Consumer complaint received 2025-02-11 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: Experian Information Solutions Inc.
State: OH

Complaint narrative:
This complaint constitutes a formal dispute of inaccurate information appearing on my Experian and XXXX consumer report. I am requesting that you investigate and correct the following items : ( AUTO LOAN - XXXX XXXX  ) This account has been charged off which is considered income for me the consumer and is reporting inaccurately, ( AUTO LOAN - XXXX  XXXX XXXX XXXX ) This account has been charged off which is considered income for me the consumer and is reporting inaccurately, ( AUTO LOAN - XXXX  XXXX ) This account has been charged off which is considered income for me the consumer and is reporting inaccurately, ( AUTO LOAN - XXXX XXXX XXXX  ) This account has been charged off which is considered income for me the consumer and is reporting inaccurately, ( AUTO LOAN - XXXX XXXX XXXX ) This account has been charged off which is considered income for me the consumer its also been sold to a debt collector and is inaccurately reporting. 

All of the companies reporting auto loans on my consumer report no longer have rights to collect any alleged debts from me the consumer. Every company thats reporting an auto loan on my consumer report is furnishing false information and is partaking in deceptive practices. Each company has securitized the auto loan receivables to secure long-term funding for its customers. The agreements between me the consumer and XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX are legally considered asset backed securities. These asset backed securities allow XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX to profit off of an alleged debt that they no longer have rights to since there transferring, selling, securitizing the alleged debt with a bankruptcy-remote, special purpose entity that, in turn, transfers the receivables to a special purpose securitization trust. Page 59 section 4 Auto Loan Receivables of XXXX XXXX XXXX XXXX filing states we recognize transfers of auto loans receivable into the warehouse facilities and asset-backed term funding transactions ( together, non-recourse funding vehicles ) as secured borrowings, which result in recording the auto loans receivable and the related non-recourse notes payable on our consolidated balance sheets. The majority of the auto loans receivable serve as collateral for the related non-recourse notes payable of {$16.00} XXXX as of XX/XX/XXXX, and {$16.00} XXXX as of XX/XX/XXXX. XXXX XXXX XXXX ( F ) and 12 for additional information on securitizations and non-recourse notes payable. The trust that they sell all of their asset backed securities to is XXXX XXXX XXXX Trust 2025-1. XXXX XXXX XXXX XXXX filing has a section titled Secured Borrowings where they state Citizens utilizes a portion of its auto loan portfolio to support certain secured borrowing arrangements, which provide a source of funding for the Company and involves the transfer of auto loans to bankruptcy remote special purpose entities ( SPEs ). These SPEs then issue asset- backed notes to third-parties collateralized by the transferred loans. Citizens hold certain residual interests in the loans and, therefore, have a right to receive benefits or the obligation to absorb losses that could potentially be significant to the SPEs. In addition, the Company retains servicing for the transferred loans and, therefore, holds the power to direct the most significant activities that impact the economic performance of the SPEs. As a result, the Company concluded that it is the primary beneficiary of these SPEs and, accordingly, consolidates these VIEs. XXXX XXXX XXXX sells all of their asset backed securities to their trust which is XXXX XXXX XXXX XXXX XXXX. According to Ally Financial filings their sponsor is XXXX Bank, their depositor is XXXX XXXX XXXX XXXX, & their issuing entity is XXXX XXXX XXXX XXXX. Ally Financial SEC filings also states THIS SERVICING AGREEMENT, dated as of XX/XX/XXXX, is among XXXX XXXX, a XXXX XXXX XXXX ( XXXX XXXX which, in its capacity as servicer under this Agreement, is referred to as the Servicer ), XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 2022-2, a Delaware statutory trust ( the Issuing Entity ). WHEREAS, XXXX XXXX, as seller ( the Seller ), has sold a portfolio of automobile and light truck retail instalment sale contracts and related rights to Depositor pursuant to the Pooling Agreement; WHEREAS, the Issuing Entity acquires its interest in such contracts and related rights and issues the Securities pursuant to the Further Transfer Agreements ; and WHEREAS, the Servicer desires to perform the servicing obligations set forth herein for the benefit of the Depositor, the Issuing Entity and each other Interested Party with respect to such contracts, and the proceeds thereof, as the interests of such parties may appear from time to time for and in consideration of the fees and other benefits set forth in this Agreement.

How is it that all of these companies are furnishing data on my consumer report, but they're not the ones who are legally entitled to the alleged debt? This seems to be extremely deceptive. Not only have they sold the agreement asset backed security to their in house special purpose entity while theyre still coming after me the consumer for the alleged debt, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX also reported these accounts to the IRS XXXX a business loss. Ive received copies of XXXX from each of the following companies : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. If this isnt deceptive then I XXXX not know what that word actually means. The companies : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX that SOLD the asset backed security to their in house special purpose entity for a PROFIT before I the consumer could make any payment on the alleged debt has filed a tax form with the IRS indicating their transaction with me the consumer was a business loss. This entire situation is quagmire, the companies I mentioned are profiting off of an alleged debt that they NO LONGER have rights to because theyve already sold the asset backed security to an in house special purpose entity trust and collected profits TAX FREE since theyve filed IRS form 1099C. Ive also attached each copy of the 1099C from each company that Ive received. Per the IRS discharged debt is considered income for the consumer and INCOME SHOULD NOT be furnished on a consumer report.

15 U.S. Code 1681b - Permissible purposes of consumer reports Subject to subsection ( c ), any consumer reporting agency may furnish a consumer report under the following circumstances and no other In accordance with the written instructions of the consumer to whom it relates. They need your written consent to add anything to your consumer report if you did not give this authorization that is a violation of the Fair Credit Reporting Act. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX does not have a written consent from me the consumer to furnish data on my consumer report. However if they do have prior consent from me, as federally protected consumer I am now rescinding ANY prior consent Ive given to XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX verbally, written, or orally to furnish data on my consumer report. No agency shall disclose any record which is contained in a system of records by any means of communication to any person, or to another agency, except pursuant to a written request by, or with the prior written consent of, the individual to whom the record pertains per Privacy Act of 1974. 12 CFR 1016.4 Initial privacy notice to consumers required. Initial notice requirement. You must provide a clear and conspicuous notice that accurately reflects your privacy policies and practices to : Consumer. A consumer, before you disclose any nonpublic personal information about the consumer to any nonaffiliated third party. Ive NEVER received a clear and conspicuous notice about my privacy as a consumer from XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX. 12 CFR 1016.7 Form of opt out notice to consumers ; opt out methods. Section ( a ) ( 1 ) Form of opt out notice. If you are required to provide an opt out notice under 1016.10 ( a ), you must provide a clear and conspicuous notice to each of your consumers that accurately explains the right to opt out under that section. Nor have I received a clear and conspicuous notice that Im able to opt out of their furnishing at any time. XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX have an obligation with respect to disclosures of my personal information as a consumer that they have NOT upheld. 15 U.S. Code 6802 - Obligations with respect to disclosures of personal information ( a ) Notice requirements Except as otherwise provided in this subchapter, a financial institution may not, directly or through any affiliate, disclose to a nonaffiliated third party any nonpublic personal information, unless such financial institution provides or has provided to the consumer a notice that complies with section 6803 of this title. As a federally protected consumer I have the right to opt out of anything on my consumer report at any time and the companies must comply as soon as reasonably practicable after receiving notice. 

Per my XXXX consumer report dated XX/XX/XXXX XXXX deleted the following items XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX. I find it very interesting that Experian and XXXX still are allowing these companies to furnish data on my consumer report. I am concerned that Experian 's dispute handling practices, as described in the Consumer Financial Protection Bureau 's ( CFPB ) recent lawsuit, may have contributed to these inaccuracies. The CFPB alleges that Experian conducts inadequate investigations, fails to properly communicate with consumers, and improperly reinserts previously deleted information. In accordance with the Fair Credit Reporting Act ( FCRA ), I request that you ( Experian & XXXX ) : Conduct a thorough and complete investigation of the disputed items. 

Provide me with a detailed report of your investigation findings, including all relevant information and documentation.

Promptly correct or delete any inaccurate information from my credit report.

I have enclosed copies of copy B 1099Cs, IRS definition of Charge-off, XXXX XXXX report results dated XX/XX/XXXX, opt out letters, and a copy of XXXX XXXX XXXX XXXX XXXX alleged debt to a debt collector.

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