures. It is the purpose of this title to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of this title.

Company response to consumer: Closed with explanation