Consumer complaint received 2024-12-11
Product: Vehicle loan or lease — Loan
Issue: Repossession — Loan balance remaining after the vehicle is repossessed and sold
Company: CREDIT ACCEPTANCE CORPORATION (MI)

Consumer Financial Protection Bureau ( CFPB ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX  Subject : Response to Creditors Inability to Locate Account and Continued Credit Report Dispute Dear CFPB Representative, I am writing in response to Credit Acceptance Corporation ( CAC ) and their recent claim regarding their inability to locate my account related to the repossession appearing on my credit report. This letter serves to address their failure to meet their obligations under the Fair Credit Reporting Act ( FCRA ) and to request further action on your part to ensure compliance with federal law. 

Summary of the Issue : - A repossession account reported by Credit Acceptance Corporation ( CAC ) remains on my credit report after XXXX years. 
- I submitted a dispute through the CFPB, citing that the company has failed to provide required documentation supporting the debt and the sale. 
- Credit Acceptance Coporation ( CAC ) responded that they could not locate my account and suggested I reach out to them to provide further information for verification. 

Violations of the Fair Credit Reporting Act ( FCRA ) : Under the FCRA ( 15 U.S.C. 1681 et seq. ), furnishers of credit information are held to specific obligations, including : 1. Accuracy and Completeness ( 15 U.S.C. 1681s-2 ( a ) ) : - Creditors are required to ensure the accuracy and completeness of the information they report to credit bureaus. If they can not locate the account, they are effectively admitting they lack sufficient documentation to verify the accuracy of the reported information.

2. Investigation of Disputes ( 15 U.S.C. 1681s-2 ( b ) ) : - Upon receiving notice of a dispute, furnishers are legally required to conduct a reasonable investigation into the matter. The suggestion that I need to provide additional information to facilitate their investigation shifts the burden improperly and demonstrates noncompliance.

3. Retention of Records : - Creditors inability to locate the account further implies a failure to retain the necessary documentation to substantiate the debt and validate the reporting. 

My Position : The creditors inability to locate my account is not my responsibility. I have already submitted a valid dispute through the appropriate channels, and the burden remains on the creditor to investigate and resolve this issue. Their failure to provide substantiating documentation within the allotted timeframe constitutes grounds for immediate removal of the disputed item from my credit report.

Request for CFPB Action : In light of the above, I respectfully request the following : 1. Hold Credit Acceptance Corporation ( CAC ) Accountable : - Require them to substantiate the account with accurate and complete documentation or to immediately cease reporting the item to credit bureaus.

2. Investigate Creditors Practices : - Evaluate whether Credit Acceptance Corporation ( CAC ) is adhering to their legal obligations under the FCRA, particularly regarding dispute investigation and record retention.

3. Advocate for Removal of the Item : - As Credit Acceptance Corporation ( CAC ) has admitted they can not locate the account, the item should be removed as it can not be verified per FCRA standards. 

Conclusion : This situation has caused undue harm to my creditworthiness, and I am requesting your continued oversight to ensure a fair and lawful resolution. Please do not hesitate to contact me should you require additional information or clarification. I trust in your commitment to upholding consumer rights and appreciate your assistance.