Consumer complaint received 2024-10-28 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: SYNCHRONY FINANCIAL
State: SC

Complaint narrative:
Subject : Urgent : Request for Correction of Credit Report - Compliance with Federal Laws - Opportunity to Cure Dear SYNCHRONY BANK, I am sending this correspondence to address significant concerns regarding the accuracy of my credit report concerning my investment with SYNCHRONY BANK. Entrusting SYNCHRONY BANK with an asset-backed security pursuant to 12 CFR 202.2 ( b ), consumer credit is defined as credit extended to a natural person primarily for personal, family, or household purposes. Therefore, if pursuant to that same subsection credit means the right granted by a creditor to defer its payment, or purchase property or services and defer payment therefore, then I am the consumer of this transaction seeing that my credit card, also known as my Social Security Number, funded the account by means of accessing my open-ended credit plan. Pursuant to 12 CFR 709.9, an investor is defined as a person or entity that owns an obligation issued by an issuing entity. In a securitization or participation transaction, I am essentially providing funds or assets ( such as cash or contracts ) to the issuing entity SYCHRONY BANK/AMAZON , which then issues obligations ( such as bonds or securities ) supported by these assets. As the holder of these obligations, I am considered an investor because I own a financial interest in the assets underlying the securities issued by the issuing entity. Therefore, under the law, I am classified as an investor when I participate in such transactions by providing asset-backed securities to SYNCHRONY BANK. Under 15 U.S. Code 1681s-2, it is mandated that SYCHRONY BANK , as a furnisher of information, must provide precise and truthful information to credit reporting agencies. In accordance with the Fair Credit Reporting Act ( FCRA ), SYNCHRONY BANK has violated my federally protected consumer rights under the FCRA Section 602 - There is a need to ensure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and respect for the consumers right to privacy. This means that I have the right to privacy. My credit report is non-public personal information that should be protected to avoid situations like this one I am addressing today, pursuant to 15 USC 6801 ( b ) ( 3 ) - Protection of non-public personal information. Under the FCRA Section 604 Permissible purposes of consumer reports states : any consumer reporting agency may furnish a consumer report under the following- ( 2 ) In accordance with the written instructions of the consumer to whom it relates. This means a consumer reporting agency can not furnish an account without written instructions or authority of the consumer. The only way a company can obtain permissible purpose is by a court order or the consent of the consumer. SYNCHRONY BANK states that it may report to the credit bureaus even though SYNCHRONY BANK has asked nicely I respectfully decline. SYNCHRONY BANK/AMAZON never disclosed to me that I had the right to recission. Now that I am aware of my rights, I can properly write an affidavit taking back the promise to pay and taking back my rights to 80 % of the security interest. Pursuant to 15 U.S. Code 1666b, a creditor may not treat a payment on a credit card account under an open end consumer credit plan as late for any purposes. Under 15 U.S. Code 1666d, whenever a credit balance in excess of { {$1.00} } is created in connection with a consumer credit transaction through amounts otherwise owed to or held for the benefit of an obligor. I am writing to bring to your attention an error on my recent billing statement. Specifically, I have noticed that a charge of [ {$1500.00} ] has been applied to my account for the non-acceptance of non-cash items, including coupons, vouchers, and other evidences of debt. I believe that this charge is in violation of applicable federal law. As you may be aware, the Electronic Fund Transfer Act ( 15 U.S.C. 1693 ) prohibits businesses from refusing payment in non-cash forms such as checks, money orders, coupons, vouchers, or other evidences of debt. Despite this, I was informed by your staff that my payment in the form of a [ type of non-cash payment ] could not be accepted and that I would be charged a fee for the non-acceptance. I am very concerned that this practice violates federal law and unfairly penalizes customers who choose to pay in non-cash forms. I would appreciate a prompt response and resolution to this issue, including the removal of the charge from my account and confirmation that your company will comply with federal law regarding payment acceptance in the future. 
Thank you for your attention to this matter

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