Consumer complaint received 2024-11-06 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: NAVY FEDERAL CREDIT UNION
State: TX

Complaint narrative:
Per the FCRA as a federally protected consumer, I have opted out of any and all authorization I the consumer may have provided to Navy Federal Credit Union written, unwritten, verbal, and nonverbal per 15 U.S. Code 6802. This opt out is effective immediately and indefinitely. Per 16 CFR 313.7 ( e ) & ( f ), You must comply with a consumer 's opt out direction as soon as reasonably practicable after you receive it. A consumer may exercise the right to opt out at any time. The term You includes each financial institution over which the Commission has rulemaking authority pursuant to section 504 ( a ) ( 1 ) ( C ) of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6804 ( a ) ( 1 ) ( C ) ).

Navy Federal Credit Union is reporting the accounts ending in XXXX & XXXX to XXXX XXXX and XXXX as a Charge-Off account which is considered a Certificate of Indebtedness, which means they are income and must be removed. Per IRS Publication 4681 Cat. No. XXXX, Even if you didn't receive a Form 1099-C, you must report canceled debt as gross income on your tax return unless one of the exceptions or exclusions described later applies. This publication also states that upon the disposition of the property securing a nonrecourse debt, the amount realized includes the entire unpaid amount of the debt, not just the FMV of the property. 

Navy Federal Credit Union has also been reporting my transaction history with XXXX XXXX and XXXX, which are Third Party/Non-Affiliates. According to Navy Federal Credit Union Consumer Privacy Policy Revised ( date ), they dont share information about your transactions and experiences to their affiliates nor do they share them with non-affiliates. I have attached proof that they have in fact shared information about my transactions and experiences to XXXX XXXX and XXXX, which is illegal and a violation the Privacy Act of 1974.

Per 15 USC 1681 section 602 ( a ) Accuracy and fairness of credit reporting. The Congress makes the following findings : ( 1 ) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system. ( 2 ) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers. ( 3 ) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers. ( 4 ) There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer 's right to privacy.

Per 15 USC 1681 section 604 any consumer reporting agency may furnish a consumer report in accordance with the written instructions of the consumer to whom it relates. 

Navy Federal Credit Union representatives may try to argue that this statues and codes do not apply to them, but 16 CFR 433.2 is on every installment agreement since the XXXX day of XX/XX/XXXX. The installment agreement also has TILA and the finance charge on it as well, so these statues and codes do in fact apply to them. They have infringed upon my right to privacy causing me to experience significant pain, suffering, and humiliation.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation