Consumer complaint received 2022-08-20
Company: NAVY FEDERAL CREDIT UNION
State: TX
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reason to believe that the information is inaccurate. 
By definition, the IRS states that one must must report canceled debt as gross income on your tax return even if you don't receive a 1099C Debt is reported on consumer reports NOT income .All canceled debt must be reported as gross income on your tax return even if you don't receive a 1099C ( see IRS guidelines ) The information is in fact inaccurate, I am exercising the right to rectification. 
The listed account ( s ) NFCU ( AUTO ), XXXX XXXX XXXX XXXXXXXX BANK XXXX XXXX XXXXXXXX BANK, XXXX XXXX XXXXXXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX, XXXX BANK, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX BANK XXXX are reporting inaccurate information. They are depicting a negative image on my report and character and are damaging my lively hood and my ability to obtain credit for both personal and wholesale use. 
Debt is reported on consumer reports NOT income according to the IRS. 
The information is in fact inaccurate, the continued reporting of this inaccurate information is a clear act of violation. 
No interest nor additional fees can be included on consumer reporting BY LAW. This information is inaccurate and is harmful to my livelihood and ability to further obtain future credit lines. 

I've taken out two auto loans previously with Navy Federal Credit Union back in XXXX of XXXX. The original debt for the first loan was {$29000.00} For the duration of a 60 month term for the XXXX XXXX XXXX. The second vehicle Amount Financed at {$32000.00}. What was originally on my contractual agreement with NFCU was not the same payment start date as agreed upon and the payments for the second vehicle begin to report late payments in XXXX in which was inaccurate because I started the payments for both auto loans on XX/XX/XXXX as an early payment. This damaged my credit history and reputation moving forward to obtain other desired lines of credit both personal and Business lines of Credit as well. In XXXX of XXXX after I contacted the lender NFCU and put them on notice about the matter, my consumer reports were updated with more inaccurate information on these two auto loan accounts with XXXX XXXX. The term months are listed as 61 instead of 60 which was agreed by both parties via epromissory note, Also the interest rates and monthly payments went increase since I hadn't received the titles from the owners to present to NFCU in the time requested by NFCU. Earlier in XXXX and XXXX of XXXX I was contacted by a member/agent from the lender NFCU stating the change that had been made to the two auto loan accounts and that the loan status was being changed from Auto loan status and that the collateral was being removed from the loan, however this was not updated on my consumer reports in XXXX, only the current balance, monthly payments and APR was updated but not the status of the loan. This reporting is inaccurate. NFCU claims they resolved the issues by updated the late payment history in XXXX XXXX and XXXX which originally took points on my consumer reports that was not refurbished back to me. Also the reporting of the XXXX payment history is inaccurate and so is the acceptance of the payment for the second Auto loan since the promissory note clearly states that one can not make the first initial payment 30 days before or prior 30 days prior to the agreed payment start dates which are XX/XX/XXXX for vehicle one and XX/XX/XXXX for vehicle 2 both purchased in the same week of XXXX. The information is in fact inaccurate, I am exercising the right to rectification and I demand the cease and desist of the reporting of this inaccurate information being furnished to cure and remove this Erroneous and inaccurate account from my consumer reports. Thank You

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