Consumer complaint received 2024-09-05 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Improper use of your report — Reporting company used your report improperly
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: IL

Complaint narrative:
This complaint is to report Bank of America, XXXX, XXXX, and XXXX for multiple violations of the Privacy Act of 1974, the Fair Credit Reporting Act, Security Exchange Commission and my rights as a Consumer. 
According to the Fair Credit Reporting Act, 15 USC 1681 section 602 ( a ) states " There is a need to ensure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumers right to privacy. '' XXXX, XXXX and XXXX are consumer reporting agencies, and I am the Consumer. I have the right to make sure my private information isn't shared which is backed by 15 USC 6801 which states " It is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers nonpublic personal information. '' Bank of America is a financial institution by definition under that title. 15 USC 1681 section 604 ( a ) section 2 states that " In general Subject to subsection ( c ) any consumer reporting agency may furnish a consumer report under the following circumstances and no other : In accordance with the written instructions of the consumer to whom it relates. '' Bank of America, the financial institution and the Consumer reporting agencies XXXX, XXXX, and XXXX do not have my consent to furnish this information, and they do not have my written consent. All consent to XXXX, XXXX, XXXX, Bank of America whether it be verbal, non-verbal, written, un-written, implied or otherwise is revoked. 15 USC 6802 ( b ) states that " A financial institution may not disclose nonpublic personal information to a nonaffiliated third party unless the consumer is given an explanation of how the consumer can exercise that nondisclosure option. '' Bank of America never informed me of my right to exercise my nondisclosure option.

Not only that 15 USC 1681C ( a ) ( 5 ) states " Except as authorized under subsection ( b ), but no consumer reporting agency may also make any consumer report containing any of the following items of information. Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years. '' This account is an adverse item they are reporting without my permission, which is against the law. 15 U.S. Code 1681s2 ( A ) ( 1 ) A states " A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. 15 U.S. Code 1681e states '' Every consumer reporting agency shall maintain reasonable procedures designed to avoid violations of section 1681c of this title and to limit the furnishing of consumer reports to the purposes listed under section 1681b of this title. XXXX, XXXX and XXXX are not maintaining reasonable procedures. 

XXXX XXXX XXXXXXXX all reported Account XXXX with a Status reported as {$8900.00} Past Due. These items are violations of [ 15 U.S.C. 1681 ] 602, 15 U.S. Code 1681c and the Privacy Act of 1974. 

XXXX reported Opened Date of XXXX, XXXX reported Opened Date of XXXX, and XXXX reported Opened Date of XXXX. The reporting of any late date is a violation of Privacy and Adverse reporting. The differing reports between the 3 reporting agencies are violations 15 U.S. Code 1681e - Compliance procedures ( b ) Accuracy of report. 

XXXX reported a Count of Late Payments as XXXX XXXXXXXX reported 6, and XXXX reported 5. All 3 agencies are in violation of 15 U.S. Code 1681, 15 U.S. Code 1681e Also, XXXX reported a Credit Limit of {$7500.00}, XXXX reported {$0.00}, and XXXX reported {$7500.00}. All 3 agencies are in violation of 15 U.S. Code 1681e for Accuracy. 

In XXXX XXXX XXXX, XX/XX/XXXX a charge off is reported and remarks from XXXX state Charged off as bad debt. This violates 15 U.S. Code 1681, 15 U.S. Code 1681c, 15 U.S. Code 1681n In the XXXX reports a Charge Off in XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX is reported and XXXX XXXX late payments are reported. XXXX remarks Charged off account. This violates 15 U.S. Code 1681, 15 U.S. Code 1681c, 15 U.S. Code 1681n In the XXXX report XXXX XXXX, Charge Off is reported and XXXX XXXX late payments are reported. XXXX Remarks Account has been closed due to inactivity. This violates 15 U.S. Code 1681, 15 U.S. Code 1681c, 15 U.S. Code 1681n Bank of America nor any other entity can collect on a discharged debt. This is now considered a certificate of indebtedness per the IRS and income can not be reported. The IRS clearly defines a charge off as Gross or Ordinary income, income does not get reported on the credit report which in fact makes reporting of this account inaccurate. By definition, the IRS clearly says a Cancelled debt or Charge off is Income. The reporting of this account as a debt is inaccurate. I never received a 1099-C from XXXX XXXX  for the cancelled debt of {$10000.00} in order to file as ordinary income. XXXX XXXX seems to be committing fraud with the accounting of this account with the IRS without sending out 1099-Cs and any other applicable forms as required by the IRS for debts greater than {$600.00}. This is unacceptable. I want to see full disclosure of any 1099s, any other forms and other XXXX  accounting, including all accounting for adherence to 12 CFR 1026.21 which states when a credit balance in excess of {$1.00} is created in connection with a transaction ( through transmittal of funds to a creditor in excess of the total balance due on an account, through rebates of unearned finance charges or insurance premiums, or through amounts otherwise owed to or held for the benefit of a consumer ), the creditor shall : ( a ) Credit the amount of the credit balance to the consumer 's account ; ( b ) Refund any part of the remaining credit balance, upon the written request of the consumer ; and ( c ) Make a good faith effort to refund to the consumer by cash, check, or money order, or credit to a deposit account of the consumer, any part of the credit balance remaining in the account for more than 6 months, except that no further action is required if the consumer 's current location is not known to the creditor and can not be traced through the consumer 's last known address or telephone number. The involved parties have or should have filed with the IRS, Federal Trade Commission, Security Exchange Commission on my account. I want the account audited and corrected immediately. 

Also 12 CFR 1016.7 states that " A consumer may exercise the right to opt out at any time. '' I am opting out of any reporting by Bank of America, XXXX, XXXX and XXXX of this account. 
Under 15 U.S. Code 6802 - Obligations with respect to disclosures of personal information ( a ) Notice requirements, Except as otherwise provided in this subchapter, a financial institution may not, directly or through any affiliate, disclose to a nonaffiliated third party any nonpublic personal information, unless such financial institution provides or has provided to the consumer a notice that complies with section 6803 of this title. None of the reports given by Bank Of America showing on the credit report were done with any type of permission from me, the Consumer. I count each of the items as a violation of 15 U.S. Code 1681n - Civil liability for willful noncompliance ( a ) In general Any person who willfully fails to comply with any requirement imposed under this subchapter with respect to any consumer is liable to that consumer in an amount equal to the sum of ( A ) any actual damages sustained by the consumer as a result of the failure or damages of not less than {$100.00} and not more than {$1000.00} ; or ( B ) in the case of liability of a natural person for obtaining a consumer report under false pretenses or knowingly without a permissible purpose, actual damages sustained by the consumer as a result of the failure or {$1000.00}, whichever is greater and I demand {$1000.00} per violation to Bank Of American, XXXX, XXXX, and XXXX. 

( b ) Opt out, ( 1 ) In general A financial institution may not disclose nonpublic personal information to a nonaffiliated third party unless ( A ) such financial institution clearly and conspicuously discloses to the consumer, in writing or in electronic form or other form permitted by the regulations prescribed under section 6804 of this title, that such information may be disclosed to such third party ; ( B ) the consumer is given the opportunity, before the time that such information is initially disclosed, to direct that such information not be disclosed to such third party ; and ( C ) the consumer is given an explanation of how the consumer can exercise that nondisclosure option.

Per 15 U.S. Code 6805 - Enforcement ( a ) In general Subject to subtitle B of the Consumer Financial Protection Act of 2010 [ 12 U.S.C. 5511 et seq. ], this subchapter and the regulations prescribed thereunder shall be enforced by the Bureau of Consumer Financial Protection, the Federal functional regulators, the State insurance authorities, and the Federal Trade Commission with respect to financial institutions and other persons subject to their jurisdiction under applicable law. I demand immediate deletion of the account from ALL credit reporting agencies and {$1000.00} per violation committed by Bank of America, XXXX XXXX XXXX XXXXXXXX of the Fair Credit Reporting Act, Code of Federal Regulations, and the United States Code. As well as a return of any funds ever paid, Security Interests, and insurance proceeds ever made on the account. 

I also want a full audit of the account performed by the IRS and any amount due to me be made. 

All funds due to me are to be deposited according to the Electronic Funds Transfer Act into my account at XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX I'm not sure how to include the 4 violating parties in the complaint when the CFPB Complaint fill in for who to complain about only allows 3 entries. There are 3 reporting agencies and 1 financial institution included. Please include all 4 parties in the investigation and calculate the violations of each.

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 explanation