Consumer complaint received 2024-04-23
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Improper use of your report — Reporting company used your report improperly
Company: CAPITAL ONE FINANCIAL CORPORATION (GA)

In accordance with 15 USC 6805, this complaint is being submitted to the Consumer Financial Protection Bureau for enforcement and action to be taken against the financial institution being complained against is CAPITAL ONE. CAPITAL ONE is in violation of multiple laws set forth by Congress in regards to the account ending in 4313. 15 U.S.C. 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, a natural person ) and the person ( CAPITAL ONE ) making the report. Furthermore, 15 U.S. Code 1681s-2 ( a ) ( 1 ) ( A ) states that a person ( CAPITAL ONE ) shall not furnish any information relating to a consumer ( ME ) to any consumer reporting agency ( XXXX, XXXX, XXXX ) if the person has cause to believe that the information is inaccurate. CAPITAL ONE can NOT collect on 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 credit report which makes the reporting of this account inaccurate. By definition, the IRS states a cancelled debt or charge-off is income. Please refer to IRS Publication 525 for details. The reporting of this account as debt is inaccurate. I have not received a 1099-C from CAPITAL ONE for the cancelled debt of {$850.00}, in order to file as ordinary income. THE IRS STATES ALL DEBTS GREATER THAN {$600.00} need to be written off with a 1099-C. This is unsatisfactory. 

CAPITAL ONE has been hereby put on NOTICE for furnishing incorrect and inaccurate information. In CAPITAL ONEs Terms and Conditions, they agreed not to share my information with non-affiliates. XXXX, XXXX, and XXXX are not affiliates of CAPITAL ONE nor are they bureaus. The only true bureau is the Consumer Financial Protection Bureau and they DO NOT furnish consumer reports as stated in federal law. I have a right to privacy and pursuant to the Privacy Act of 1974 as a federally protected consumer I am now revoking any and all authorization I the consumer may have given you written, nonwritten, verbal or nonverbal per 5 U.S. Code 552a. Per the FCRA as a federally protected consumer I am now opting out of any and all authorization I the consumer may have given you written, nonwritten, verbal, or nonverbal per 15 USC 6802. I shall also point out their responsibility pursuant to 15 U.S. Code section 1681s-2 ( a ) ( 1 ) ( B ) ( ii ) : ( a ) DUTY OF FURNISHERS OF INFORMATION TO PROVIDE ACCURATE INFOMATION 1 ) PROHIBITION ( B ) Reporting information after notice and confirmation of errors A person shall not furnish information relating to a consumer to any consumer reporting agency specified by the person for such notices, that specific information is inaccurate ; and ( ii ) the information is, in fact inaccurate. CAPITAL ONE must also refund the remaining credit balance of the consumer account upon its termination. This is your 7 day notice to return ALL money due on this consumer account. XXXX Treatment of credit balances ; account termination. ( a ) Credit Balances. When a credit balance in excess of {$1.00} is created on a credit account ( through transmittal of funds to a creditor in excess of the total balance due on an account, through rebates of unearned finance charges or insurance premiums, or through amounts otherwise owed to or held for the benefit of the consumer, the creditor shall : ( XXXX ) Credit the amount of the credit balance to the consumers account ; ( XXXX ) Refund any part of the remaining credit balance within XXXX business days from receipt of a written request from consumer ; ( XXXX ) Make a good faith effort to refund to the consumer by cash, check, or money order, or credit to a deposit account of the consumer, any part of the credit balance remaining in the account for more than 6 months. No further action is required if the consumers current location is not known to the creditor and can not be traced through the consumers last known address or telephone number. ( b ) Account Termination. ( XXXX ) A creditor shall not terminate an account prior to its expiration date solely because the consumer does not incur a finance charge. ( XXXX ) Nothing in paragraph ( b ) ( XXXX ) of this section prohibits a creditor from terminating an account that is inactive for three or more consecutive months. An account is inactive for purposes of this paragraph if no credit has been extended ( such as by purchase, cash advance, or balance transfer ) and if the account has no outstanding balance. ( c ) Timely settlement of estate debts ( XXXX ) General Rule. ( i ) Reasonable policies and procedures required. For credit card accounts under an open end ( not home secured ) consumer credit plan, card issuers must adopt reasonable written policies and procedures designed to ensure that an administrator of an estate of a deceased account holder can determine the amount of and pay any balance on the account in a timely manner. ( ii ) Safe Harbor. For purposes of paragraph ( c ) ( XXXX ) ( i ) of this section, providing the amount of the balance on a deceased consumers account, a card issuer must not impose any fees on the account ( such as late fees, annual fees, or over-the-limit fees ) or increase any annual percentage rate, except as provided by XXXX ( b ) ( XXXX ). ( ii ) Limitation on trailing or residual interest. A card issuer must waive or rebate any additional finance charge due to a periodic interest rate if payment in full of the balance disclosed pursuant to paragraph ( c ) ( XXXX ) of this section is received within 30 days of disclosure.