Consumer complaint received 2024-11-16 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: CREDIT ACCEPTANCE CORPORATION
State: MS

Complaint narrative:
Under Regulation V ( specifically 12 CFR Part 1022 ), furnishers of information ( which include creditors ) must ensure the information they provide to consumer reporting agencies is accurate. This includes reporting the correct status of debts that have been discharged in bankruptcy ... ... ... .CREDIT ACCEPTANCE CORPORATION is reporting incorrect account information after the account between XXXX XXXX and CREDIT ACCEPTANCE CORPORATION has been discharged by court order. There shouldn't be any balance and the account is suppose to report as discharged. 

This regulation encompasses the FCRA and includes specific rules and guidelines for how debts should be handled and reported by creditors, particularly concerning the accuracy and integrity of credit information. 

Fair Credit Reporting Act ( FCRA ) : 15 U.S.C. 1681s-2 : This section pertains to the responsibilities of furnishers of information ( creditors and lenders ) regarding the accuracy of information reported to credit reporting agencies. Subsection ( a ) ( 2 ) states that a furnisher may not furnish information relating to a debt that the furnisher knows or has reasonable cause to believe is inaccurate. This includes reporting discharged debts inaccurately Gramm-Leach-Bliley Act ( GLBA ) - 15 U.S.C. 6801-6809 While TILA itself primarily deals with credit disclosures and lending practices, the GLBA, which provides regulations pertaining to the sharing of non-public personal information by financial institutions, includes requirements for consumers to opt out of certain disclosures. While TILA does not specifically state opt-out provisions, the GLBA includes these aspects. 

15 U.S.C. 6802 : This section gives consumers the right to opt out of having their NPI shared with non-affiliated third parties. Institutions must notify consumers of their rights to opt out and give them a reasonable opportunity to do so.

Restrictions : Financial institutions may not disclose NPI to non-affiliated third parties unless they provide consumers with an opt-out notice and the consumer does not opt out.

Federal Reserve Regulation P 12 CFR Part 1016 : This regulation implements the provisions of the GLBA and outlines the requirements for privacy and the limitations on sharing NPI. 

Specific References : 12 CFR 1016.10 and 1016.12 : These sections detail the requirements for providing privacy notices, the right for consumers to opt-out of sharing their information, and the restrictions on the disclosure of NPI to non-affiliated third parties. 

Gramm-Leach-Bliley Act ( GLBA ) Remedies for Violations : Civil Penalties : Financial institutions that fail to comply with GLBA provisions such as privacy notices and the opt-out requirements may face civil penalties from regulatory authorities.

State Attorney General Enforcement : State attorneys general can bring action against financial institutions for violations of the GLBA. States may also have their own laws that provide additional remedies.

2. Fair Credit Reporting Act ( FCRA ) Remedies for Violations : Actual Damages : Consumers may sue for actual damages suffered due to the violation, including monetary losses caused by inaccuracies in their credit report.

Statutory Damages : Consumers may be entitled to statutory damages ranging from {$100.00} to {$1000.00} per violation if the violation is willful. 
Punitive Damages : If it can be shown that the violation was done with malicious intent or a reckless disregard for the rights of consumers, punitive damages may be awarded. 
Attorney 's Fees and Costs : Consumers who win a lawsuit under FCRA can recover attorney 's fees and court costs. 

XXXX. Truth in Lending Act ( TILA ) Remedies for Violations : Actual Damages : Consumers can recover actual damages as a direct result of the violation. 
Statutory Damages : Depending on the nature of the violation, TILA may provide for statutory damages of up to {$4000.00} in certain cases ( e.g., failure to provide proper disclosures ).

Rescission : In cases of certain violations, especially those related to disclosure of loan terms for certain types of loans ( like home equity loans ), consumers may have the right to rescind the loan agreement.

Attorney 's Fees and Costs : Similar to FCRA, consumers may also recover attorney 's fees and costs if they prevail in a TILA lawsuit. 

General Remedies Filing Complaints : Consumers have the right to file complaints with regulatory agencies. For example, complaints regarding GLBA breaches can be directed to the Federal Trade Commission ( FTC ), FCRA violations can be reported to the Consumer Financial Protection Bureau ( CFPB ), and TILA violations can also be reported to the CFPB. 

Notice Requirement : Under the GLBA, financial institutions are required to provide consumers with a privacy notice that describes what non-public personal information they collect and how it's shared. 
Opt-Out Provision : Consumers must be given the opportunity to opt out of having their non-public personal information disclosed to non-affiliated third parties. This means that if a financial institution plans to share certain personal information with third parties that are not part of its corporate family, it must provide consumers with a way to opt out of such disclosures. 

CREDIT ACCEPTANCE CORPORATION never provided me with this option to opt out of my non public personal information being shared with non affiliate third parties which is a violation of this act against the consumer. 

XXXX XXXX XXXX specifically stated that consumers who finance a vehicle doesnt have the right to opt out of non public personal information being shared with non affiliate third parties which is a intentional vuolation of this act XXXX XXXX XXXX XXXX were and i quote : Your privacy rights were not infringed by Credit Acceptance reporting your account status to the credit bureaus and you can not opt out of credit reporting when you finance a vehicle through Credit Acceptance . BUT THIS ACT CLEARLY STATES THAT I HAVE A RIGHT TO OPT OUT. 

XXXX XXXX responded with an erroneous letter in response to my complaint with the CFPB in regards to my non public personal information being shared with non affiliate third parties. She willingly, knowingly and intentionally tried to deceive me. Furthermore CREDIT ACCEPTANCE CORPORATION knowingly, willingly and intentionally violated my right to privacy by not informing me of the consumer form that is supposed to be provided to the consumer so that the consumer can choose to opt out of non public personal information being shared. This is also a violation of the Fair Credit Reporting Act against consumer. Ive sent CREDIT ACCEPTANCE CORPORATION a letter a while ago of Notice of Revocation of Power of Attorney if they feel they had authority in that area. Ive submitted a complaint on the credit agencies for failing to verify and provide documentation to consumer ; any lawful judgement, court order, consent form from consumer proving evidence that the consumer gave written instructions for the consent of my non public personal information to be shared with non-affiliated third parties. Consumer has yet to receive any documentation.

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