Consumer complaint received 2024-01-29 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: Spring Oaks Capital, LLC
State: DC

Complaint narrative:
In the federal courts, it is well established that a national bank has not power to lend its credit to another by becoming surety, endorser, or guarantor for him. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 

Lending credit is the exact opposite of lending money, which is the realbusiness of a bank 18 U.S. Code 914 - Creditors of the United States Whoever falsely personates any true and lawful holder of any share or sum in the public stocks or debt of the United States, or any person entitled to any annuity, dividend, pension, wages, or other debt due from the United States, and, under color of such false personation, transfers or endeavors to transfer such public stock or any part thereof, or receives or endeavors to receive the money of such true and lawful holder thereof, or the money of any person really entitled to receive such annuity, dividend, pension, wages, or other debt, shall be fined under this title or imprisoned not more than five years, or both. 

What is the definition of credit? 

15 USC 1602 ( f ) The right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment Credit is a right of a creditor, notice the law does not say privilege of a creditor Rights can not be taken away nor denied Credit refers only to a person. A person denied under truth in lending is a natural person or an organization What is a creditor? 

15 USC 1602 ( g ) Refers only to a person, not an organization After reviewing my credit report, I noticed that there were inaccurate accounts and information on my consumer report. The consumer reporting agencies never gave me the right to opt out, furthermore they never asked for my permission to furnish this information. Further they have assumed this vital role and have infringed upon my right to privacy by selling my information to a 3rd party debt collector : Pursuant to 15 US Code 1681 ( 4 ) my privacy has been invaded and damage has been done.

" According to the Fair CreditReportingAct 15 USC1681 section 602 a states " There is a need to insurethat consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and arespect for the consumers right to privacy. '' XXXX, XXXX and XXXX are consumer reporting agencies andI am the consumer. I have the right tomake sure my private information isn't shared which is backed by 15 USC6801 which states '' It is the policy ofthe congress that each financial institution has an affirmative and continuing obligation to respect theprivacy of its customers and to protect the security and confidentiality of those customersnonpublic personalinformation. '' The deceptive practices employed by the consumer reporting agencies have inflicted a range of damages, creating a ripple effect across various aspects of my life. The damage that arose to my mental health : Financial losses have been incurred as inaccurate information has affected my ability to obtain credit, leading to higher interest rates and restricted access to financial opportunities. The emotional distress resulting from these inaccuracies is significant, as I the consumer grapple with the consequences of false consumer reporting, affecting my ability to secure loans or housing. Moreover, the reputational harm stemming from misleading consumer reporting has led to strained relationships and a diminished sense of financial security. These deceptive practices not only undermine the integrity of consumer reporting but also inflict tangible and intangible damage to my consumer report.

( Furnisher of informationto consumer agencies ) is a financial institution by definition under that title. 15 USC1681 section 604 a section2 states that " In general subject tosubsection ( c ), any consumer reporting agency may furnish aconsumer report under the following circumstances and no other : in accordance with the written instructions of the consumer to whom it relates. '' ( Furnisher of information to consumer agencies ) the financial institution and the Consumer reporting agencies XXXX, XXXX and XXXX do not have my consent to furnish this information and they surely donot have my written consent. Any and all consent to XXXX, XXXX and XXXX ( Furnisher ofinformation to consumer agencies ) whetherit beverbal, non-verbal, written, implied or otherwise is revoked.

15 USC 6802 ( b ) ( c ) states that " A financial institution may not disclose non-public personal information to a non-affiliated third party unless the consumer is given an explanation of how the consumer can exercise thatnon-disclosure option. '' ( Furnisher of information to consumer reporting agencies ) Neverinformed me of my right to exercise my non-disclosure option. Not only that 15USC 1681C ( a ) ( 5 ) states '' Except as authorizedunder subsection ( b ), no consumerreporting agency may make any consumer report containing any of the following items of information Any other adverse item of information, other than records ofconvictions of crimes which antedates the report bymore than seven years. '' This account is an adverse item theyare reporting again without my permission which is against the law.

15 U.S.Code 1681s2 ( A ) ( 1 ) Astates " A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonablecause to believe that the information is inaccurate. 15 U.S. Code 1681e states '' Every consumer reporting agency shall maintain reasonable procedures designed to avoid violations of section 1681c ofthis title and to limit the furnishing of consumer reports to the purposes listed under section 1681b of this title. XXXX, XXXX and XXXX are not maintaining reasonable procedures. Also 12 CFR 1016.7 states that '' Aconsumer may exercise the right to opt out atany time. '' I am opting outof your reporting services.

Company response to consumer: Closed with explanation