Consumer complaint received 2025-03-07 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account status incorrect
Company: Experian Information Solutions Inc.
State: NC

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX NC XXXX XXXX XXXX XX/XX/XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX RE : Account Number : XXXX Original Creditor : XXXX XXXX XXXX XXXX XXXX XXXX To Whom It May Concern : I am writing regarding the above-referenced account that appears on my XXXX credit report dated XX/XX/XXXX. According to this report, you are reporting a collection account with a balance of {$12000.00}. The report indicates this account was opened on XX/XX/XXXX, and has a comment of " Placed for collection. '' This account appears to be debt that was allegedly purchased from or assigned by the original creditor, XXXX XXXX XXXX XXXX XXXX. 

Under Internal Revenue Service ( IRS ) regulations, specifically 26 CFR 1.6050P-1, financial institutions are required to issue Form 1099-C, " Cancellation of Debt, '' when a debt of {$600.00} or more is canceled or forgiven. This form must be provided to both the debtor and the IRS by XX/XX/XXXX of the year following the calendar year in which the debt was discharged. Given that this debt was apparently written off by the original creditor and subsequently placed with or sold to your collection agency, a Form 1099-C should have been issued by the original creditor.

Furthermore, I am requesting information regarding whether this debt was securitized, sold to investors as an asset-backed security, or included in any mortgage-backed security or collateralized debt obligation by either the original creditor or your company. If this debt was securitized or sold as part of a pool of assets to investors, it may have already been fully or partially compensated through credit default swaps, insurance, or other financial instruments. In such cases, the current collection efforts may represent a " double recovery '' situation if the original creditor already received compensation through securitization proceeds, insurance, or related financial mechanisms.

To proceed with proper resolution of this matter, I am formally requesting that you : 1. Provide me with a copy of the Form 1099-C that should have been issued for this account by the original creditor, or information on when and if such a form was issued.

2. Provide complete documentation establishing your legal right to collect this debt, including all assignments, bills of sale, and transfer agreements showing a clear and unbroken chain of title from the original creditor to your company.

3. Provide documentation showing whether this debt was securitized, sold as part of an asset-backed security, or otherwise transferred into a trust or special purpose vehicle by either the original creditor or subsequent owners. This should include the name of any trust or entity that holds or held beneficial interest in this debt, the date of any such transfer, and whether any insurance, credit default swaps, or other financial instruments were used to mitigate losses related to this account.

4. If this debt was securitized, provide an accounting of any payments, insurance proceeds, or other compensation received by any party in relation to this alleged debt, as these would affect the actual amount legitimately collectable, if any.

Additionally, I am requesting that you discontinue reporting this account to credit bureaus pending verification of the above information. Under the Fair Credit Reporting Act ( FCRA ) and Consumer Financial Protection Bureau ( CFPB ) guidelines, you have an obligation to ensure complete accuracy in credit reporting, which includes verifying that you have the legal right to collect and report this debt and that the amount claimed has not been previously satisfied through other financial mechanisms.

Please send the requested documentation to my address listed above and confirm in writing that you have taken steps to suppress credit reporting within 30 days of receipt of this letter. If you can not provide the requested documentation, I expect you to cease collection efforts and remove this account from my credit reports.

I appreciate your prompt attention to this matter. Proper documentation of the chain of ownership and any prior financial settlements are important for resolving this matter appropriately. 

Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX cc : Consumer Financial Protection Bureau XXXX Credit Bureau XXXX XXXX XXXX XXXX XXXX XXXX

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