Consumer complaint received 2025-05-16 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: EQUIFAX, INC.
State: GA

Complaint narrative:
I disputed an alleged debt with Equifax and there was no changes of such errors. XX/XX/year>, XX/XX/year>, and XX/XX/year> and nothing has changed. Ive requested documentations and it was ignored. I keep receiving the same results, nothing has changed. 15 U.S.C. 1692g Validation of debts. Equifax stated that the alleged debt has been verified and accurate but it is not. Equifax has not completed a thoroughly authenticated investigation. Searching public records and/or online doesnt validate a thorough authenticated detailed investigation with duly, honor, integrity or good faith in the ordinary course of business. Im disputing the validity of an alleged debt that is assumed that there is a debt or that one even exists at all. Ive requested documentations like, verification of the debt or a copy of a judgment against the consumer ( me ) and a copy of such verification. Ive requested from XXXX  XXXX and Equifax and neither one of them provided no kind of Documentation of Debt Transfer to see if the alleged debt has been sold or assigned to another party, documentation demonstrating the transfer and chain of ownership is needed, details of the alleged impaired collateral ( charged off ), details of the securitization transactions of the account, documentation showing the collectors ( XXXX  XXXX ) right to purse the debt, an authentic copy of the original credit card agreement with your signature, an authenticated record of an accounting ( explicitly ), and a statement of accounting pursuant to the UCC 9-210.

12 CFR 1024.36 requests for information, acknowledgement of receipt, response to the information thats being requested and investigate and respond to the claim. 

If XXXX XXXX or Equifax can not produce these details explicitly, to my knowledge there is no debt. It does not exist. If there is an alleged contract out there, the agreement was breached by XXXX XXXX, due to the conversion of the agreement that is based on securities fraud. XXXX XXXX participates in credit card securitization. They converted the agreement without notifying me of such deceptive acts into a ABS bond backed by financial assets, such as the credit card loan agreement that they are claiming that theres a debt. The bond was then sold to XXXX XXXX XXXX XXXX. The trust then creates and sells certificates backed by the credit card receivables to investors and these receivables comes from customers like me, when we make payments back to XXXX XXXX. So, if we are paying XXXX XXXX debts securities and others, whos paying the consumer debts? No where in the agreement does it says that consumers knowingly give up their rights to XXXX XXXX to have their agreements converted into an ABS, bond to be pooled with others credit card loans, sells it which then issues those marketable securities to investors that is backed by the payments of the cardholders. Dont you think if cardholders actually knew what was going on that they would agree to this? I sure dont. So, who really owns these loans if XXXX XXXX sells them to a trust? 
From my research, XXXX XXXX they transfer the ownership of these loan agreements to a special purpose vehicle ( SPV ) pursuant to their prospectus. 
Through the securitization process, it allows XXXX XXXX to leverage off potential customers by using their existing customers receivables in paying off their debt obligations allowing them to free up more capital and mitigate risk so that they could make more loans. This here is a deceptive approach because they never recorded the borrower loan on their double entry bookkeeping as a liability only assets are recorded. This is a breach of the agreement and false misrepresentation and fraud. 
What is the nature of the transaction when it comes to the account thats in questioning? Equifax has to bring evidence and proof that a debt exists. XXXX XXXX never validated anything to me. I believe this debt doesnt exist. If it doesnt exist, Equifax has to permanently delete this error off my report immediately!

Company response to consumer: Closed with explanation