Consumer complaint received 2024-08-17
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Their investigation did not fix an error on your report
Company: BMW Financial Services NA, LLC (PA)

To Whom It May Concern : I recently received a copy of my ( XXXX, XXXX or XXXX ) credit report, and I noticed some charge off posted on my credit report : BMW Financial Services NA , LLC XXXX XXXX XXXX XXXX XXXX  XXXX XXXX # XXXX Amount : {$29000.00} BMW Financial Services XXXX XXXX is in violation of multiple laws set forth by XXXX in regards to the following accounts # XXXX. XXXX XXXX XXXX XXXX ( XXXX ) ( a ) ( i ) states that the consumer report does not include information solely as to transactions or experiences ( payment history, charge off status ), between the consumer ( myself ) and the person ( BMWFS ) making the report. Additionally, XXXX XXXX Code XXXX XXXX ( a ) ( XXXX ) ( A ) states that A person ( BMWFS ) shall not furnish any information relating to a consumer ( ME ) to any consumer reporting agency ( XXXX, XXXX, XXXX ) XXXX the person knows or has reasonable cause to believe that the information is inaccurate. BMW FINANCIAL can not collect on a discharged debt. This is now considered a certificate of indebtedness per the IRS and income can not be reported. The IRS Clearly defines a charge off as Gross or Ordinary income, INCOME DOES NOT GET REPORTED ON THE CONSUMER REPORT which in fact makes reporting of this account inaccurate! By Definition, the IRS Clearly says a Cancelled debt or Charge off is Income. The reporting of this account as a debt is inaccurate. I never received a XXXX from BMWFS for the cancelled debt of { { {$29000.00} } } in order to file as ordinary income. BMWFS is clearly writing off debt with the IRS without sending out XXXX as required by the IRS for debts greater than { { {$600.00} } }. This is unsatisfactory! BMWFS has been HEREBY PUT ON NOTICE that they are furnishing incorrect inaccurate information. In BMWFS terms and conditions they agreed not to share my information with non affiliates. XXXX, XXXX, and XXXX is not an affiliate of BMWFS nor are they " bureaus ''. The only true credit bureau is the CFPB and they DO NOT furnish consumer reports as stated in federal law. I have a right to privacy and Per the Privacy Act of 1974 as a federally protected consumer I am now revoking any and all authorization I the consumer may have given you written, non written, verbal, and nonverbal per 5 U.S. Code 552a. Per the FCRA as a federally protected consumer I am now opting out of any and all authorization I the consumer may have given you written, non written, verbal, and non verbal per 15 USC 6802. I shall also point out their responsibility pursuant 15 U.S. Code section 1681s-2 ( a ) ( 1 ) ( B ) ( ii ) : ( a ) DUTY OF FURNISHERS OF INFORMATION TO PROVIDE ACCURATE INFORMATION XXXX ) PROHIBITION ( B ) Reporting information after notice and confirmation of errors A person shall not furnish information relating to a consumer to any consumer reporting agency if ( i ) the person has been notified by the consumer, at the address specified by the person for such notices, that specific information is inaccurate ; and ( ii ) the information is, in fact, inaccurate. BMW Financial Services must also refund the remaining balance of the consumer account upon its termination.