Consumer complaint received 2025-01-16 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Their investigation did not fix an error on your report
Company: Experian Information Solutions Inc.
State: GA

Complaint narrative:
Subject : Complaint Regarding Inaccurate Reporting of Cancelled Debt on Credit Reports by XXXX XXXX XXXX XXXX XXXX : I am filing this complaint against XXXX XXXX XXXX for reporting inaccurate and misleading information on my Experian and XXXX credit reports. Specifically, the company continues to report a charge-off of {$15000.00} on an account with account number as XXXX that has been cancelled, as evidenced by the attached Form 1099-C issued for tax year XXXX. Furthermore, this account is listed on my Experian and XXXX reports as both a charge-off and a " profit and loss write-off, '' inaccurately suggesting ongoing financial liability or activity, even though the debt has been cancelled.

Inaccurate Reporting and Inconsistent Credit Bureau Reporting : The reporting of this account is inconsistent across the three major credit bureaus : Experian and XXXX : Reflect the account as a charge-off and profit and loss write-off for {$15000.00}. 
XXXX : Does not report this account at all. 
Under the Fair Credit Reporting Act ( FCRA ) ( 15 U.S.C. 1681 ), creditors are legally required to ensure the accuracy and completeness of the information furnished to consumer reporting agencies. XXXX XXXX XXXX actions in continuing to report this account as a charge-off and profit and loss write-off are : XXXX. Misleading and inaccurate. 
XXXX. Violative of federal laws ensuring fair and accurate credit reporting. 
Use of Securities to Offset Debt Obligations : XXXX XXXX XXXX XXXX XXXX and XXXX XXXX XXXX XXXX have issued billions of dollars in notes and securities in recent years, including : XXXX. XXXX XXXX XXXX XXXX XXXX : A {$500.00} XXXX issuance of 5.807 % Fixed-to-Floating Rate Senior Sustainability Notes in XXXX, as detailed in their prospectus supplement dated XX/XX/XXXX. These notes were earmarked for " Eligible Assets '' under the XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. 
XXXX. XXXX XXXX, XXXX : A {$2.00} XXXX issuance of Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier XXXX Securities in XX/XX/XXXX, as detailed in their prospectus supplement dated XX/XX/XXXX. 
The proceeds from these notes were intended to provide liquidity to XXXX treasury and to fund obligations such as outstanding debts. As a result, any debt related to my account would have already been paid or settled through XXXXXXXX XXXX financial operations and funding mechanisms. It is misleading and inappropriate for XXXX XXXX XXXX to continue reporting this account as a charge-off when the debt has been addressed through their broader financing activities. 
Charge-Offs, Cancelled Debt, and IRS Guidance : Under IRS Publication 4681 and guidelines governing Form 1099-C, once a debt is cancelled, it is considered taxable income for the debtor and is no longer owed to the creditor. The issuance of a Form 1099-C signifies that : 1. The creditor has ceased collection efforts. 
XXXX. The debt is considered canceled for both tax and legal purposes. 
Additionally, once a charge-off has been declared, the debt is written off as a loss and should no longer be reported as collectible. Continuing to report this account on my credit report violates IRS guidance and federal credit reporting laws. 
Experian 's Systemic Failures in Handling Consumer Disputes : Recent legal action by the Consumer Financial Protection Bureau ( CFPB ) against Experian ( filed XX/XX/XXXX ) further supports my claim. The CFPB alleges that Experian fails to investigate consumer disputes properly and reinserts inaccurate information into credit reports. This systemic failure directly affects my dispute, as Experians processes have likely contributed to the continued inaccurate reporting of this account. 
Supporting Evidence : I will provide additional documentation to support my claims, including : XXXX. Proof that Experian and XXXX are reporting the account as a charge-off and profit and loss write-off. 
XXXX. Evidence that XXXX does not report this account at all. 
XXXX. A copy of the Form 1099-C confirming the cancellation of the debt. 
XXXX. Information from XXXX financial disclosures regarding their issuance of securities and use of proceeds. 
Request for Resolution : XXXX. XXXX XXXX XXXX must immediately delete this account from my Experian and XXXX credit reports, as the debt has been canceled and should no longer be reported in any form. 
XXXX. The CFPB should ensure that Experian complies with the FCRA and ceases the inaccurate reporting and mishandling of consumer disputes. 
XXXX. The CFPB should require XXXX XXXX XXXX to provide an explanation for their failure to accurately report this account despite their issuance of Form 1099-C and sufficient liquidity from securities sales to cover outstanding obligations. 
In the Event of Denial by XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX claims that the debt was not charged off, then the account must still be deleted from my Experian and XXXX credit reports because the information being reported ( as a charge-off and profit and loss write-off ) is inaccurate. Under the FCRA, creditors and credit reporting agencies are legally required to ensure that all information is accurate and complete. 
The continued reporting of this canceled debt as a charge-off and profit and loss write-off, despite XXXX significant financial resources and issuance of securities to address outstanding obligations, demonstrates a failure to adhere to consumer protection laws. These inaccuracies have caused significant harm to my credit profile and financial reputation. 
Attachments : 1. Copy of Form 1099-C for tax year XXXX. 
XXXX. Proof of the charge-off and profit and loss write-off being reported on Experian and XXXX credit reports. 
XXXX. Proof that this account is not reported on my XXXX credit report. 
XXXX. XXXXXXXX XXXX  disclosures showing the use of funds from securities issuances. 
Thank you for your attention to this matter. I respectfully request immediate action to ensure compliance with applicable laws and the protection of consumer rights.

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