Consumer complaint received 2024-12-01 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Improper use of your report — Reporting company used your report improperly
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL

Complaint narrative:
I am filing this formal complaint against XXXX XXXX, Bank Of America, XXXX XXXX for the following violations : Fraudulent Reporting of Charge-Offs as Debt ( IRS Classification of Income ).

Breach of Fiduciary Duty by Ignoring My Letters and Durable Power of Attorney ( DPOA ). 
Failure to Disclose Securitization of Promissory Notes.

Non-Compliance with Audit Reporting and GAAP Standards.

Fraudulent Reporting of Charge-Offs as Debt The reporting of charge-offs on my credit report is fraudulent and misleading. According to IRS regulations, charge-offs are classified as income on a 1099-C form when reported to the IRS. Per federal law, income can not be reported as debt on a consumer credit report.

Violation : Reporting charge-offs as debt breaches the Fair Credit Reporting Act ( FCRA ) under 15 U.S.C. 1681s-2, which prohibits the reporting of inaccurate information. 

Demand : XXXX XXXX  and XXXX XXXX must immediately remove all charge-offs from my credit report as these entries are misleading and harmful to my financial reputation. 
XXXX. Breach of Fiduciary Duty : Ignoring My Letters and Durable Power of Attorney ( DPOA ) I have sent multiple letters asserting my rights, including a Durable Power of Attorney ( DPOA ), which has been ignored by both XXXX XXXX  and XXXX XXXX. By failing to respond, these entities have violated their fiduciary obligations and undermined my rights to assert my interest in the credit. 

Legal Precedent : XXXX XXXX XXXX establishes that promissory notes fully fund credit, rendering the consumer the true creditor. As the creditor, I retain rights and interests in the credit and demand acknowledgment of the same. 
Demand : XXXX XXXX  and XXXX XXXX must immediately recognize my rights as the creditor and provide a detailed response to all letters and XXXX documents sent. 

XXXX. Failure to Disclose Securitization of Promissory Notes It has come to my attention that the promissory notes I provided to XXXX XXXX  and XXXX XXXX were securitized and sold without my knowledge or consent. This failure to disclose constitutes fraud and unjust enrichment. 

Violation : XXXXnder 15 U.S.C. 1641 ( Truth in Lending Act - TILA ), lenders are required to disclose the sale, assignment, or transfer of debt instruments to third parties. 

Fraudulent Omission : By securitizing my promissory notes and profiting from the proceeds, without compensating me as the original creditor, XXXX XXXX  and XXXX XXXX have committed fraud. 
Demand : Provide full disclosure of the securitization of my promissory notes, including an accounting of proceeds and confirmation that these proceeds have been applied to offset any alleged debt. 

XXXX. Non-Compliance with Audit Reporting and GAAP Standards Under federal law and Generally Accepted Accounting Principles ( GAAP ), financial institutions are required to provide accurate audit reports and account reconciliations. 

Legal Obligation : 12 U.S.C. 1831n ( a ) mandates compliance with GAAP standards for all financial institutions.

15 U.S.C. 1637 ( TILA ) requires creditors to provide clear and accurate account information. 
Violation : XXXX XXXX  and XXXX XXXX have failed to provide audit reports and reconcile accounts as requested. Their lack of transparency further suggests that the reporting of charge-offs is fraudulent and unsupported by proper accounting practices. 


Formal Opt-Out of Authorization and Illegality of Reporting Transaction History Per the Fair Credit Reporting Act ( FCRA ), I am formally opting out of any and all authorizations I may have givenwhether written, unwritten, verbal, or non-verbalunder 15 U.S.C. 6802. As a consumer, I have the unequivocal right to opt out of the sharing and use of my non-public personal information ( NPI ) at any time.

By exercising this opt-out right : Unauthorized Reporting is Illegal : Under 15 U.S.C. 6801, it is illegal for financial institutions to report or share my transaction history without my explicit consent.

The policy of Congress explicitly mandates that every financial institution has an affirmative and continuing obligation to protect the security, confidentiality, and privacy of its customers ' NPI. 
Violation of Privacy Rights : XXXX XXXX  and XXXX XXXX and Bank Of America have reported my transaction history and personal information to credit reporting agencies without obtaining my express consent, in direct violation of these statutory obligations.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation