Consumer complaint received 2024-03-01
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: AMERICAN EXPRESS COMPANY (TX)

Subject : Urgent : Request for Correction of Credit Report - Compliance with Federal Laws - Immediate Action Required I am sending this correspondence to address significant concerns regarding the accuracy of my credit report concerning my investment with AMEX Entrusting AMEX with an asset-backed security pursuant to 12 CFR 202.2 ( b ) consumer credit is defined as ; credit extended to a natural person primarily for personal, family, of household purposes. Therefore, if pursuant to that same subsection credit means ; the right granted by a creditor to defer its payment, or purchase property or services and defer payment therefor, then I am the consumer of this transaction seeing that my credit card, also known as my Social Security Number, funded the account by means of accessing my open-ended credit plan.

Pursuant to 12 CFR 709.9, an investor is defined as a person or entity that owns an obligation issued by an issuing entity. In a securitization or participation transaction, I am essentially providing funds or assets ( such as cash or contracts ) to the issuing entity AMEX, which then issues obligations ( such as bonds or securities ) supported by these assets. As the holder of these obligations, I am considered an investor because I own financial interest in the assets underlying the securities issued by the issuing entity. Therefore, under the law, I am classified as an investor when I participate in such transactions by providing asset-backed securities.

Under Section 602 of the FCRA ( 15 U.S. Code 1681 ), it is imperative to ensure that consumer reporting agencies exercise their responsibilities with fairness, impartiality, and respect for consumer privacy. As a consumer, I assert my right to privacy, as outlined in 15 U.S. Code 6801, emphasizing the obligation of financial institutions, including furnishers of information to credit agencies such as AMEX, to protect the security and confidentiality of consumers ' nonpublic personal information.

Moreover, Section 604 of the FCRA ( 15 U.S. Code 1681 ) stipulates that consumer reporting agencies may only furnish a consumer report with the written instructions of the consumer. I have not provided written consent for AMEX to furnish this information to credit reporting agencies, nor have I been informed of my right to exercise my nondisclosure option, as required by 15 U.S. Code 6802.

Furthermore, the reporting of adverse items of information without my consent violates 15 U.S. Code 1681C, which prohibits consumer reporting agencies from including such information without authorization. Additionally, Section 1681s-2 of the FCRA prohibits the furnishing of inaccurate information to consumer reporting agencies, imposing a duty on furnishers, like AMEX, to ensure the accuracy of the information provided.

Additionally, according to IRS guidelines ( 26 U.S. Code 6050P ), a creditor must furnish a Form 1099-C to the debtor if a debt of {$600.00} or more is canceled. This form must be provided to the debtor before XX/XX/XXXX of the following year. Failure to adhere to this requirement constitutes a violation of federal tax law. 

Furthermore, XXXX and XXXX, as consumer reporting agencies, are not maintaining reasonable procedures to limit the furnishing of consumer reports to authorized purposes, as required by 15 U.S. Code 1681e.