Consumer complaint received 2024-02-28 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: CAPITAL ONE FINANCIAL CORPORATION
State: SC

Complaint narrative:
Dear Capital One, I am writing to address significant concerns regarding the accuracy of my credit report concerning my investment with Capital One. Entrusting Capital One 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 therefor, 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 Capital One, 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 XXXX. Under 15 U.S. Code 1681s-2, it is mandated that XXXX, as a furnisher of information, must provide precise and truthful information to credit reporting agencies. In accordance with the Fair Credit Reporting Act ( FCRA ), Capital One 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. Capital One states that it may report to the credit bureaus even though Capital One has asked nicely I respectfully decline. Capital One 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. The creditor shall refund any part of the amount of the remaining balance, upon request of the consumer and make a good faith effort to refund to the consumer by cash, check, or money order any part of the amount of the credit balance remaining in the account for more than six months, except that no further action is required in any case in which the consumers current location is not known by the creditor and can not be traced through the consumers last known address or telephone number. This is the precise reason why Capital One is required to send a billing statement. Capital One is demonstrating security fraud by masking my credit payment as something I am required to pay. I am also aware that my billing statements are not invoices but dividend checks made from the interest from my account. Pursuant to the FCRA, a consumer report does not include any report containing information solely about transactions or experiences between the consumer and the person making the report. Any reporting of late payments or derogatory statuses is a direct violation of 15 USC 1681a ( d ) ( 1 ) as that information pertains to experiences and transactions between myself and Capital One. Within this CFPB complaint I have taken the necessary steps to inform Capital One about the unjust actions taken against me. Its important to note that any continuation of providing negative information, such as reporting late payments, would constitute a willful and knowing violation of the Fair Credit Reporting Act, specifically outlined in 15 U.S. Code 1611 ( 1 ) ( 3 ). This legislation mandates that creditors must accurately report consumer information and refrain from knowingly furnishing misleading or false data. Thus, any persistence in reporting derogatory information after being duly notified of its inaccuracy would be a clear violation of federal law. Additionally, I want to make it clear that any action taken by Capital One besides updating my account to paid as agreed, never late will be considered willful non-compliance. I am evoking my rights under 15 U.S. Code 1681b ( 2 ), and I am giving clear instructions to furnish my report and update my account status to paid as agreed never late. Failure to adhere to these instructions will result in further legal action.

Company response to consumer: Closed with explanation