Consumer complaint received 2024-09-11
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account status incorrect
Company: Experian Information Solutions Inc. (IL)

I am writing to inform you that XXXX XXXX XXXX XXXX and XXXX XXXX are reporting inaccurate information to the consumer reporting agencies, Experian, XXXX, and XXXX. They are incorrectly reporting income to my credit report for the following accounts ending in XXXX XXXX XXXX XXXX XXXX XXXX  ) Income as of XX/XX/XXXX and XXXX XXXX XXXX XXXX XXXX Income as of XX/XX/XXXX. Due to the change in status on these accounts, Form 1099-A, Acquisition or Abandonment of Secured Property should have been received by each of these furnishers of information to the credit bureaus, classifying the amount as income earned for the company for the year ended XX/XX/XXXX. This is now considered a Certificate of Indebtedness. Consequently, income can not be reported to a credit report, making this reporting inaccurate and unfair.

Under the Fair Credit Reporting Act 15 U.S. Code 1681 i ( a ), I have the right to dispute inaccurate information on my credit report. Additionally, according to 15 U.S. Code 1681 ( a ) ( 1 ), the banking system relies on fair and accurate reporting. Inaccurate credit reports undermine public confidence and impair the efficiency of the banking system. 
The inaccurate reporting of my information has severely damaged my character, reputation, and ability to obtain credit for personal, housing, and business purposes. This has resulted in significant financial distress and adverse actions taken against me. Additionally, discovering the severe violations of my rights as a consumer, in direct violation of the Fair Credit Reporting Act ( FCRA ), the Gramm-Leach-Bliley Act ( GLBA ), and the Privacy Act of XXXX, has caused me profound emotional distress, humiliation, pain and suffering. 

The Privacy Act of XXXX mandates that federal agencies ensure the accuracy, relevance, timeliness, and completeness of records used in making determinations about individuals. This underscores the importance of maintaining accurate credit reporting practices. 
As stated in the Fair Credit Reporting Act, 15 U.S. Code 1681s2 ( a ) ( 1 ) ( A ) states " A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. XXXX XXXX XXXX XXXX and XXXX XXXX are considered a person by definition under that title. As defined by the IRS, a charge off, or Certificate of Indebtedness, is considered gross or ordinary income and Form 1099-C, Cancellation of Debt should be issued to the debtor for any abandoned property. However, I did not receive a Form 1099-C, Cancellation of Debt which is resulting in an imbalance in my own books.

As stated above, this, now income to the company per their acceptance of Form 1099-A, Acquisition or Abandonment of Secured Property, can not be reported on a consumer credit report. Which makes the reporting of this account as a debt inaccurate. 

I demand this inaccurate information be removed from my credit report immediately. The repeated reporting of inaccurate information to credit reporting agencies continues to result in adverse actions being taken against me by nonaffiliated third-party users of this information. 

Per 15 U.S. Code 6802 ( b ) ( C ), " A financial institution may not disclose nonpublic personal information to a nonaffiliated third party unless the consumer is given an explanation of how the consumer can exercise that nondisclosure optionXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX failed to inform me of my right to exercise my nondisclosure option. Furthermore, 15 U.S. Code 1681 c ( a ) ( 5 ) states '' Except as authorized under subsection ( b ), no consumer reporting agency may make any consumer report containing any of the following items of information, Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years. '' These accounts are adverse items being reported without my permission, which is against the law. 

Per the Fair Credit Reporting Act, 15 U.S. Code 1681 604 ( a ) ( 2 ) states that " In general Subject to subsection ( c ), any consumer reporting agency may furnish a consumer report under the following circumstances and no other : in accordance with the written instructions of the consumer to whom it relates. '' XXXX XXXX XXXX XXXX and XXXX XXXX, the financial institutions, and the Consumer reporting agency, Experian, XXXX, or XXXX do not have my consent to furnish this information and they certainly never obtained my written consent. Any and all consent given to Experian, XXXX, XXXX XXXX XXXX XXXX, and XXXX XXXX whether it be verbal, non-verbal, written, implied or otherwise is revoked. 

Per 15 U.S. Code 6801, which states It is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers nonpublic personal information. '' I have the right to ensure my private information isn't shared. XXXX XXXX XXXX XXXX and XXXX XXXX are financial institutions by definition under that title. 

Also, according to 15 U.S. Code 1681 602 ( a ) ( 4 ), " There is a need to ensure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumers right to privacy. '' Experian, XXXX, and XXXX are the consumer reporting agencies, and I am the Consumer.

I have made numerous attempts to resolve this issue by contacting the furnishers of information to Experian and XXXX on multiple occasions. However, my requests for assistance and clarification have been ignored. XXXX and XXXX complete disregard for my concerns is not only frustrating but also unacceptable. Moreover, their actions go beyond mere negligence ; they constitute serious violations of both the Fair Credit Reporting Act ( FCRA ), the Gramm-Leach-Bliley Act ( GLBA ), and the Privacy Act of XXXX. 

15 U.S. Code 1681 e ( a ) states '' Every consumer reporting agency shall maintain reasonable procedures designed to avoid violations of section 1681c of this title and to limit the furnishing of consumer reports to the purposes listed under section 1681b of this title. Experian and XXXX are not maintaining reasonable procedures. 

Under the FCRA, it is explicitly prohibited to report inaccurate information on a consumer report. XXXX, Experian, and XXXX inclusion of the income on my report is a direct violation of this law. Additionally, the GLBA requires financial institutions to protect non-public personal information. XXXX XXXX XXXX XXXX and XXXX XXXX reckless handling of my personal information, including my name and social security number, by sharing it with third-party entities such as Experian, is a blatant violation of this act.

I have attached all relevant documentation and evidence to support my claims with this complaint.

Thank you for your attention to this important matter.