Consumer complaint received 2024-12-08 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Trouble using your card — Can't use card to make purchases
Company: SYNCHRONY FINANCIAL
State: GA

Complaint narrative:
I am writing to formally notify Synchrony Bank of several serious violations of my rights under the Fair Credit Reporting Act ( FCRA ), IRS Guidelines ( XXXX ), and other applicable laws. Additionally, I am demanding immediate corrective action regarding the misuse of my personal information, including its use in securities and stock trading, without my consent or any distribution of profits from such activities.

Violations of the Fair Credit Reporting Act ( FCRA ) and Other Laws Right to Privacy - 15 U.S. Code 1681, Section 602 ( a ) : Under Section 602 ( a ) of the FCRA, I have the right to privacy with regard to my credit information. Synchrony Bank has violated this right by improperly disclosing or mishandling my personal financial information without my consent.

Prohibition on Furnishing Account Information Without Written Consent - 15 U.S. Code 1681, Section 604 ( a ) ( 2 ) : Section 604 ( a ) ( 2 ) of the FCRA clearly states that no consumer reporting agency may furnish my account information to third parties without my written authorization. Synchrony Bank has violated this provision by providing my account information to third parties without my express written consent. 

Exclusion of Certain Types of Information - 15 U.S. Code 1681a : According to Section 1681a, a consumer report does not include information solely related to transactions or experiences between a consumer and the entity making the report. Synchrony Bank appears to be reporting this type of information in my credit file, which is in direct violation of the statute. 

Late Payment Reporting Prohibited - 15 U.S. Code 1666b : Section 1666b prohibits a creditor from reporting a payment on an open-end consumer credit account as late unless the payment is genuinely overdue. Synchrony Bank has incorrectly reported a payment as late on my account, violating this provision. 

IRS Guidelines ( XXXX ) - Requirement for Issuing Form XXXX for Canceled Debt : IRS Guidelines XXXX XXXX ) define canceled debt as gross income and require the issuance of a Form 1099-C for any canceled debt. If my debt has been written off, Synchrony Bank has failed to issue this form, which is a violation of the Internal Revenue Code and further complicates the inaccuracies in your reporting. 

Unauthorized Use of Personal Information in Securities and Trading It has come to my attention that Synchrony Bank continues to use my personal financial information in securities, stocks, and other trade instruments, including securitization of accounts. This activity has been conducted without my consent or knowledge, and no portion of any profits generated has been returned to me. 

Per Synchrony 's filings and the continuous trade of my information until maturity, I assert that I, as the rightful owner of this personal data and associated rights, hereby claim all rights, title, and interest to the profits generated by such activities. These profits must be delivered back to me, or alternatively, I demand that you provide an open-ended credit card that will allow me to access these profits for my own financial gain. 

Failure to provide a remedy will result in a full securitization audit of your entire accounting ledger. This will include a review of all transactions, trades, and uses of my personal information. If Synchrony Bank has not disclosed these practices fully or transparently, this may result in further legal actions and penalties.

Legal Grounds for Demand and Remedies GAAP Accounting Standards : Under Generally Accepted Accounting Principles ( GAAP ), companies are required to disclose the use and profitability of assets, including securitized accounts and personal information. If Synchrony Bank has been using my personal data as an asset in these transactions, you are required to disclose such actions and allocate profits to the rightful owner ( me ). Failure to do so violates GAAP, specifically the principles of disclosure and revenue recognition.

Truth in Lending Act ( TILA ) : Under the Truth in Lending Act ( TILA ), creditors are required to disclose all terms of credit, including any financial instruments or practices involving securitization of accounts and the use of consumer data. Synchrony Bank has failed to disclose this information adequately and transparently. This is a direct violation of the TILA, and I demand full transparency regarding any securities, investments, or other financial activities involving my personal data. 

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX ) : The Court ruled that a consumer 's personal data is an asset, and any misuse or improper reporting can be grounds for damages, including emotional distress and punitive damages under the FCRA. 
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ) : The Court confirmed that the unauthorized use of personal data, especially in the context of securities and trading, constitutes a violation of privacy rights and may subject a company to both civil liability and damages. 

Immediate Actions Required Given the violations outlined above, I am requesting that Synchrony Bank take the following actions : Immediate Correction of Inaccurate Information : Correct all inaccuracies reported to the credit bureaus regarding my account, including the removal of any late payment markings that were incorrectly applied to my account. 

Issue a 1099-C Form : If any portion of my debt has been canceled, you are required by law to issue a Form 1099-C, reporting the canceled debt as gross income, as per IRS Guidelines ( XXXX ). 

Reinstatement of Privacy : Take immediate action to ensure that my personal data is no longer used for securities or trading without my consent and that any profits generated are returned to me or made available for my financial gain.

Full Disclosure : Provide full transparency regarding the use of my personal data in securities or stock trades and furnish a securitization audit if necessary. If no profits have been shared with me, I demand an open-ended credit card to access any potential profits derived from these activities.

Deadline for Resolution Please correct the inaccurate information, provide the requested documentation, and comply with my demands within 15 days of receiving this letter. Failure to do so will result in my filing complaints with the Federal Trade Commission ( FTC ), SEC and pursuing legal action, including seeking damages under the FCRA, GAAP accounting rules, TILA, and the relevant Supreme Court cases.

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 monetary relief