Consumer complaint received 2024-06-14
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: CAPITAL ONE FINANCIAL CORPORATION (NJ)

Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX XXXX XXXX Subject : Complaint Regarding Inaccurate Information on Credit Report - Request for Removal of Charge-Offs under 15 USC 1681e ( b ) Dear Sir/Madam, I am writing to formally lodge a complaint regarding the presence of inaccurate charge-off entries on my credit report. According to the Fair Credit Reporting Act ( FCRA ), specifically under 15 USC 1681e ( b ), consumer reporting agencies are required to follow reasonable procedures to ensure maximum possible accuracy of the information contained in a consumers credit report. Unfortunately, this has not been adhered to in my case. Upon reviewing my credit report from [ Credit Reporting Agency 's Name ], I have identified the following erroneous charge-off entries : 1. Creditor : XXXX Account XXXX : XXXX Date of XXXX : XX/XX/year> XXXX. Creditor : XXXX XXXX XXXX Account XXXX Date of Charge-Off : XX/XX/year> XXXX. Creditor : XXXX XXXX XXXX Account Number : XXXX Date of Charge-Off : XX/XX/year> XXXX. Creditor : XXXX XXXX XXXX Account Number : XXXX XXXX. Creditor : XXXXXXXX XXXX Account XXXX : XXXX XXXX. Creditor : XXXX XXXX XXXX  Account Number : XXXX Date of Charge Off : XX/XX/year> XXXX. Creditor : XXXX XXXX XXXX Account Number : XXXX Date of Charge Off : XX/XX/year> XXXX : XXXX XXXX XXXX XXXX XXXX Account Number : XXXX XXXX. XXXX : XXXX Account XXXX : XXXX XXXX : XXXX Account Number XXXX XXXX : XXXX XXXX Account Number : XXXX XXXX. Creditor : XXXX Account XXXX : XXXX These entries are incorrect and have negatively impacted my credit score and overall financial health. I have previously contacted the credit reporting agency to dispute these inaccuracies, but the issue remains unresolved. According to 15 USC 1681e ( b ), consumer reporting agencies must ensure that they follow reasonable procedures to guarantee that the information they provide is accurate. The continued presence of these inaccurate charge-off entries suggests that the credit reporting agency has failed in its duty to uphold this standard. Furthermore, it is essential to highlight what the IRS classifies as a charge-off. According to the IRS, a charge-off occurs when a creditor writes off a debt as a loss for tax purposes, indicating that the creditor does not expect to collect the outstanding amount. However, this accounting action does not relieve the debtor of the obligation to repay the debt. The IRS 's classification underscores that a charge-off is more about a creditors accounting practices rather than a definitive statement on the status of the debt itself. Therefore, the continued reporting of these charge-offs as unresolved debts on my credit report is misleading and detrimental. I am requesting that the Consumer Financial Protection Bureau intervene in this matter to ensure that the credit reporting agency in question complies with its legal obligations under the FCRA. Specifically, I request the following actions : 1. A thorough investigation into the procedures used by the credit reporting agency to verify the accuracy of the reported charge-offs. 2. The immediate removal of the erroneous charge-off entries from my credit report. 3. Confirmation in writing that these charge-offs have been removed and will not reappear on my credit report in the future. I appreciate your attention to this urgent matter and look forward to your prompt resolution. Should you require any further information, please do not hesitate to contact me. Thank you for your assistance. 

Please advise, XXXX XXXX