Consumer complaint received 2024-08-05 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: SYNCHRONY FINANCIAL
State: GA

Complaint narrative:
As per the Fair Credit Reporting Act 15 USC 1681 section 602 ( a ), it emphasizes the necessity for consumer reporting agencies to carry out their duties fairly, impartially, and with due regard for consumers ' privacy rights. Notable among these agencies are XXXX, XXXX, and XXXX, where I act as the consumer. Protecting my confidential data from disclosure is paramount, as reinforced by 15 USC 6801, which underscores financial institutions ' obligation to uphold customer privacy and safeguard their nonpublic personal information. Under 15 USC 1681 section 604 ( a ) ( 2 ), it's stipulated that consumer reporting agencies may provide consumer reports only under specific circumstances, primarily upon receiving written instructions from the concerned consumer. Neither the financial institution nor the consumer reporting agenciesXXXX, XXXX, and XXXX my consent to furnish my information, particularly without written authorization. Any form of consent given to these agencies or information providers to credit agencies, whether explicit or implied, is hereby revoked. Furthermore, 15 USC 6802 ( b ) ( c ) mandates that financial institutions can not disclose nonpublic personal information to nonaffiliated third parties without explaining how consumers can opt out of such disclosure. However, the information provider to credit agencies failed to inform me of my right to exercise this option. Additionally, 15 USC 1681c ( a ) ( 5 ) prohibits consumer reporting agencies from including certain adverse information in consumer reports without proper authorization. The inclusion of the account without my consent constitutes an adverse item, violating the law. According to 15 U.S. Code 1681s2 ( A ) ( 1 ), furnishing inaccurate consumer information to consumer reporting agencies is prohibited. XXXX, XXXX, and XXXX also fail to maintain reasonable procedures to avoid violations of consumer reporting standards, as mandated by 15 U.S. Code 1681e. Lastly, 12 CFR 1016.7 asserts that consumers have the right to opt out of reporting services at any time. Therefore, I am exercising my right to opt out of your reporting services.

I am writing to formally dispute the reporting of a charged-off account on my credit report, specifically the reporting of a Form 1099-C issued for the account. I believe there has been an error in how this information has been handled and reported.

According to IRS Publication 4681, " Canceled Debts, Foreclosures, Repossessions, and Abandonments, '' Form 1099-C is used to report the cancellation of debt. It is important to note that while this form reports the cancellation of debt, it is not necessarily a declaration of taxable income in every instance.

The IRS publication outlines that a Form 1099-C is considered a certificate of indebtedness and Income can not be reported.

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