Consumer complaint received 2023-12-19 00:00:00
Product: Debt collection — I do not know
Issue: Attempts to collect debt not owed — Debt was result of identity theft
Company: Upstart Holdings, Inc.
State: AZ

Complaint narrative:
Alleged debt collection account is a result from identity theft of which personal information was compromised through XXXX DATA BREACH A FEW YEARS BACK. Information requested as to authenticity of debt such as wet ink signatures. Any identifiable evidence of such a debt being truly owed from this individual. 
Further reported information is materially incorrect as no alleged debt can be owed from a " MONEY PURCHASE LOAN '' as any amount at and above {$1.00} OWED TO ORIGINAL CREDITOR '' as company, UPSTART NETWORK, did not comply as it Did Not " CREDIT THE ACCOUNT FROM THE DIVIDEND PAYMENT MADE FROM THE TREASURY COUPON, UPSTART NETWORK DID NOT CREDIT THE ACCOUNT VIA THE ELECTRONIC FUNDS TRANSFER ACT OF THE INTEREST OF THE TREASURY COUPON ''. 
As well as any amount that is Discharged is a CERTIFICATE OF INDEBTEDNESS, therefore those amounts are reported as income and CAN NOT BE AN OWED BALANCE. PER INTERNAL REVENUE CODE. 
15 U.S. Code 1692k - Civil liability ( a ) AMOUNT OF DAMAGES Except as otherwise provided by this section, any debt collector who fails to comply with any provision of this subchapter with respect to any person is liable to such person in an amount equal to the sum of ( 1 ) any actual damage sustained by such person as a result of such failure ; ( 2 ) ( A ) in the case of any action by an individual, such additional damages as the court may allow, but not exceeding {$1000.00} ; or ( B ) in the case of a class action, ( i ) such amount for each named plaintiff as could be recovered under subparagraph ( A ), and ( ii ) such amount as the court may allow for all other class members, without regard to a minimum individual recovery, not to exceed the lesser of {$500000.00} or 1 per centum of the net worth of the debt collector ; and 16 CFR 433.2 - Preservation of consumers ' claims and defenses, unfair or deceptive acts or practices.

433.2 Preservation of consumers ' claims and defenses, unfair or deceptive acts or practices.

In connection with any sale or lease of goods or services to consumers, in or affecting commerce as commerce is defined in the Federal Trade Commission Act, it is an unfair or deceptive act or practice within the meaning of section 5 of that Act for a seller, directly or indirectly, to : ( a ) Take or receive a consumer credit contract which fails to contain the following provision in at least ten point, bold face, type : NOTICE ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER. 
or, ( b ) Accept, as full or partial payment for such sale or lease, the proceeds of any purchase money loan ( as purchase money loan is defined herein ), unless any consumer credit contract made in connection with such purchase money loan contains the following provision in at least ten point, bold face, type : NOTICE ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER. 
( d ) Purchase money loan. A cash advance which is received by a consumer in return for a Finance Charge within the meaning of the Truth in Lending Act and Regulation Z, which is applied, in whole or substantial part, to a purchase of goods or services from a seller who ( 1 ) refers consumers to the creditor or ( 2 ) is affiliated with the creditor by common control, contract, or business arrangement. 
( e ) Financing a sale. Extending credit to a consumer in connection with a Credit Sale within the meaning of the Truth in Lending Act and Regulation Z.

Company response to consumer: Closed with explanation