Consumer complaint received 2023-12-12
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: CAPITAL ONE FINANCIAL CORPORATION (LA)

XXXX XXXX and XXXX XXXX have engaged in knowingly reporting erroneous and inaccurate information. I have contacted both agencies multiple times via email and phone calls in regards to this information. I also sent emails to Capitol One and XXXX XXXX  as they are the companies who furnished the inaccurate information. 

These companies have violated my rights pursuant to XXXX U.S.C. 1681e ( b ) Accuracy of report Whenever a consumer reporting agency prepares a consumer report it shall follow reasonable procedures to assure maximum possible accuracy of the information concerning the individual about whom the report relates.

15 U.S. Code 1681s2 - Responsibilities of furnishers of information to consumer reporting agencies. 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. 

I have sent electronic correspondences to these companies multiple times XXXX responded with not being able to verify my identity and XXXX gave no response yet continued to report this inaccurate information. Capitol One and XXXX XXXX  have yet to respond. Dates of correspondences were XX/XX/2023, XX/XX/2023 and XX/XX/2023. Which violates the above law. 

The IRS considers canceled or forgiven debt as income. You may need to pay taxes on the canceled debt amount reported on the 1099-C form. The amount you'll have to pay depends on your federal tax bracket and whether you qualify for an exception or exclusion. Even if you didn't receive a Form 1099-C, you must report canceled debt as gross income on your tax return less one of the exceptions or exclusions described later applies. The amount in box 2 of Form 1099-C may represent some or all of the debt that has been canceled. The amount in box XXXX  will include principal and may include interest and other non principal amounts ( such as fees or penalties ). Unless you meet one of the exceptions or exclusions discussed later, the amount of the debt that has been canceled is ordinary income and must be reported on the appropriate form, as discussed earlier Capitol One and XXXX XXXX  were negligent in sending me a 1099C.

Who Must File File Form 1099-C if you are any of the following. 
XXXX. A financial institution described in section XXXX or XXXX ( a ) ( such as a domestic bank, trust company, building and loan association, or savings and loan association ). 
XXXX. A credit union. 
XXXX. Any of the following, its successor, or subunit of XXXX of the following. 
a. Federal Deposit Insurance Corporation. 
b. XXXX XXXX XXXX XXXX. 
c. Any other federal executive agency, including government corporations. 
d. Any XXXX XXXX 
XXXX U.S. Postal Service. 
XXXX XXXX XXXX XXXX. 
XXXX. A corporation that is a subsidiary of a financial institution or credit union, but only if, because of your affiliation, you are subject to supervision and examination by a federal or state regulatory agency. 
XXXX. A federal government agency including : a. A department, b. An agency, XXXX XXXX court or court administrative office, or d. An instrumentality in the judicial or legislative branch of the government. 
Any organization whose significant trade or business is the lending of money, such as a finance company or credit card company ( whether or not affiliated with a financial institution ). The lending of money is a significant trade or business if money is lent on a regular and continuing basis. Regulations section XXXX6050P-2 ( b ) lists three safe harbors under which reporting may not be required for the current year.

According to an article on XXXX XXXX 's website regarding income ; Income is not part of your credit report. And while lenders often factor your income into their lending decisions, they'll typically get that information directly from you during the credit application process. Because it is not part of your credit report, income is not considered by credit scoring systems that use only your credit history.