Consumer complaint received 2024-10-21
Product: Debt collection — Credit card debt
Issue: Written notification about debt — Didn't receive enough information to verify debt
Company: Self Financial Inc. (LA)

Date : XX/XX/year> To : Self Financial /Lead Bank RE : Request for Validation of Debt and Correction of Credit Reporting Account Number : XXXX I am writing to formally dispute the reporting of the above-referenced account on my credit report and to request validation of the debt, in accordance with my rights under the Fair Credit Reporting Act ( FCRA ), 15 U.S.C. 1681 et seq., and the Fair Debt Collection Practices Act ( FDCPA ), 15 U.S.C. 1692g. 

Inaccurate Reporting : The account in question is being reported on my credit file inaccurately as [ closed with a balance/open with a balance ]. This incorrect reporting is negatively impacting my credit score. Under the FCRA, all information reported to credit bureaus must be accurate, and you are required to correct or remove incomplete or inaccurate information promptly.

Furthermore, under the FDCPA, I am entitled to request validation of the debt you are attempting to collect, especially since the reporting appears to be inaccurate.

Request for Debt Validation : Under 15 U.S.C. 1692g of the FDCPA, I am requesting validation of the debt associated with this account. Specifically, I request the following information within 30 days : 1. Verification of the Debt : A detailed statement that shows the original amount of the debt, interest, fees, and any other charges that make up the current balance.

2. Proof of Ownership : Documentation proving that you or the original creditor have the legal right to collect on this debt. This may include a signed agreement or contract between myself and the original creditor.

3. Complete Payment History : A full accounting of all payments and charges on the account so I can verify the validity of the amount claimed to be owed.

4. Original Creditor Information : The name and address of the original creditor, if different from the current creditor or collection agency. 

Consumer Rights Under the FCRA and FDCPA : You are obligated under the FCRA and FDCPA to ensure that all reported information is accurate and that any debt you attempt to collect is valid. Under the law, you must : Ensure Accurate Reporting : The balance or status of the account must be accurately reported. If the account is closed, the balance should be reported as {$0.00}. If the account is open, the correct balance must be reflected. 
Correct or Remove Inaccurate Information : You are required to update the credit bureaus with any corrections or deletions if the information is inaccurate. 
Provide Verification : Under the FDCPA, you are required to provide me with the requested validation and verification of the debt within 30 days of receiving this letter.

Cease Collection Efforts : If you can not verify the debt, you are required to cease all collection efforts, including reporting the debt to the credit bureaus.

Action Requested : Validation of Debt : Provide the requested validation documents for the debt associated with this account within 30 days. 
Correction of Credit Reporting : Update or remove the inaccurate account and balance information from all three major credit reporting agencies ( XXXX, XXXX, and XXXX ) immediately. 

Please take this letter as a formal dispute of the account and balance reported on my credit file. If this matter is not resolved within 30 days, I will take further action, including filing complaints with the Consumer Financial Protection Bureau ( CFPB ) and the Federal Trade Commission ( FTC ), or seeking legal remedies for violations of the FCRA and FDCPA. 

This is a formal request made under the FDCPA for validation of the debt, and any attempt to collect on this account without proper validation is a violation of federal law. 

I look forward to your prompt response and resolution of this matter. 

Sincerely, XXXX XXXX