Consumer complaint received 2024-05-20 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: TRUIST FINANCIAL CORPORATION
State: NC

Complaint narrative:
CFPB, XXXX : The person ( XXXX ) REGIONAL ACCEPTANCE CORPORATION, TRUIST, and partnered affiliates and nonaffiliates have put my nonpublic personal information and security principal in jeopardy. 

: I, the consumer, have been involved in unfair deceptive acts and practices by the creditor and the seller of my consumer credit contract. The contract and business arrangement between the creditor and seller have underwriting amendments that have put my data, privacy, security principal, ssn, name, address, phone, email and nonpublic personal information at jeopardy of data breaches, identity theft, and numerous criminal interests. 

My data shared with third party affiliates and nonaffiliates has been transferred on multiple occasions, and transferred with inaccuracies. A person must not furnish any information relating to my nonpublic personal information to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. 

It is the duty of furnishers of information to provide accurate information and responsibilities of furnishers of information to report accurately to consumer reporting agencies. Any multiple names, address, phone, email must be accurate and must display XXXX of each nonpublic personal information item and any privacy policy that I, the consumer, consent to by my own draft. 

[ 40 FR 53506 ] [ 16 CFR 433.1 ] - [ Definitions ; ( a ) Person. An individual, corporation, or any other business organization.

( b ) Consumer. A natural person who seeks or acquires goods or services for personal, family, or household use. 

( c ) Creditor. A person who, in the ordinary course of business, lends purchase money or finances the sale of goods or services to consumers on a deferred payment basis ; Provided, such person is not acting, for the purposes of a particular transaction, in the capacity of a credit card issuer. 

( 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. 

( f ) Contract. Any oral or written agreement, formal or informal, between a creditor and a seller, which contemplates or provides for cooperative or concerted activity in connection with the sale of goods or services to consumers or the financing thereof. 

( g ) Business arrangement. Any understanding, procedure, course of dealing, or arrangement, formal or informal, between a creditor and a seller, in connection with the sale of goods or services to consumers or the financing thereof. 

( h ) Credit card issuer. A person who extends to cardholders the right to use a credit card in connection with purchases of goods or services. 

( i ) Consumer credit contract. Any instrument which evidences or embodies a debt arising from a Purchase Money Loan transaction or a financed sale as defined in paragraphs ( d ) and ( XXXX ) of this section. 

( j ) Seller. A person who, in the ordinary course of business, sells or leases goods or services to consumers. ] [ 40 FR 53506 ] [ 16 CFR 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 : ( 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. } ] [ Pub. L. 90321, title VI, 605, as added Pub. L. 91508, title VI, 601 ] [ TITLE I -FINANCIAL RECORDKEEPING ] [ SEC . 21. ( a ) ( 1 ) The Congress finds that adequate records maintained by insured banks have a high degree of usefulness in criminal, tax, and regulatory investigations and proceedings. The Congress further finds that microfilm or other reproductions and other records made by banks of checks, as well as records kept by banks of the identity of persons maintaining or authorized to act with respect to accounts therein, have been of particular value in this respect. ] [ 15 U.S. Code 1681c ] - [ Requirements relating to information contained in consumer reports ( a ) Information excluded from consumer reports ; Except as authorized under subsection ( b ), no consumer reporting agency may make any consumer report containing any of the following items of information : Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.

Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years. ] [ 15 U.S. Code 1681s-2 ] - [ Responsibilities of furnishers of information to consumer reporting agencies ; ( a ) Duty of furnishers of information to provide accurate information ; Prohibition ; ( A ) Reporting information with actual knowledge of errors A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. ] [ PUBLIC LAW 106102NOV. 12, 1999 ] [ SEC. 501. PROTECTION OF NONPUBLIC PERSONAL INFORMATION. ] [ ( a ) PRIVACY OBLIGATION POLICY.It is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers nonpublic personal information.

( b ) FINANCIAL INSTITUTIONS SAFEGUARDS.In furtherance of the policy in subsection ( a ), each agency or authority described in section 505 ( a ) shall establish appropriate standards for the financial institutions subject to their jurisdiction relating to administrative, technical, and physical safeguards ( 1 ) to insure the security and confidentiality of customer records and information ; ( 2 ) to protect against any anticipated threats or hazards to the security or integrity of such records ; and ( 3 ) to protect against unauthorized access to or use of such records or information which could result in substantial harm or inconvenience to any customer. ] [ SEC. 502. OBLIGATIONS WITH RESPECT TO DISCLOSURES OF PERSONAL INFORMATION. ] [ ( a ) NOTICE REQUIREMENTS.Except as otherwise provided in this subtitle, a financial institution may not, directly or through any affiliate, disclose to a nonaffiliated third party any nonpublic personal information, unless such financial institution provides or has provided to the consumer a notice that complies with section 503.

( b ) OPT OUT.

( 1 ) IN GENERAL.A financial institution may not disclose nonpublic personal information to a nonaffiliated third party unless ( A ) such financial institution clearly and conspicuously discloses to the consumer, in writing or in electronic form or other form permitted by the regulations prescribed under section 504, that such information may be disclosed to such third party ; ( B ) the consumer is given the opportunity, before the time that such information is initially disclosed, to direct that such information not be disclosed to such third party ; and ( C ) the consumer is given an explanation of how the consumer can exercise that nondisclosure option.

( 2 ) EXCEPTION.This subsection shall not prevent a financial institution from providing nonpublic personal information to a nonaffiliated third party to perform services for or functions on behalf of the financial institution, including marketing of the financial institutions own products or services, or financial products or services offered pursuant to joint agreements between two or more financial institutions that comply with the requirements imposed by the regulations prescribed under section 504, if the financial institution fully discloses the providing of such information and enters into a contractual agreement with the third party that requires the third party to maintain the confidentiality of such information.

( c ) LIMITS ON REUSE OF INFORMATION.Except as otherwise provided in this subtitle, a nonaffiliated third party that receives from a financial institution nonpublic personal information under this section shall not, directly or through an affiliate of such receiving third party, disclose such information to any other person that is a nonaffiliated third party of both the financial institution and such receiving third party, unless such disclosure would be lawful if made directly to such other person by the financial institution.

( d ) LIMITATIONS ON THE SHARING OF ACCOUNT NUMBER INFORMATION FOR MARKETING PURPOSES..A financial institution shall not disclose, other than to a consumer reporting agency, an account number or similar form of access number or access code for a credit card account, deposit account, or transaction account of a consumer to any nonaffiliated third party for use in telemarketing, direct mail marketing, or other marketing through electronic mail to the consumer.

( e ) GENERAL EXCEPTIONS.Subsections ( a ) and ( b ) shall not prohibit the disclosure of nonpublic personal information ( 1 ) as necessary to effect, administer, or enforce a transaction requested or authorized by the consumer, or in connection with ( A ) servicing or processing a financial product or service requested or authorized by the consumer ; ( B ) maintaining or servicing the consumers account with the financial institution, or with another entity as part of a private label credit card program or other extension of credit on behalf of such entity ; or ( C ) a proposed or actual securitization, secondary market sale ( including sales of servicing rights ), or similar transaction related to a transaction of the consumer ; ( 2 ) with the consent or at the direction of the consumer ; ( 3 ) ( A ) to protect the confidentiality or security of the financial institutions records pertaining to the consumer, the service or product, or the transaction therein ; ( B ) to protect against or prevent actual or potential fraud, unauthorized transactions, claims, or other liability ; ( C ) for required institutional risk control, or for resolving customer disputes or inquiries ; ( D ) to persons holding a legal or beneficial interest relating to the consumer ; or ( E ) to persons acting in a fiduciary or representative capacity on behalf of the consumer ; ( 4 ) to provide information to insurance rate advisory organizations, guaranty funds or agencies, applicable rating agencies of the financial institution, persons assessing the institutions compliance with industry standards, and the institutions attorneys, accountants, and auditors ; ( 5 ) to the extent specifically permitted or required under other provisions of law and in accordance with the Right to Financial Privacy Act of 1978, to law enforcement agencies ( including a Federal functional regulator, the Secretary of the Treasury with respect to subchapter II of chapter 53 of title 31, United States Code, and chapter 2 of title I of Public Law 91508 ( 12 U.S.C. 19511959 ), a State insurance authority, or the Federal Trade Commission ), self-regulatory organizations, or for an investigation on a matter related to public safety ; ( 6 ) ( A ) to a consumer reporting agency in accordance with the Fair Credit Reporting Act, or ( B ) from a consumer report reported by a consumer reporting agency ; ( 7 ) in connection with a proposed or actual sale, merger, transfer, or exchange of all or a portion of a business or operating unit if the disclosure of nonpublic personal information concerns solely consumers of such business or unit ; or ( 8 ) to comply with Federal, State, or local laws, rules, and other applicable legal requirements ; to comply with a properly authorized civil, criminal, or regulatory investigation or subpoena or summons by Federal, State, or local authorities ; or to respond to judicial process or government regulatory authorities having jurisdiction over the financial institution for examination, compliance, or other purposes as authorized by law. ] [ SEC. 504. RULEMAKING. ] ( a ) REGULATORY AUTHORITY.

( 1 ) RULEMAKING.The Federal banking agencies, the National Credit Union Administration, the Secretary of the Treasury, the Securities and Exchange Commission, and the Federal Trade Commission shall each prescribe, after consultation as appropriate with representatives of State insurance authorities designated by the National Association of Insurance Commissioners, such regulations as may be necessary to carry out the purposes of this subtitle with respect to the financial institutions subject to their jurisdiction under section 505.

( 2 ) COORDINATION, CONSISTENCY, AND COMPARABILITY. Each of the agencies and authorities required under paragraph ( 1 ) to prescribe regulations shall consult and coordinate with the other such agencies and authorities for the purposes of assuring, to the extent possible, that the regulations prescribed by each such agency and authority are consistent and comparable with the regulations prescribed by the other such agencies and authorities.

( 3 ) PROCEDURES AND DEADLINE.Such regulations shall be prescribed in accordance with applicable requirements of title 5, United States Code, and shall be issued in final form not later than 6 months after the date of the enactment of this Act.

( b ) AUTHORITY TO GRANT EXCEPTIONS.The regulations prescribed under subsection ( a ) may include such additional exceptions to subsections ( a ) through ( d ) of section 502 as are deemed consistent with the purposes of this subtitle.

[ SEC. 505. ENFORCEMENT. ] [ ( a ) IN GENERAL.This subtitle and the regulations prescribed thereunder shall be enforced by the Federal functional regulators, the State insurance authorities, and the Federal Trade Commission with respect to financial institutions and other persons subject to their jurisdiction under applicable law, as follows : ( 1 ) Under section 8 of the Federal Deposit Insurance Act, in the case of ( A ) national banks, Federal branches and Federal agencies of foreign banks, and any subsidiaries of such entities ( except brokers, dealers, persons providing insurance, investment companies, and investment advisers ), by the Office of the Comptroller of the Currency ; ( B ) member banks of the Federal Reserve System ( other than national banks ), branches and agencies of foreign banks ( other than Federal branches, Federal agencies, and insured State branches of foreign banks ), commercial lending companies owned or controlled by foreign banks, organizations operating under section 25 or 25A of the Federal Reserve Act, and bank holding companies and their nonbank subsidiaries or affiliates ( except brokers, dealers, persons providing insurance, investment companies, and investment advisers ), by the Board of Governors of the Federal Reserve System ; ( C ) banks insured by the Federal Deposit Insurance Corporation ( other than members of the Federal Reserve System ), insured State branches of foreign banks, and any subsidiaries of such entities ( except brokers, dealers, persons providing insurance, investment companies, and investment advisers ), by the Board of Directors of the Federal Deposit Insurance Corporation ; and ( D ) savings associations the deposits of which are insured by the Federal Deposit Insurance Corporation, and any subsidiaries of such savings associations ( except brokers, dealers, persons providing insurance, investment companies, and investment advisers ), by the Director of the Office of Thrift Supervision.

( 2 ) Under the Federal Credit Union Act, by the Board of the National Credit Union Administration with respect to any federally insured credit union, and any subsidiaries of such an entity.

( 3 ) Under the Securities Exchange Act of 1934, by the Securities and Exchange Commission with respect to any broker or dealer.

( 4 ) Under the Investment Company Act of 1940, by the Securities and Exchange Commission with respect to investment companies.

( 5 ) Under the Investment Advisers Act of 1940, by the Securities and Exchange Commission with respect to investment advisers registered with the Commission under such Act.

( 6 ) Under State insurance law, in the case of any person engaged in providing insurance, by the applicable State insurance authority of the State in which the person is domiciled, subject to section 104 of this Act.

( 7 ) Under the Federal Trade Commission Act, by the Federal Trade Commission for any other financial institution or other person that is not subject to the jurisdiction of any agency or authority under paragraphs ( 1 ) through ( 6 ) of this subsection. ] [ SEC. 508. STUDY OF INFORMATION SHARING AMONG FINANCIAL AFFILIATES. ] [ ( a ) IN GENERAL.The Secretary of the Treasury, in conjunction with the Federal functional regulators and the Federal Trade Commission, shall conduct a study of information sharing practices among financial institutions and their affiliates. Such study shall include ( 1 ) the purposes for the sharing of confidential customer information with affiliates or with nonaffiliated third parties ; ( 2 ) the extent and adequacy of security protections for such information ; ( 3 ) the potential risks for customer privacy of such sharing of information ; ( 4 ) the potential benefits for financial institutions and affiliates of such sharing of information ; ( 5 ) the potential benefits for customers of such sharing of information ; ( 6 ) the adequacy of existing laws to protect customer privacy ; ( 7 ) the adequacy of financial institution privacy policy and privacy rights disclosure under existing law ; ( 8 ) the feasibility of different approaches, including opt-out and opt-in, to permit customers to direct that confidential information not be shared with affiliates and nonaffiliated third parties ; and ( 9 ) the feasibility of restricting sharing of information for specific uses or of permitting customers to direct the uses for which information may be shared. ] [ 15 U.S.C. 6809 ] [ SEC. 509. DEFINITIONS. ] [ As used in this subtitle : ( 1 ) FEDERAL BANKING AGENCY.The term Federal banking agency has the same meaning as given in section 3 of the Federal Deposit Insurance Act.

( 2 ) FEDERAL FUNCTIONAL REGULATOR.The term Federal functional regulator means ( A ) the Board of Governors of the Federal Reserve System ; ( B ) the Office of the Comptroller of the Currency ; ( C ) the Board of Directors of the Federal Deposit Insurance Corporation ; ( D ) the Director of the Office of Thrift Supervision ; ( E ) the National Credit Union Administration Board ; and ( F ) the Securities and Exchange Commission.

( 3 ) FINANCIAL INSTITUTION.

( A ) IN GENERAL.The term financial institution means any institution the business of which is engaging in financial activities as described in section 4 ( k ) of the Bank Holding Company Act of 1956.

( B ) PERSONS SUBJECT TO CFTC REGULATION.Notwithstanding subparagraph ( A ), the term financial institution does not include any person or entity with respect to any financial activity that is subject to the jurisdiction of the Commodity Futures Trading Commission under the Commodity Exchange Act.

( C ) FARM CREDIT INSTITUTIONS.Notwithstanding subparagraph ( A ), the term financial institution does not include the Federal Agricultural Mortgage Corporation or any entity chartered and operating under the Farm Credit Act of 1971.

( D ) OTHER SECONDARY MARKET INSTITUTIONS.Notwithstanding subparagraph ( A ), the term financial institution does not include institutions chartered by Congress specifically to engage in transactions described in section 502 ( e ) ( 1 ) ( C ), as long as such institutions do not sell or transfer nonpublic personal information to a nonaffiliated third party.

( 4 ) NONPUBLIC PERSONAL INFORMATION.

( A ) The term nonpublic personal information means personally identifiable financial information ( i ) provided by a consumer to a financial institution ; ( ii ) resulting from any transaction with the consumer or any service performed for the consumer; or ( iii ) otherwise obtained by the financial institution.

( B ) Such term does not include publicly available information, as such term is defined by the regulations prescribed under section 504.

( C ) Notwithstanding subparagraph ( B ), such term ( i ) shall include any list, description, or other grouping of consumers ( and publicly available information pertaining to them ) that is derived using any nonpublic personal information other than publicly available information; but ( ii ) shall not include any list, description, or other grouping of consumers ( and publicly available information pertaining to them ) that is derived without using any nonpublic personal information.

( 5 ) NONAFFILIATED THIRD PARTY.The term nonaffiliated third party means any entity that is not an affiliate of, or related by common ownership or affiliated by corporate control with, the financial institution, but does not include a joint employee of such institution.

( 6 ) AFFILIATE.The term affiliate means any company that controls, is controlled by, or is under common control with another company.

( 7 ) NECESSARY TO EFFECT, ADMINISTER, OR ENFORCE.The term as necessary to effect, administer, or enforce the transaction means ( A ) the disclosure is required, or is a usual, appropriate, or acceptable method, to carry out the transaction or the product or service business of which the transaction is a part, and record or service or maintain the consumers account in the ordinary course of providing the financial service or financial product, or to administer or service benefits or claims relating to the transaction or the product or service business of which it is a part, and includes ( i ) providing the consumer or the consumers agent or broker with a confirmation, statement, or other record of the transaction, or information on the status or value of the financial service or financial product ; and ( ii ) the accrual or recognition of incentives or bonuses associated with the transaction that are provided by the financial institution or any other party ; ( B ) the disclosure is required, or is one of the lawful or appropriate methods, to enforce the rights of the financial institution or of other persons engaged in carrying out the financial transaction, or providing the product or service; ( C ) the disclosure is required, or is a usual, appropriate, or acceptable method, for insurance underwriting at the consumers request or for reinsurance purposes, or for any of the following purposes as they relate to a consumers insurance : Account administration, reporting, investigating, or preventing fraud or material misrepresentation, processing premium payments, processing insurance claims, administering insurance benefits ( including utilization review activities ), participating in research projects, or as otherwise required or specifically permitted by Federal or State law ; or ( D ) the disclosure is required, or is a usual, appropriate or acceptable method, in connection with ( i ) the authorization, settlement, billing, processing, clearing, transferring, reconciling, or collection of amounts charged, debited, or otherwise paid using a debit, credit or other payment card, check, or account number, or by other payment means ; ( ii ) the transfer of receivables, accounts or interests therein ; or ( iii ) the audit of debit, credit or other payment information.

( 8 ) STATE INSURANCE AUTHORITY.The term State insurance authority means, in the case of any person engaged in providing insurance, the State insurance authority of the State in which the person is domiciled.

( 9 ) CONSUMER.The term consumer means an individual who obtains, from a financial institution, financial products or services which are to be used primarily for personal, family, or household purposes, and also means the legal representative of such an individual.

( 10 ) JOINT AGREEMENT.The term joint agreement means a formal written contract pursuant to which two or more financial institutions jointly offer, endorse, or sponsor a financial product or service, and as may be further defined in the regulations prescribed under section 504.

( 11 ) CUSTOMER RELATIONSHIP.The term time of establishing a customer relationship shall be defined by the regulations prescribed under section 504, and shall, in the case of a financial institution engaged in extending credit directly to consumers to finance purchases of goods or services, mean the time of establishing the credit relationship with the consumer. ] [ 15 USC 6827 ] [ For purposes of this subtitle, the following definitions shall apply : ( 1 ) CUSTOMER.The term customer means, with respect to a financial institution, any person ( or authorized representative of a person ) to whom the financial institution provides a product or service, including that of acting as a fiduciary.

( 2 ) CUSTOMER INFORMATION OF A FINANCIAL INSTITUTION. The term customer information of a financial institution means any information maintained by or for a financial institution which is derived from the relationship between the financial institution and a customer of the financial institution and is identified with the customer.

( 3 ) DOCUMENT.The term document means any information in any form.

( 4 ) FINANCIAL INSTITUTION.

( A ) IN GENERAL.The term financial institution means any institution engaged in the business of providing financial services to customers who maintain a credit, deposit, trust, or other financial account or relationship with the institution.

( B ) CERTAIN FINANCIAL INSTITUTIONS SPECIFICALLY INCLUDED.The term financial institution includes any depository institution ( as defined in section 19 ( b ) ( 1 ) ( A ) of the Federal Reserve Act ), any broker or dealer, any investment adviser or investment company, any insurance company, any loan or finance company, any credit card issuer or operator of a credit card system, and any consumer reporting agency that compiles and maintains files on consumers on a nationwide basis ( as defined in section 603 ( p ) of the Consumer Credit Protection Act ).

( C ) SECURITIES INSTITUTIONS.For purposes of subparagraph ( B ) ( i ) the terms broker and dealer have the same meanings as given in section 3 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c ) ; ( ii ) the term investment adviser has the same meaning as given in section 202 ( a ) ( 11 ) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b2 ( a ) ) ; and ( iii ) the term investment company has the same meaning as given in section 3 of the Investment Company Act of 1940 ( 15 U.S.C. 80a3 ). ] No claims of the listed companies software systems being unable to correctly display and report accurate punctuations in my name, address, email, and no claims of these companies software systems auto-correcting any deviation of my accurate nonpublic personal information into duplicate inaccurate reporting and bookkeeping is revoked and prohibited. Accounts placed for collection or charged to profit and loss and any other adverse items of information with actual knowledge of errors is prohibited.

Per [ 16 CFR 433.2 ( b ) ], as the holder of the contract, I invoke my consumer right to protect my nonpublic personal information and the accuracy of furnishing persons reporting to consumer reporting agencies of any and all my account ( s ).

Salutations, Consumer-Principal-Attorney-In-Fact

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