Consumer complaint received 2024-07-26 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: GOLDMAN SACHS BANK USA
State: NY

Complaint narrative:
Per the Privacy Act of 1974, as a federally protected consumer I am now revoking any and all authorization I, the consumer, may have given Goldman Sachs Bank USA written, non-written, verbal, and nonverbal per 5 U.S. Code 552a. Per the FCRA as a federally protected consumer I am now opting out of any and all authorization I the consumer may have given you written, non-written, verbal, and nonverbal per 15 USC 6802.

15 U.S.C. 6802 ( b ) : " Opt-out '' Requirements : This section of the FCRA requires financial institutions to provide customers with an opportunity to opt out of the sharing of their information with non-affiliated third parties. Goldman Sachs Bank USA did not provide me with this opportunity, nor did I give any consent for my information to be shared. Goldman Sachs Bank USA has shared my personal and financial information with credit reporting agencies ( XXXX, XXXX, XXXX ) without my explicit consent, violating 15 U.S.C. 6802 ( b ). Lack of Opt-Out Opportunity : I was not given the required opportunity to opt out of having my information shared with non-affiliated third parties.

15 U.S. Code 1681a ( 2 ) ( a ) ( i ) states that the consumer report does not include information solely as to transactions or experiences ( payment history, charge off status ), between the consumer ( myself ) and the person ( Goldman Sachs Bank USA ) making the report. IT IS UNLAWFUL TO REPORT TRANSACTION HISTORY. Additionally, 15 U.S. Code 1681 s-2 ( a ) ( 1 ) ( A ) states that A person ( Goldman Sachs Bank USA ) shall not furnish any information relating to a consumer ( ME ) to any consumer reporting agency ( XXXX, XXXX, XXXX ) XXXX the person knows or has reasonable cause to believe that the information is inaccurate. Goldman Sachs Bank USA can not collect on a discharged debt. This is now considered a certificate of indebtedness per the IRS and income can not be reported. The IRS Clearly defines a charge off as Gross or Ordinary income, INCOME DOES NOT GET REPORTED ON THE CONSUMER REPORT which in fact makes reporting of this account ( XXXX ) inaccurate. By Definition, the IRS Clearly says a Cancelled debt or charge off is Income. The reporting of this account as a debt is inaccurate. I never received a 1099-C from Goldman Sachs Bank USA for the cancelled debt of { { { {$5000.00} } } } in order to file as ordinary income. Where is my 1099-C? Goldman Sachs Bank USA writing off debt with the IRS without sending out 1099-C as required by the IRS for debts greater than { { { {$600.00} } } }. This is unsatisfactory! 

Furthermore, When a credit balance in excess of { { { {$1.00} } } } is created on a credit account through transmittal of funds to a creditor in excess of the total balance due on an account, through amounts otherwise owed to or held for the benefit of the consumer, the creditor shall make a good faith effort to refund to the consumer by check or money order, or credit to a deposit account of the consumer, any part of the credit balance remaining in the account for more than six months, which can be mailed to address provided in this complaint. I expect to receive a response within 30 days from the date of this letter as stipulated by federal law. Thank you for your prompt attention to this matter.

Company response to consumer: Closed with explanation