Consumer complaint received 2024-10-11 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Struggling to pay your bill — Credit card company won't work with you while you're going through financial hardship
Company: CAPITAL ONE FINANCIAL CORPORATION
State: NJ

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXXXX/XX/year> Capital One Bank XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Re : Account Number : XXXX Dear Capital One Bank, I am writing to formally address issues regarding the account referenced above. I have recently experienced significant financial hardship, which has impacted my ability to manage my financial obligations. Upon reviewing my credit report, I noticed that the above-referenced account has been marked as charged off. Additionally, I was not informed or did not receive a Form 1099-C in relation to this charged-off debt, as required by federal tax law. 
Financial Hardship : As mentioned, I am currently facing financial difficulties. The hardships I am enduring have made it incredibly difficult for me to meet the demands of daily living expenses and debt payments. These unforeseen financial challenges have led to the unfortunate situation where I am unable to maintain the financial health I once had. I request that Capital One consider this context in handling this matter with fairness and understanding, especially in relation to any reporting on my credit file and tax obligations regarding this debt.

Failure to Receive Form 1099-C : Under federal law, specifically IRS regulations , any creditor that cancels or forgives a debt of {$600.00} or more is required to file Form 1099-C with the IRS and send a copy to the debtor for tax reporting purposes. This requirement ensures that individuals are able to accurately report forgiven debt as income when filing their taxes.

However, I have not received a Form 1099-C for this account, despite its charge-off status. I kindly request that you investigate the matter and immediately issue and send the required Form 1099-C to my address listed above, so that I can ensure compliance with tax reporting obligations.

Request for Credit Report Deletion : Given the failure to provide me with the required 1099-C, the financial hardship I am experiencing, and the fact that the account has already been charged off, I am requesting that this account be removed from my credit report. Pursuant to the Fair Credit Reporting Act ( FCRA ) and the New Jersey Fair Credit Reporting Act, I ask that Capital One Bank take immediate action to remove this derogatory account from my credit file with all relevant credit reporting agencies ( XXXX, XXXX, and XXXX ). 
In addition, under the Consumer Financial Protection Bureau ( CFPB ) and New Jersey Division of Consumer Affairs regulations, financial institutions have a duty to provide accurate and transparent reporting to credit bureaus. Given the circumstances outlined, I believe that it is in the best interest of both parties to have this matter resolved fairly and the charged-off account deleted from my credit report.

Summary of My Requests : 1. Issuance of Form 1099-C : Please investigate why I did not receive the required 1099-C for the canceled/charged-off debt and send me this form as soon as possible.

2. Deletion of Account from Credit Report : Due to the financial hardship I am currently facing and the lack of proper documentation related to the 1099-C, I respectfully request that Capital One delete this account from all major credit reporting agencies. 
Thank you for your time and attention to this matter. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation