Consumer complaint received 2025-02-14 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: CAPITAL ONE FINANCIAL CORPORATION
State: VA

Complaint narrative:
XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX and XXXX, and Capone is in violation of multiple laws set forth by Congress in regards to the following accounts. 15 U.S. Code 1681a ( 2 ) ( a ) ( i ) states that the consumer report does not include information solely as to transactions or experiences ( payment history, charge off status ), between the consumer ( myself ) and the persons ( institutions mentioned above ) making the report. Additionally, 15 U.S. Code 1681 s-2 ( a ) ( 1 ) ( A ) states that A person ( institutions mentioned above ) shall not furnish any information relating to a consumer ( ME ) to any consumer reporting agency ( XXXX, XXXX, XXXX ) if the person knows or has reasonable cause to believe that the information is inaccurate. XXXX XXXX  XXXX Credit Card with account # XXXX opened on XX/XX/XXXX and a balance of {$1900.00}, KOHLS/CAPONE Charge Card with account # XXXX opened on XX/XX/XXXX and a balance of {$390.00}, and XXXX Credit Card with account # XXXX opened on XX/XX/XXXX and a balance of {$990.00}.. 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 CONSUMER REPORT which in fact makes reporting of this account inaccurate! I provided a screenshot from the IRS website. 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 any of these institutions for the cancelled debt of mentioned above in order to file as ordinary income. Where is my 1099-C these institutions are clearly writing off debt with the IRS without sending out 1099-C as required by the IRS for debts greater than { { {$600.00} } }. This is unsatisfactory! This institutions have been HEREBY PUT ON NOTICE that they are furnishing incorrect inaccurate information. In these institutions terms and conditions they agreed not to share my information with non affiliates. XXXX, XXXX, and XXXX are not an affiliate of these institutions nor are they " bureaus ''. The only true credit bureau is the CFPB and they DO NOT furnish consumer reports as stated in federal law. I have a right to privacy and Per the Privacy Act of XXXX as a federally protected consumer I am now revoking any and all authorization I the consumer may have given you written, non written, verbal, and nonverbal per 5 U.S. Code 552a. Per the FCRA as a federally protected consumer I am now opting out of any and all authorization I the consumer may have given you written, non written, verbal, and non verbal per 15 USC 6802. I shall also point out these institutions responsibility pursuant 15 U.S. Code section 1681s-2 ( a ) ( 1 ) ( B ) ( ii ) : ( a ) DUTY OF FURNISHERS OF INFORMATION TO PROVIDE ACCURATE INFORMATION 1 ) PROHIBITION ( B ) Reporting information after notice and confirmation of errors A person shall not furnish information relating to a consumer to any consumer reporting agency if ( i ) the person has been notified by the consumer, at the address specified by the person for such notices, that specific information is inaccurate ; and ( ii ) the information is, in fact, inaccurate. 

According to 26 CFR 1.6050P-1, entities that discharge indebtedness must provide a statement to the debtor, typically in the form of a 1099-C, by XX/XX/XXXX of the year following the identifiable event. This requirement is crucial for accurate reporting to the IRS and for the debtor to understand their tax liabilities. As of today, I have not received a Form 1099-C or any substitute statement that complies with the current revenue procedures. This omission constitutes a violation of the information reporting requirements outlined in the aforementioned regulation. I kindly request that you provide me with a copy of the Form 1099-C for the discharged debt. Additionally, I would like to formally dispute the charge-off on my credit report until this matter is resolved. Please respond to this request within 30 days of receipt of this letter. If I do not receive a satisfactory response, I may need to escalate this matter to the appropriate regulatory authorities. Thank you for your attention to this important matter. I look forward to your prompt response.

Company response to consumer: Closed with non-monetary relief