Consumer complaint received 2024-08-31 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: IL

Complaint narrative:
This complaint is to report multiple violations of the Privacy Act of 1974, the Fair Credit Reporting Act, Security Exchange Commission and my rights as a Consumer.

According to the Fair Credit Reporting Act, 15 USC 1681 section 602 ( a ) states " There is a need to ensure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumers right to privacy. '' XXXX, XXXX and XXXX are consumer reporting agencies, and I am the Consumer. I have the right to make sure my private information isn't shared which is backed by 15 USC 6801 which states " It is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers nonpublic personal information. '' Synchrony Bank is a financial institution by definition under that title. 15 USC 1681 section 604 ( a ) section 2 states that " In general 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. '' Synchrony Bank, the financial institution and the Consumer reporting agencies XXXX, XXXX, and XXXX do not have my consent to furnish this information, and they do not have my written consent. All consent to XXXX, XXXX, XXXX, Synchrony Bank whether it be verbal, non-verbal, written, un-written, implied or otherwise is revoked. 15 USC 6802 ( b ) states that " A financial institution may not disclose nonpublic personal information to a nonaffiliated third party unless the consumer is given an explanation of how the consumer can exercise that nondisclosure option. '' Synchrony Bank never informed me of my right to exercise my nondisclosure option.

Not only that 15 USC 1681C ( a ) ( 5 ) states " Except as authorized under subsection ( b ), but no consumer reporting agency may also 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 without my permission which is against the law. 15 U.S. Code 1681s2 ( A ) ( 1 ) A states " A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. 15 U.S. Code 1681e states '' Every consumer reporting agency shall maintain reasonable procedures designed to avoid violations of section 1681c of this title and to limit the furnishing of consumer reports to the purposes listed under section 1681b of this title. XXXX, XXXX and XXXX are not maintaining reasonable procedures. 

XXXX, XXXX, XXXX all reported Account XXXX with a Status reported as {$10000.00} Past Due. These items are violations of Adverse Actions, Accuracy, and Privacy. 
XXXX reported Opened Date of XXXX, XXXX reported Opened Date of XXXX, and XXXX reported Opened Date of XXXX. The reporting of any date is a violation of Privacy. The differing reports between the 3 reporting agencies are violations of Compliance and Accuracy. 

XXXX reported XXXX of Late Payments as XXXX, XXXX reported XXXX, and XXXX reported XXXX. Also, XXXX reported a XXXX XXXX of {$9200.00}, XXXX reported {$0.00}, and XXXX reported {$9200.00}. All XXXX agencies are in violation of reporting Inaccurate Information. 

In XXXX XXXX XXXX, XX/XX/XXXX, a charge off is reported and remarks from XXXX state Charged off as bad debt. 

In the XXXX report XX/XX/XXXX, a Charge Off is reported, and XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX is reported and XXXX XXXX late payments reported. XXXX remarks Charged off account. 

In the XXXX report XXXX XXXX, XXXX XXXX XXXX XXXX is reported and XXXX XXXX late payments are reported. XXXX  Remarks Unpaid balance reported as a loss by the credit grantor. 

Synchrony Bank nor any other entity can 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 credit report which in fact makes reporting of this account 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 Synchrony Bank for the cancelled debt of {$10000.00} in order to file as ordinary income. Synchrony Bank seems to be committing fraud with the accounting of this account with the IRS without sending out XXXX and any other applicable forms as required by the IRS for XXXX greater than {$600.00}. This is unacceptable. I want to see full disclosure of any XXXX, any other forms and other XXXX accounting, including all accounting for adherence to 12 CFR 1026.21 which states when a credit balance in excess of {$1.00} is created in connection with a transaction ( through transmittal of funds to a creditor in excess of the total balance due on an account, through rebates of unearned finance charges or insurance premiums, or through amounts otherwise owed to or held for the benefit of a consumer ), the creditor shall : ( a ) Credit the amount of the credit balance to the consumer 's account ; ( b ) Refund any part of the remaining credit balance, upon the written request of the consumer ; and ( c ) Make a good faith effort to refund to the consumer by cash, 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 6 months, except that no further action is required if the consumer 's current location is not known to the creditor and can not be traced through the consumer 's last known address or telephone number. The involved parties have or should have filed with the IRS, Federal Trade Commission, Security Exchange Commission on my account. I want the account audited and corrected immediately.

Also 12 CFR 1016.7 states that " A consumer may exercise the right to opt out at any time. '' I am opting out of any reporting by Synchrony Bank, XXXX, XXXX and XXXX of this account. 

I demand immediate deletion of the account from ALL credit reporting agencies and {$1000.00} per violation of the Fair Credit Reporting Act, Code of Federal Regulations, and the United States Code. As well as a return of any funds ever paid, Security interests and proceeds, and Insurance Proceeds ever made on the account. 

Also, Synchrony Bank has issued a summons against me in an attempt to collect a debt with a claimed amount of {$10000.00} in XXXX XXXX, Illinois, case number XXXX. With the gross violations in this complaint, the case Synchrony Bank has brought against me shall be immediately dismissed without prejudice and no further negative action nor attempts to collect any debt should be taken.

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