Consumer complaint received 2025-08-31 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Problem with personal statement of dispute
Company: GOLDMAN SACHS BANK USA
State: NJ

Complaint narrative:
CFPB Rebuttal XXXX XXXX Re : CFPB Complaint No. XXXX Company : Goldman Sachs Bank USA ( Apple Card ) CC : Prior CFPB Complaint ( s ) previously filed regarding inaccurate reporting and failure to validate To Whom It May Concern, I, XXXX XXXX , respectfully submit this rebuttal regarding Goldman Sachs Bank USAs response to my complaint. The Banks explanation fails to address key violations and creates new compliance concerns that require CFPB oversight.

1. Re-Aging & Misleading Reporting Goldman Sachs did not address the XXXX XXXX violation where the balance updated field is refreshed monthly despite no consumer activity. This practice misleads creditors, re-ages the charge-off, and unlawfully extends the derogatory impact. 

2. IRS Reporting Failures 1099-C vs. 1099-B The Bank confirmed that no IRS Form 1099-C was issued, despite the charged-off balance exceeding {$600.00}.

- If the debt was canceled, IRS rules require a 1099-C.

- If it was sold or securitized, then an IRS Form 1099-B or equivalent transfer reporting should exist to document the transaction. 
By failing to produce either, Goldman Sachs conceals the true status of the account. They can not both profit from a sale and continue reporting as creditor of record. 

3. Lack of Permissible Purpose & Ownership Proof The Bank failed to produce documentation proving ownership or servicing rights. Without assignment records, purchase agreements, or a Pooling & Servicing Agreement, Goldman Sachs has no permissible purpose under FCRA 604 to continue furnishing data.

4. Improper Reinsertion at XXXX  Goldman Sachs admitted that XXXX  was not reporting the tradeline and that they reinstated it. This constitutes reinsertion. Under FCRA 611 ( a ) ( 5 ) ( B ), a CRA and furnisher must provide written certification and consumer notice within XXXX business days. No such notice was provided. This reinsertion was improper and retaliatory. 

5. Breach of Fiduciary Duty & Equity Principles As the furnisher of my personal information, Goldman Sachs holds that data in a position of trust. Under equity and fiduciary principles, a trustee must act in the best interest of the beneficiary in this case, myself, the consumer whose identity is being used. 

Continuing to report unverifiable, misleading, or outdated information constitutes a breach of fiduciary duty. A trustee can not profit from a transaction ( such as securitization or sale of the account ) while still imposing liability on the beneficiary. This dual role amounts to unjust enrichment and undermines the fiduciary standard of care. 

6. Failure of Reasonable Reinvestigation The Bank did not demonstrate compliance with FCRA 611 ( a ) ( 1 ). A reasonable reinvestigation requires addressing the specific violations raised. Instead, they repeated account history while ignoring issues of re-aging, IRS reporting, fiduciary duty, and ownership standing.

Requested Action I respectfully request that the CFPB : 1. Reopen this complaint and link it with my previous CFPB complaint ( s ) concerning this same account, as the violations are ongoing.

2. Require Goldman Sachs to provide documentation proving whether the debt was canceled ( 1099-C ) or transferred/securitized ( 1099-B ).

3. Investigate Goldman Sachs unlawful reinsertion of the tradeline at XXXX  without providing required consumer notice.

4. Order deletion of this tradeline from all CRAs due to failure of permissible purpose, breach of fiduciary duty, lack of ownership proof, and continued misleading reporting.

5. Refer the IRS non-compliance ( failure to issue 1099-C/1099-B ) for further IRS review. Goldman Sachs response is incomplete, misleading, and ignores fiduciary trust obligations and prior disputes already documented with the CFPB.

I respectfully urge the CFPB to hold them accountable for repeated violations of federal law. 

Respectfully, XXXX XXXX

Company response to consumer: Closed with explanation