Consumer complaint received 2024-09-04 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: EQUIFAX, INC.
State: MI

Complaint narrative:
XXXX XXXX has been improperly reporting on my credit report without my express written permission per FCRA. The terms and conditions on the contract states they " may '' report, not that they will! May is permissible and not absolute ( per Virginia State Law ) so it was never an absolute agreement that anything would be furnished to the credit bureaus. This is a violation of the FCRA, TILA & Regulation Z.

The staff of the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network, National Credit Union Administration, Office of the Comptroller of the Currency, Office of Thrift Supervision, and the United States Department of the Treasury ( Agencies ) are issuing these frequently asked questions ( FAQs ) regarding the application of 31 C.F.R. 103.121. This joint regulation implements section 3261 of the USA PATRIOT Act and requires banks, savings associations, credit unions and certain non-federally regulated banks ( bank ) to have a Customer Identification Program ( CIP ). A question from the final CIP rule ... Q : " A bank is an agent for a ( bank ) credit card issuer. The cards are co-branded, the two banks share in the revenue from the cards issued. However, the issuer approves the credit card applications and handles collections. Is a person who obtains a credit card a customer of the agent bank or the card issuer? '' Answer : " A person who receives a credit card is receiving an extension of credit from, and therefore is establishing an account with, the issuing bank. The agent bank is compensated by the issuing bank and not by the customer. For these reasons, the issuing bank is responsible for ensuring that its CIP applies to the customer. However, the agent bank may perform parts of the CIP on behalf of the issuing bank. As with any other responsibility performed by an agent, the issuing bank ultimately is responsible for the agents compliance with the requirements of the CIP rule. See 68 FR 25090, 25104 ( XX/XX/XXXX ). Alternatively, the issuing bank may rely upon the agent bank to perform elements of its CIP, provided that the issuing bank is able to satisfy the requirements of the reliance provision, 31 C.F.R. 103.121 ( b ) ( 6 ), including the requirement that the person be a customer of both the issuing and agent bank. '' According to the Final CIP rule, the card you have co-branded is XXXX ( issuer ). On the terms and agreement you sent, it specifically points out that it is a XXXX account ... if anyone was the creditor ( besides me ), it would be XXXX. But assuming you used the commercial paper/promissory note as collateral for the application of credits/Federal Reserve Notes ( as it states in the Federal Reserve Act ), there is no valuable consideration as you have not sustained a loss from a transaction that was funded off the promissory note that was securitized and sold without issuing the principal ( me ) my purchase money loan ( since you used my note and signature to purchase/apply for the credit/federal reserve notes. ) You have stated in your terms and agreements that the card is not valid unless signed. I have submitted proof the card is/was never signed making it and anything attached to it invalid per your terms. 
Also, you have received and accepted a restrictive endorsement check which stated " for full satisfaction of balance due ''. You have accepted this on XX/XX/XXXX ( reference # XXXX ) which satisfies the alleged " debt '' in question. 
In addition, you have stated in your terms and agreements that you are under Virginia law, and Virginia UCC 8.3A-104 Negotiable Instruments recognizes my instrument as negotiable, in support of Federal UCC 3-104 , and the Encyclopedia of Banking and Finance ( Munn/Garcia ) , as well as the Bill of Exchange Act ; so XXXX Federal stating the securities im issuing presenting for tender of payment aren't acceptable ... .then why have XXXX XXXX never returned any of my instruments ? XXXX XXXX has already accepted payment numerous times. It is now securities fraud, tier III civil money penalties under CFR.

Company response to consumer: Closed with explanation