Consumer complaint received 2024-05-10 00:00:00
Product: Debt collection — Credit card debt
Issue: False statements or representation — Attempted to collect wrong amount
Company: Experian Information Solutions Inc.
State: MA

Complaint narrative:
Be advised this is not a refusal to pay, but a notice sent pursuant to the Fair Debt Collection Practices Act, 15 U.S.C. 1692 et. seq., and the Fair Credit Reporting Act, 15 U.S.C. 1681 et. seq. that your claim is disputed and validation is requested.

This is NOT a request for verification or proof of my mailing address or any other personal identifiers, but a request for VALIDATION made pursuant to the above named Titles and Sections. I respectfully request that your offices provide me with competent evidence that I have any legal obligation to pay you.

At this time I will also inform you that if your offices have reported invalidated information to any of the three major credit bureaus ( XXXX, Experian, and XXXX XXXX ) ; this action might constitute fraud under both federal and state laws. Due to this fact, if any negative mark is found to report on any of my credit reports by your company or the company you represent, I will not hesitate in bringing legal action against you and your client for the following : Violation of the Fair Credit Reporting Act and Defamation of Character. 

It would be constructive for you to note that the FCRA ( Fair Credit Reporting Act ) section 609 ( c ) ( 2 ) ( E ) states : " a consumer reporting agency is not required to remove accurate derogatory information from a consumer 's file, unless the information is outdated under section 605 or can not be verified.

The can not be verified is the key phrase, as you can see. Since I challenged you and your staff to verify, and you can not, that means all financial institutions and credit reporting agencies concerned with my account are required to remove any derogatory information. It can not be deemed accurate if it can not be verified. If it can not be verified, then it is required to be removed, according to the FCRA.

Please be advised that the alleged debt that you are attempting collect is uncollectable for the following reasons : 1. Creditor is in breach of any alleged agreement that it claims I am bound by.

2. Creditor failed to make full disclosure in its credit card agreement prior to soliciting my application to be bound by it.

3. Due to the breach and lack of full disclosure, you are attempting to collect an alleged debt from me, you are committing false, deceptive, or misleading representations or means, in violation of Section 807
of the FDCPA, 15 U.S.C. 1692e, committing fraud.

4. Creditor has failed to fully disclose the fact that it sold its credit card receivables relating to the alleged account that you claim I am bound by. This transaction is a securitization.

5. Due to the securitization of the initial outstanding balances of the alleged account, creditor is not a holder in due course, and therefore has no rights or interest in the receivables you are attempting to collect.

Law in support of the above : SECURITIZATIONS 74. An originator of a typical securitization ( the transferor ) transfers a portfolio of financial assets to an SPE, commonly a trust. In " pass-through '' and " pay-through '' securitizations, receivables are transferred to the SPE at the inception of the securitization, and no further transfers are made ; all cash collections are paid to the holders of beneficial interests in the SPE. In " revolving-period '' securitizations, receivables are transferred at the inception and also periodically ( daily or monthly ) thereafter for a defined period ( commonly three to eight years ), referred to as the revolving period. During the revolving period, the SPE uses most of the cash collections to purchase additional receivables from the transferor on prearranged terms.

75. Beneficial interests in the SPE are sold to investors and the proceeds are used to pay the transferor for the assets transferred. Those beneficial interests may comprise either a single class having equity characteristics or multiple classes of interests, some having debt characteristics and others having equity characteristics. The cash collected from the portfolio is distributed to the investors and others as specified by the legal documents that established the SPE.

See Statement of Financial Accounting Standards No. 140, Financial Accounting Standards Board, XX/XX/XXXX ( XXXX XXXX ) Please provide the following : 1. Agreement with your client that grants you the agent authority to collect on this alleged debt. 

XXXX Account # XXXX Date Opened : XX/XX/XXXX balance : {$1100.00}

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