Consumer complaint received 2024-12-05 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL

Complaint narrative:
Upon checking my credit report, there's a Bank of America credit card, currently reporting as " charged off '' with an amount of {$3200.00} but it is inaccurate, false and misleading. As prescribed in Bank of America 's SEC quarterly 10Q filings, Bank of America admittingly states that it securitizes credit card accounts and amounts owed on those accounts ( See attached SEC filing pg 78 & 80 ).

" Credit Card and Automobile Loan Securitizations The Corporation securitizes originated and purchased credit card and automobile loans as a source of financing. The loans are sold on a non-recourse basis to consolidated trusts. The securitizations are ongoing, whereas additional receivables will be funded into the trusts by either loan repayments or proceeds from securities issued to third parties, depending on the securitization structure. The Corporations continuing involvement with the securitization trusts includes servicing the receivables and holding various subordinated interests, including an undivided sellers interest in the credit card receivables and owning certain retained interests. '' These reports were certified by XXXX XXXX XXXX, Chief Executive Officer, and XXXX XXXX XXXX, Chief Financial Officer.

How can there be a balance if the application used to apply for credit is collateralized as well as the credit cards being securitized? Bank of America has made profit times 10 but is falsely accusing me of owing a balance. These are fraudulent and deceptive practices! Under the Fair Debt Collections Practices Act ( FDCPA ) and the Fair Credit Reporting Act ( FRA ), information reported by credit reporting agencies must be accurate, verified, and validated. I am reporting the following against BANK OF AMERICA : 1. Inaccurate Reporting : The bank has reported inaccurate information regarding my account to credit reporting agencies. This misinformation has adversely affected my credit score and financial standing. In accordance with 15 USC 1681C ( a ) ( 5 ) states '' Except as authorized under subsection ( b ), no consumer reporting agency may make any consumer report containing any of the following items of information Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years. '' This account is an adverse item they are reporting again without my permission which is prohibited.

2. Misuse of Federal Reserve Loans : I am concerned that Bank of America may be abusing loans obtained from the Federal Reserve. It appears that these funds are not being utilized in a manner consistent with ethical banking practices, particularly in relation to my account. The account is being reported as a " charge-off. '' According the Internal Revenue Service, accounts that are considered charge offs must issue proper 1099 's such as a 1099C is properly report the alleged debt.

3. Abuse of Insurance Policy : The bank charged me while collecting on the insurance policy that was supposed to insure the alleged loan.

This practice appears to be an abuse of the insurance coverage and has resulted in additional financial burden on my part.

4. Securities Fraud and Identity Theft : The initial application for credit with the social security number was collateralized as a credit entry in the bank 's book as if they are the original creditor. The application itself has been monetized at the FED window. How there possibly be an alleged debt owed? This is false and misleading.

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