Consumer complaint received 2025-04-25 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Investigation took more than 30 days
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX

Complaint narrative:
I am writing to file a formal complaint against Bank of America concerning a charged-off credit card account, which has been inaccurately reported to the credit bureaus for the past XXXX years. The details of the issue are as follows : XXXX. Charged-Off Credit Card : o Account Holder : XXXX XXXX XXXX XXXX Account Number : Last 4 Digits of the Account Number XXXX o Bank : Bank of America o Date of Charge-Off : XX/XX/XXXX Bank of America charged off my credit card account but failed to issue a 1099-C to me, despite reporting to XXXX  indicating the debt was written off. The IRS guidelines clearly state that canceled debt must be reported as income, but I have not received the necessary 1099-C form. I filed a copy and sent Bank of America the copy B for their records and filed the cancellation on my XXXX XXXX tax return. 

XXXX. FCRA Violations : Bank of America has continuously reported inaccurate information regarding this account for the last XXXX years to the credit bureaus. This includes the reporting of a charged-off balance and failure to issue a 1099-C. As a result, I have been subjected to severe damage to my credit score. This has hindered my ability to obtain new credit, which has negatively impacted my personal and professional life, including causing significant harm to my business. 
I have disputed this account multiple times over the last XXXX years with no success. Despite this, the inaccurate information has remained on my credit reports.

3. Audit Findings : I am exhausted going back and forth with them and XXXX  with no results. Therefore, I had an an audit conducted of the account, I discovered that Bank of America may have committed securities fraud by pooling my credit card application along with others and selling it as part of a larger bundle. This pooling of debt, which appears to be part of an asset-backed security, violates securities law and was not disclosed to me as a consumer.

4. Invasion of Privacy and Unauthorized Sale of Account : Bank of America not only charged off the account but sold it to a third party. This action occurred for an account that had already been written off, and the sale of my non-public financial information is a clear violation of my privacy rights. Furthermore, I was later sued for this same account, which had already been charged off, leading to additional emotional and financial distress.

5. Impact and Damages : The continued reporting of this account, along with the failure to issue the required 1099-C, has caused extreme stress, emotional suffering, and financial strain. My business has suffered as a result of my inability to access new credit, and my credit score has been drastically reduced. This ongoing issue has placed a significant burden on my financial health. 

Recent Development : It was not until I filed my complaint with the CFPB on XX/XX/XXXX that Bank of America finally updated the account as " paid and closed. '' This should not have been the case. It took my complaint to prompt them to act. Bank of Americas actions shows an ongoing pattern of deceptive practices, taking advantage of consumers lack of knowledge. However, I now know better and seek assistance in getting the relief I am due. 

Requested Resolution : I request the immediate deletion of this account from my credit reports due to the following reasons : Inaccurate reporting under the FCRA : Bank of America has provided incorrect information to the credit bureaus. 
Failure to issue a 1099-C : Bank of America did not comply with IRS guidelines when they wrote off this debt years ago.

Securities Fraud : Bank of America has engaged in potentially illegal activity by pooling this account with others and trading it as a security.

Invasion of Privacy : Selling my non-public financial information without consent is a violation of my privacy rights. 
Additionally, I am seeking the maximum penalty allowed for all violations related to : Inaccurate reporting of credit information under the FCRA Failure to issue a 1099-C Securities fraud Invasion of privacy and unauthorized sale of my financial information Pain and suffering caused by the emotional distress and financial strain resulting from these violations I also request that Bank of America and XXXX  both be required to take immediate corrective actions, including the deletion of this account from my credit reports, and full compensation for the damages caused by their misconduct. 

Please feel free to contact me at XXXX or XXXX if you need any further information or documentation to support my complaint. I look forward to your prompt attention and action on this matter.

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