Consumer complaint received 2025-03-31 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: SYNCHRONY FINANCIAL
State: CA

Complaint narrative:
SYNCB/CARE CREDIT is in direct violation of 31 U.S. Code 3104 - Certificates of indebtedness and Treasury bills U.S. Code Notes prev | next ( a ) The Secretary of the Treasury may borrow on the credit of the United States Government amounts necessary for expenditures authorized by law and may buy, redeem, and make refunds under section 3111 of this title. For amounts borrowed, the Secretary may issue ( 1 ) certificates of indebtedness of the Government; and ( 2 ) Treasury bills of the Government.

( b ) The Secretary may prescribe conditions for issuing certificates of indebtedness and Treasury bills under section 3121 of this title and conditions under which the certificates and bills may be redeemed before maturity. Notwithstanding section 3121 ( a ) ( 5 ) of this title, the payment date of certificates of indebtedness and Treasury bills may not be more than XXXX year after the date of issue.Formal Dispute of Charge-Off Reporting and Demand for Removal To Whom It May Concern, I am formally disputing the reporting of a charge-off on my credit report. Upon reviewing my records, I have determined that this reporting is inaccurate, misleading, and in violation of federal laws, warranting its immediate removal. A charge-off is classified as a certificate of indebtedness, which, by definition, converts the obligation into income for the original creditor. Under Generally Accepted Accounting Principles ( GAAP ) and IRS regulations, when a creditor writes off a debt as a loss, they claim a tax deduction, effectively relinquishing their right to collect. Once a debt has been charged off and financially accounted for, it should no longer be reported as an outstanding obligation against me. Additionally, once a third-party debt collector acquires a charged-off debt, it affirms that the original creditor has already written off the account. The sale of such debt further confirms that the creditor has received compensation for it, making any continued reporting improper and deceptive. Reporting a charge-off after the original creditor no longer owns the debt is an inaccurate and unfair practice under the Fair Credit Reporting Act ( FCRA ). Furthermore, under 15 U.S.C. 6802-6805 ( Gramm-Leach-Bliley Act - GLBA ), I am exercising my right to opt out of any nonpublic personal information sharing, including the reporting of this charge-off to third parties. The GLBA prohibits financial institutions from disclosing nonpublic personal information without providing consumers with an opt-out option. Since I was not properly notified nor given the opportunity to opt out of my personal data being shared in this manner, this charge-off must be removed immediately. Additionally, under the Privacy Act of 1974 ( 5 U.S.C. 552a ), any entity reporting information must ensure accuracy, relevance, timeliness, and completeness. A charge-off that has been sold or reassigned to another party does not meet these legal standards and should no longer be reported as a valid obligation under my name. I am demanding that you conduct a full investigation under 15 U.S.C. 1681i ( FCRA ) and provide legally admissible documentation proving the validity of this charge-off. If verification can not be provided, this derogatory entry must be deleted from my credit report immediately.

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