Consumer complaint received 2025-04-03 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account status incorrect
Company: NAVY FEDERAL CREDIT UNION
State: TX

Complaint narrative:
Dear Navy Federal as I've stated multiple times before a charge off is considered a certificate of indebtedness which means it is income and must be removed or placed back in good standing. Account number # XXXX in the amount of {$39000.00} was recently changed from 100 % paid off back to {$39000.00} from {$0.00} to {$39000.00}. The account amount has been changed as well as it Remarks numerous times. This sort of activity is unlawful and unacceptable. Below I will provide PROOF of how many times Navy Federal has changed the account information due to a lack of understanding. I came across information related to charged-off amounts and their implications under the Internal Revenue Service ( IRS ) regulations. According to the IRS Article, a charge-off is considered a certificate of indebtedness, which means it is treated as income and, therefore, eligible for removal from the records. In light of this information, I kindly request Account number # XXXX to be placed back into Paid and full as it previously was and I am also requesting assistance in reviewing the status of the charged-off amount associated with my account. 

XX/XX/XXXX | purchased my car for XXXX with a check for {$50000.00} from Navy Federal. The loan amount for the car was {$37000.00}. On XXXX XXXX I filed a 1099A with the IRS which was accepted and sent to the Navy Federal for ( Aquisition or Abandonment of secured property ). I recently filed a 1099C to discharge the debt. 
On XX/XX/XXXX my auto loan was made to " Now Current '' and on XX/XX/XXXX all my payments were changed from " Late '' to " on time payments ''. Now the auto loan has been placed as a charge off and according to 31 USC 3104 this debt has become a Certificate of Indebtness. The Fair Credit Reporting Act, 15 USC states it is illegal to report inaccurate transaction history. This debt is now charged off and income can not be reported on credit reports. hired a company in Delaware to do a UCC-11 search. I have sent Navy Federal Multiple complaints stating my rights to my vehicle and demanding they mail my title free and clear to XXXX XXXX XXXX XXXX, Texas XXXX and to place my payments they received from the federal reserve window ( being that they are my security transfer agents ) into my Treasury Direct Account.

These actions are unlawful unacceptable and against the Ba
nking Act of 1933. None of my credit reports match across all 4 credit bureaus which leads me and my lawyer to believe everything Navy Federal is doing is fraudulent and spiteful. 

My XXXX has been filled out and sent to the IRS so they can appoint me as POA over my affairs since Navy Federal is irresponsible and continues to go against the Privacy Act of 1974. Their actions have left me no other choice to start a petition and file a lawsuit if these matters can not be resolved in the next 30 days. Thank you for your time and patience

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation