Consumer complaint received 2023-12-15 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account status incorrect
Company: TOYOTA MOTOR CREDIT CORPORATION
State: IL

Complaint narrative:
Consumer Credit Report shows TOYOTA MOTOR CORP, XXXX XXXX, charge off for installment loan as early as XX/XX/XXXX. Consumer never received copy of 1099 company filed with IRS. Customer called company twice today, XX/XX/XXXX, requesting copy of 1099, Sales Contract, and Bill of Sale. The first call, a representative named XXXX said 1099 is on file, and that she could send Sales Contract but not corresponding Bill of Sale, that was to be provided by dealership. After speaking with dealership representatives, they said the financial company, TOYOTA MOTOR CORP. XXXX XXXX, can provide consumer with Bill of Sale XXXX 

Second call with TOYOTA MOTOR CORP. representative XXXX said there is no Bill of Sale corresponding to Sales Contract, and that the debt was charged off rather than written off, so there's no 1099. Consumer informed TOYOTA MOTOR CORP rep XXXX that charge-off and write-off are synonyms, and that a charge-off showing on consumer credit report must have appropriate 1099 filed with IRS, and a copy was to be sent to consumer. Said company rep insisted they're different from an accounting perspective and thusly, there's no 1099. Consumer informed rep XXXX that rep XXXX informed consumer of existence of 1099. XXXX XXXX relayed excerpts of conversation between consumer and rep XXXX that was recorded without consumer awareness and ability to consent where XXXX didn't state existence of 1099, though rep XXXX actually did. 

Pursuant to the Trust Indenture Act of 1939, which TOYOTA MOTOR CORP. Indenture Agreement states compliance with, " Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. '' Indenture Trustee XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX, Vice President has promised to comply with SEC rules and regulations under which TOYOTA MOTOR CORP. Commission file number - XXXX, XXXX address at XXXX XXXX XXXX, XXXX, TX XXXX is subject. 

For rep XXXX from XXXXOYOTA MOTOR CORP to say there is a charge-off without an accompanying 1099 due to there not existing a write-off, which she claims is different, despite IRS stating they are synonyms, is fraud and intentionally misleading, a violation of 15 USC 1692e. Consumer is without ability to accurately file taxes for said year, putting them at risk of adverse action from IRS despite requesting on two separate occasions for 1099, and IRS requirement of receipt of 1099 upon creditor filing. If there indeed is no charge-off on file, then TOYOTA MOTOR CORP is in violation of 15 USC 1681 and FCRA. Consumer has suffered adverse action from potential creditors and financiers as a result of negative reporting on consumer credit report for years which has impacted mental, physical, and emotional wellbeing.

Furthermore, TOYOTA MOTOR CORP. has reported across the XXXX credit bureaus - XXXX, XXXX, and XXXX - conflicting, inaccurate information pertaining to the consumer account for the entirety of the account being open through close date. According to IRS, once a charge-off is filed, the debt is considered income. Income is not to be reported to consumer credit agencies unless consumer self-reports. Consumer has suffered adverse actions for years due to unfair and inaccurate reporting on consumer credit profile from TOYOTA MOTOR CORP. This is a violation of the Privacy Act of 1974, 16 CFR 313, 15 USC Ch. 41, 15 USC 1666, 15 USC 6802, and 12 CFR 1026.

Company response to consumer: Closed with explanation