Consumer complaint received 2024-12-26 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: Spring Oaks Capital, LLC
State: TX

Complaint narrative:
I am filing this formal complaint regarding SpringOakCaps ( SPRINGOAKCAP ) inaccurate, misleading, and unlawful reporting practices on my credit report. Below are the violations of my rights under federal law and the inaccuracies I have identified. I am also including specific laws under which I may take legal action and requesting an in-depth investigation into SpringOakCap 's practices by the CFPB. 

Violations and Inaccuracies Identified : Failure to Provide Validation of Debt SpringOakCap has failed to provide a signed agreement, supporting documentation, or proof of my obligation to this debt, despite my prior disputes. 
This is a violation of 15 U.S.C. 1692g ( b ) under the FDCPA, which requires debt collectors to provide validation of the debt and cease collection efforts until validation is provided. 

Reporting Inaccurate and Misleading Information The account is listed as both a " Collection '' and " Chargeoff, '' which is misleading and contradictory.

No verifiable evidence of the alleged debt or accurate balance has been provided, violating 15 U.S.C. 1681e ( b ) under the FCRA, which requires data furnished to credit bureaus to be accurate and complete. 

Failure to Issue a 1099-C for Charged-Off Debt If the debt has been charged off, 26 U.S. Code 6050P requires that a Form 1099-C be issued for debts canceled or discharged over {$600.00}. The absence of such documentation raises legal and procedural questions about the debt 's legitimacy. 

Failure to Notify Me of the Debt SpringOakCap failed to send written notice within five days of the initial communication as required by 15 U.S.C. 1692g ( a ), informing me of the debt and my rights to dispute it. 
Failure to Cease Reporting After Dispute Resolution Despite my previous disputes, the account continues to report negatively. The listed comment, " Dispute resolved ; customer disagrees, '' is inaccurate and violates 15 U.S.C. 1681i ( a ), which mandates a reasonable reinvestigation of disputed information.

Fraudulent Reporting The continued reporting of this false and unvalidated account suggests potential violations of 15 U.S.C. 1692e, which prohibits deceptive or misleading representations in connection with debt collection.

I request that the CFPB investigate SpringOakCaps compliance with : Fair Credit Reporting Act ( FCRA ) : Specifically, violations of 15 U.S.C. 1681e ( b ) regarding accuracy in reporting and 15 U.S.C. 1681i ( a ) regarding dispute reinvestigation. 
Fair Debt Collection Practices Act ( FDCPA ) : Violations of 15 U.S.C. 1692g ( a ) and 1692g ( b ) related to validation of debts and proper notice. 
IRS Regulations on Cancellation of Debt : Investigate whether SpringOakCap has issued proper 1099-C forms for charged-off accounts exceeding {$600.00}, as required under 26 U.S. Code 6050P. 
Potential Unfair or Deceptive Practices : Review for systemic violations of 15 U.S.C. 1692e regarding deceptive debt collection or reporting practices.

If my demands are not promptly fulfilled, I will consider the following actions : Filing a Civil Lawsuit : FDCPA Violations : Seeking statutory and actual damages under 15 U.S.C. 1692k for emotional distress, reputational harm, and financial damages caused by SpringOakCaps actions. 
FCRA Violations : Pursuing legal remedies unde

r 15 U.S.C. 1681n for willful noncompliance or 1681o for negligent noncompliance. Additional claims for deceptive practices under relevant stat
e consumer protection laws.

Escalating Complaints to Federal and State Authorities : Reporting these violations to the Federal Trade Commission ( FTC ) and state attorney generals office for enforcement action. 
Seeking Punitive Damages : Requesting punitive damages in a civil lawsuit to hold SpringOakCap accountable for its unlawful and reckless reporting practices.

Immediate Deletion of the Account : I demand that this account be permanently removed from all credit reports where it is currently being reported.

Provide a written statement confirming the removal of the account and acknowledgment that no further collection activities will occur.

Compliance Assurance : Ensure that SpringOakCap implements processes to comply with federal laws to prevent harm to other consumers.

Notice of Intent to Pursue Legal Action : If these demands are not fulfilled promptly, I will proceed with the legal actions outlined above and escalate this matter to the fullest extent of the law.

Company response to consumer: Closed with non-monetary relief