Consumer complaint received 2024-10-12
Product: Debt collection — I do not know
Issue: False statements or representation — Attempted to collect wrong amount
Company: World Acceptance Corporation (GA)

[ XXXX XXXX ] [ XXXX ] [ XXXX ] [ Date : XX/XX/year> ] World Finance Corporation DBA World Acceptance Corporation [ XXXX XXXX XXXX XXXX ] [ XXXX, XXXX, XXXX ] Subject : Notice of FCRA and FDCPA Violations and Demand for Remedy Dear World Finance Corporation DBA World Acceptance Corporation, I am writing to formally notify you of apparent violations of the Fair Credit Reporting Act ( FCRA ) and the Fair Debt Collection Practices Act ( FDCPA ) regarding your reporting of my account [ Account Number ]. It has come to my attention that despite this account being reported as a closed account charge-off, there are ongoing, month-to-month reports indicating that there are balances accruing at a rate of {$1.00} to {$2.00}. 

# # # Violations of FCRA and FDCPA 1. **FCRA Violations** : - Under the FCRA, you are required to report accurate information to credit reporting agencies. The continued reporting of a nominal balance on a closed account is misleading and violates Section 603 ( Definitions ) and Section 605 ( Requirements relating to information obtained from consumer reporting agencies ).

- The persistence of this reporting indicates an inaccurate portrayal of my credit status, which can adversely affect my credit score and future lending opportunities.

2. **FDCPA Violations** : - According to the FDCPA, a debt collector may not engage in practices that can be construed as deceptive or misleading. By repeatedly reporting a charge-off balance, you imply that I still owe a debt when the account should be regarded as closed.

- These actions violate Section 807 ( False or Misleading Representations ) of the FDCPA.

# # # Consumer Injury The wrongful reporting of this account has caused significant injury to me as a consumer, including but not limited to : - **Negative Impact on Credit Score** : Continuous reporting of a small balance has kept me in a lower credit score bracket, hindering my ability to secure loans and other credit facilities at reasonable rates. 
- **Increased Anxiety and Stress** : The uncertainty and worry stemming from ongoing reporting of an erroneous balance have imposed emotional distress.

- **Financial Constraints** : I have been unable to access favorable credit options, leading to unnecessary financial burdens.

# # # Demand for Remedy Given the violations and the resultant injury, I am formally requesting : 1. **Correction of Reporting** : Immediate rectification of the reporting on my account with the credit bureaus to reflect the account as a closed charge-off with no accruing balance.

2. **Deletion of Record** : Based on the length of time that these violations have persisted, I demand the complete deletion of this account record from my credit report. The ongoing inaccuracies and misrepresentations are detrimental to my credit profile and do not reflect my current financial status.

3. **Compensation** : A monetary compensation for the damages incurred due to these violations, which I contend has adversely affected both my financial situation and mental well-being.

I expect your response within 15 days from the date of this letter. Failure to resolve this matter amicably may compel me to seek further legal remedies for the violations committed under the FCRA and FDCPA. 

Thank you for your prompt attention to this crucial matter. 

Sincerely, [ XXXX XXXX ]