Consumer complaint received 2024-07-07
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Improper use of your report — Reporting company used your report improperly
Company: SYNCHRONY FINANCIAL (GA)

Dear Consumer Financial Protection Bureau, I am writing to formally file a complaint against SYNCHRONY BANK for furnishing inaccurate information to one or more consumer reporting agencies, which are XXXX, XXXX, and XXXX, that are considered non-affiliated to SYNCHRONY BANK, which violates 5 USC 6802 ( b ) ( c ), which states that " A financial institution may not disclose nonpublic personal information to a nonaffiliated third party unless the consumer is given an explanation of how the consumer can exercise that nondisclosure option.I was never informed of my right to exercise my nondisclosure option. The mistaken reporting of this charge-off account XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX as shown on the credit report ) ( Payment Status : Collection/Chargeoff ) ( the collection open date, which is also a violation because it is inaccurate because it has two different open dates. On XXXX, its XX/XX/XXXX, and on XXXX and XXXX, its XX/XX/XXXX ( balance XXXX ). As a charge-off, this has seriously harmed my reputation, my quality of life in general, and my ability to get credit for housing and personal needs. My means of support have also been negatively impacted by this false reporting. 15 U.S. Code 1681a ( 2 ) ( 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 ( SYNCHRONY BANK ) making the report. Additionally, 15 U.S. Code 1681 s-2 ( a ) ( 1 ) ( A ) states that a person ( SYNCHRONY BANK ) shall not furnish any information relating to a consumer ( ME ) to any consumer reporting agency ( XXXX, XXXX, XXXX ) if the person knows or has reasonable cause to believe that the information is inaccurate. I notified Synchrony Bank about the inaccurate information they were reporting and requested that they immediately delete the charged-off account in question. However, they have willfully remained noncompliant with FCRA laws regarding the reporting of inaccurate information. Synchrony Bank 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. Since income does not get reported on the consumer report, and in fact, reporting of this account is inaccurate by definition, the IRS clearly says a canceled debt or charge-off is income. The reporting of this account as a debt is inaccurate. I never received a 1099-C from SYNCHRONY BANK for the canceled debt of { { { {$900.00} } } } in order to file as ordinary income. Where is my 1099-C SYNCHRONY BANK is clearly writing off debt with the IRS without sending out 1099-C as required by the IRS for debts greater than { { { {$600.00} } } }. This is unsatisfactory! SYNCHRONY BANK has been HEREBY PUT ON NOTICE that they are furnishing incorrect, inaccurate information. Also, XXXX, XXXX, and XXXX are non-affiliates of Synchrony Bank, which is a violation of 15 USC 6802 ( b ) ( c ), which states that " A financial institution may not disclose nonpublic personal information to a nonaffiliated third party unless the consumer is given an explanation of how the consumer can exercise that nondisclosure option. I was never informed of my right to exercise my nondisclosure option. Not only that 15 USC 1681C ( a ) ( 5 ) states '' Except as authorized under subsection ( b ), no consumer reporting agency may make any consumer report containing any of the following items of information any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years. '' This account is an adverse item they are reporting again without my permission, which is against the law. 15 U.S. Code 1681s-2 ( A ) ( 1 ) A states " 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. 15 U.S. Code 1681e states '' Every consumer reporting agency shall maintain reasonable procedures designed to avoid violations of Section 1681c of this title and to limit the furnishing of consumer reports to the purposes listed under Section 1681b of this title. XXXX, XXXX, and XXXX are not maintaining reasonable procedures. This is my second attempt to get this situation resolved. I have sent a letter to Synchrony Bank on XX/XX/XXXX, and I have sent dispute letters to XXXX, XXXX, and XXXX on XX/XX/XXXX, but received no response at all in any form, effectively being disregarded, which violates 15 U.S. Code 1681n Civil liability for willful noncompliance and 15 U.S. Code 1681o Civil liability for negligent noncompliance. I'm entitled to monetary compensation under FCRA 15 U.S.C. 1681i ( 6 ) Notice of Results of Reinvestigation. ( A ) In general. A consumer reporting agency shall provide written notice to a consumer of the results of a reinvestigation under this subsection not later than 5 business days after the completion of the reinvestigation, by mail or, if authorized by the consumer for that purpose, by other means available to the agency. ( B ) Contents. As part of, or in addition to, the notice under subparagraph ( A ), a consumer reporting agency shall provide to a consumer in writing before the expiration of the 5-day period referred to in subparagraph ( A ) ( I ) a statement that the reinvestigation is completed. Pursuant to the FCRA.I urge the CFPB to investigate this matter and take appropriate action against Synchrony Bank and the consumer reporting agencies XXXX, XXXX, and XXXX for their harmful and inaccurate reporting practices. I kindly demand that this account be completely removed from my consumer report across all credit reporting agencies ( XXXX, XXXX, and XXXX )