Consumer complaint received 2024-12-20 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Information belongs to someone else
Company: AXOS FINANCIAL, INC.
State: IL

Complaint narrative:
Subject : Formal Complaint Regarding Axos Banks Noncompliance with FCRA and Mishandling of Dispute To : Consumer Financial Protection Bureau ( CFPB ) complaint XXXX XXXXXXXX Date : XX/XX/year> Dear CFPB Representative, I am filing this complaint against Axos Bank due to their repeated violations of the Fair Credit Reporting Act ( FCRA ) and failure to appropriately handle my dispute regarding a fraudulent account. Axos Banks response demonstrates their inability to validate the debt, failure to address identity theft documentation, and continued reporting of unverifiable information to credit bureaus. 

Key Issues and Violations 1. Violation of FCRA 605B Failure to Address Identity Theft Documentation I submitted an FTC Identity Theft Report ( XXXX XXXXXXXX ), a notarized Identity Theft Affidavit, and a Police Report ( Case No. XXXX ), all of which provide legally sufficient evidence of identity theft. 
Axos Bank failed to block the fraudulent account as required under FCRA 605B, which mandates that a consumers disputed information must be blocked when adequate evidence of identity theft is provided. 

2. Violation of FCRA 611 Inadequate Investigation of Dispute Axos Bank provided incomplete and unverified documentation as part of their debt validation process, which includes : A loan agreement without my legal name ( XXXX XXXX XXXX ) or a matching signature. 
Activity statements containing incorrect addresses and contact information that do not correspond to my records. 
No verifiable link between me and the disputed account.

FCRA 611 ( a ) ( 1 ) ( A ) requires a reasonable reinvestigation, and Axos Banks failure to provide evidence linking me to this account demonstrates a lack of compliance.

3. Violation of FCRA 623 Furnishing Inaccurate Information Axos Bank continues to report this fraudulent account to credit reporting agencies, despite : The absence of proof that I authorized or created this account. 
XXXX determination that this account was unverifiable and subsequent removal from my credit file. 
This constitutes a violation of FCRA 623 ( a ) ( 1 ) ( A ), which prohibits the furnishing of information known to be inaccurate. 

4. Failure to Comply with Metro 2 Standards Axos Banks reporting contains discrepancies in personal information ( e.g., variations of my name, incorrect addresses ) that violate Metro 2 compliance standards, which require accurate and consistent reporting of consumer data. 

5. Lack of Arbitration Clause Disclosure Axos Banks loan agreement does not include a copy of any arbitration clause, raising questions about their compliance with legal standards for debt disputes.

6. Negligent and Willful Noncompliance ( FCRA 616 and 617 ) By failing to properly investigate my dispute, ignoring evidence of identity theft, and continuing to report unverifiable information, Axos Bank has acted negligently and willfully in violation of my rights under the FCRA.

Evidence Provided 1. FTC Identity Theft Report ( Report XXXX XXXXXXXX ) 2. Notarized Identity Theft Affidavit 3. Police Report ( XXXX XXXX. XXXX ) 4. Correspondence from XXXX confirming removal of the account. 
5. Loan Activity Statement provided by Axos Bank, showing incorrect personal information.

6. Loan Agreement provided by Axos Bank, lacking my legal name or signature.

Requested Actions 1. Immediate Deletion of the Account : Axos Bank must cease reporting this unverifiable account to all credit reporting agencies ( XXXX, XXXX, XXXX ). 
2. Full Validation Disclosure : Axos Bank must provide : Evidence of a signed contract or authorization linking me to the account. 
A complete breakdown of the debt amount and payment history. 
Documentation of their investigation process, including all sources consulted during the dispute. 
3. Investigation by the CFPB : I request that the CFPB investigate Axos Banks handling of disputes, particularly their failure to comply with FCRA 605B and 611.

4. Compensation for Damages : Axos Banks negligence and willful noncompliance have caused harm to my creditworthiness and financial standing. I request that Axos Bank be held accountable for damages under FCRA 616 and 617.

Conclusion Axos Bank has demonstrated a disregard for my rights under the FCRA and failed to handle my dispute with the care and diligence required by law. I trust the CFPB will take the necessary actions to hold Axos Bank accountable and protect consumers from similar violations in the future. 

Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation