Consumer complaint received 2024-08-30
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Improper use of your report — Reporting company used your report improperly
Company: TRANSUNION INTERMEDIATE HOLDINGS, INC. (GA)

Complaint Against : XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  Number : XXXX IRS XXXX XXXX XXXX XXXX, XXXX XXXX Virginia XXXX Account Number XXXX [ XXXX ] I am filing a complaint against XXXX XXXX, operating under the XXXX XXXX, for committing securities fraud by selling XXXX customer accounts to XXXX XXXX without proper disclosure or consent . Additionally, XXXX XXXX is furnishing student loan information on consumer credit reports without authorization, violating several federal laws that protect consumer and student privacy. 

In fiscal year XXXX, XXXX XXXX, sold accounts receivable, specifically U.S.-originated accounts, to XXXX XXXX as part of a Receivables Purchase Agreement ( RPA ). These transactions involved selling customer invoices while maintaining administrative control over cash collection. This activity directly violates consumer rights and compromises the security of sensitive financial information. 

As a student loan servicer, XXXX is obligated to prioritize the security and confidentiality of its borrowers ' financial information. By selling these receivables to a third party ( XXXX XXXX ) without explicit consent from the account holders, XXXX is compromising borrower privacy and security. 

There has been inadequate disclosure to customers regarding the sale of their account information to XXXX XXXX. Borrowers have the right to know how their financial information is handled, including the sale or transfer of receivables. 

Aidvantage is furnishing information to credit reporting agencies ( XXXX, TransUnion, and XXXX ) without proper notification and approval from the consumers. This unauthorized reporting includes inaccuracies and fails to inform consumers of adverse credit reporting actions, violating their rights to privacy and accurate reporting. 

By disclosing student loan information to credit reporting agencies without proper consent or notification, XXXX XXXX is violating the Privacy Act of 1974, which regulates how personal information is handled by government agencies and their contractors. FERPA protects the privacy of student education records. By furnishing student loan information to credit reporting agencies, XXXX XXXX is violating XXXX by disclosing educational record information without proper consent. 

The actions of XXXX XXXX violate federal laws designed to protect consumers from unfair and deceptive practices, including but not limited to : 15 U.S.C. 45 - Unfair or Deceptive Acts or Practices ( XXXX ) : This law prohibits businesses from engaging in unfair or deceptive acts. The lack of transparency and unauthorized selling of customer accounts is deceptive. 

12 CFR Part 1026 ( Regulation Z ) : Implements the Truth in Lending Act ( TILA ), which requires clear disclosure of terms and conditions to consumers, including any transfer of account receivables that might affect borrowers ' rights. 

Gramm-Leach-Bliley Act ( 15 U.S.C. 6801-6809 ) : This law requires financial institutions to explain their information-sharing practices to their customers and to safeguard sensitive data.

I intend to file IRS Form 211 ( Taxpayer Advocate Services Information Referral ) to request an audit of consumer accounts. I will also file IRS Form 3949-A to request that the IRS audit XXXX XXXX with respect to my principal account and the income XXXX XXXX is making from the sales of the principal account consumer file. 

I demand that XXXX immediately cease all unauthorized furnishing of my information to credit reporting agencies ( XXXX, TransUnion, and XXXX ) without my explicit notification and approval, as required under the Fair Credit Reporting Act ( FCRA ), Privacy Act of XXXX, and Family Educational Rights and Privacy Act ( FERPA ).