Consumer complaint received 2024-05-08
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: Experian Information Solutions Inc. (NY)

I am writing to submit a formal complaint with the Consumer Financial Protection Bureau ( CFPB ) regarding a charged-off credit card account from XXXX XXXX XXXX that is currently listed on my credit report. This account is causing undue harm to my credit score, and I believe its continued presence violates several laws and regulations. The relevant account details are as follows : Credit Card Issuer : XXXX XXXX XXXX  Partial Account Number : XXXX Date Opened : XX/XX/XXXX Responsibility : Individual Account Account Type : Revolving Credit Card Balance : {$680.00} Last Payment Made : XX/XX/XXXX Pay Status : Charge-off Date Closed : XX/XX/XXXX Date Updated : XX/XX/XXXX Estimated Removal Date : XX/XX/XXXX Legal Grounds for Complaint Fair Credit Reporting Act ( 15 USC 1681s-2 ) The FCRA governs how credit information is reported and requires that credit information be accurate and up-to-date. Given the inconsistency in dates and other potentially outdated information, the continued reporting of this charge-off might be inaccurate.

Fair Credit Billing Act ( 15 USC 1666b ) This section of the FCBA deals with resolving billing errors and requires creditors to respond to billing disputes within a certain timeframe. The ongoing presence of this charged-off account, with discrepancies in the date updated and last payment made, suggests errors in billing or reporting. 
Privacy Act of XXXX This act ensures the privacy of personal information. The ongoing reporting of this charged-off account, despite inconsistencies and a potential lack of proper notification, could infringe on my rights to privacy.

Fair Debt Collection Practices Act ( 15 USC 1692 ) The FDCPA prohibits unfair or deceptive debt collection practices. If this charge-off is used to pressure or mislead consumers into making payments, it could be in violation of the FDCPA.

IRS Regulations and 1099-C Requirement The IRS requires creditors to issue a 1099-C when a debt is discharged or forgiven. If this charged-off account represents a discharged debt, it should not be on my credit report, and a 1099-C should have been issued to document this for tax purposes. Failure to do so could indicate non-compliance with IRS guidelines.

Requested Actions Given the above points, I request the following actions from the CFPB : Immediate Removal of the Charged-Off Account As the information on my credit report seems inaccurate and possibly in violation of the FCRA, this charge-off should be removed.

Investigation into Reporting Practices Conduct an investigation into XXXX XXXXXXXX XXXX XXXX  reporting practices, particularly in relation to accuracy, billing, and compliance with the FDCPA and IRS regulations. 
Ensure Compliance with 1099-C Issuance Verify whether a 1099-C should have been issued for this charged-off account and ensure compliance with IRS regulations.

I would appreciate a prompt response and appropriate action to correct this situation. If additional information or documentation is required, I am prepared to provide it upon request. 

Thank you for your attention to this matter, and I look forward to your response. 

Sincerely, XXXX XXXX XXXX