Consumer complaint received 2025-05-27 00:00:00
Product: Debt collection — Other debt
Issue: Attempts to collect debt not owed — Debt was result of identity theft
Company: SOFI TECHNOLOGIES, INC.
State: MI

Complaint narrative:
I am filing this follow-up to my prior CFPB complaint ( ID XXXX ) against SoFi Bank, XXXX XXXX XXXX XXXX XXXX, and XXXX XXXX XXXX. SoFi fraudulently securitized a personal loan using my identity and trust-held identifiers without my permission, violating federal laws including the Fair Credit Reporting Act ( FCRA ) and Fair Debt Collection Practices Act ( FDCPA ). There was no mutual meeting of the minds or consideration given for the note, which SoFi used to borrow lawful money, sold to investors, and left me to repay. XXXX and XXXX, as subsequent debt collectors, have no lawful basis to collect this fraudulently securitized debt, which was also charged off and purchased. 

Details of the Issue : 1. Fraudulent Securitization and Unauthorized Use of Identifiers by SoFi : SoFi Bank, N.A. claims to have originated a personal loan ( Account Number XXXX ) on XX/XX/XXXX, with an original balance of {$20000.00}, as shown in their statement dated XX/XX/XXXX, and XXXX response to my prior CFPB complaint. I assert that SoFi used my identity ( XXXX XXXX ) and trust-held identifiers, specifically XXXX XXXX XXXX and my Taxpayer Identification Number ( TIN ) proprietary assets of XXXX  XXXX  XXXX XXXX XXXX where I am the Grantor and Trusteewithout my permission to securitize this loan. 
Unauthorized Use of Identifiers : I never authorized SoFi to use my trust-held identifiers for any loan or financial transaction. My FTC Identity Theft Reports ( # XXXX, # XXXX ) document this unauthorized use, constituting identity theft. SoFis use of my identifiers, including my credit score ( XXXX from XXXX, per XXXX CFPB response ), to underwrite the loan violates FCRA 1681b ( unauthorized access to credit data ). 
How SoFi Securitized the Loan : SoFi likely bundled this loan with others into a pool of receivables, creating asset-backed securities ( ABS ) sold to investors through a special purpose vehicle ( SPV ). My identifiers were used to enhance the ABSs creditworthiness, enabling SoFi to borrow lawful money from investors by pledging the loan as collateral. SoFi then sold the note to investors, profiting from the transaction while leaving me to repay the debt. 
Lack of Mutual Agreement and Consideration : I was unaware that SoFi was using my identifiers to securitize credit offered to investors. There was no mutual meeting of the mindsI never agreed to this loan or its securitization, nor was I given consideration ( e.g., lawful money or benefit ) for the note. SoFi essentially stole my identity to create a note, borrowed against it, and sold it, leaving me liable for a debt I never consented to. This renders the loan contract void for lack of mutual assent and consideration, fundamental elements of a valid contract. 
Evidence : SoFis XX/XX/XXXX, statement shows the loan balance at {$16000.00} plus {$1600.00} in accrued interest, with lifetime payments of {$8900.00}, indicating activity I never authorized. My FTC reports and prior complaint against SoFi ( ID XXXX ), demanding cessation of unauthorized use of my identifiers, further support my claim. 

2. Unlawful Collection by XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX, acting for XXXX XXXX XXXX, has attempted to collect this debt, which they claim XXXX purchased on XX/XX/XXXX, after SoFi charged it off on XX/XX/XXXX. Their letter dated XX/XX/XXXX, lists the balance as {$18000.00}. 

Why Collection is Unlawful : Fraudulent Securitization : The loan was fraudulently originated and securitized using my stolen identifiers, rendering it void. Under FDCPA 1692e, debt collectors can not misrepresent the legal status of a debt. Attempting to collect a void debt violates this provision, as well as 1692f ( unfair practices ). 
Lack of Valid Contract : Since there was no mutual meeting of the minds or consideration, the loan contract is invalid. Resurgents reliance on a XXXX agreement I dispute as fraudulent ( due to identity theft ) does not satisfy FDCPA 1692g validation requirements, especially given my fraud allegations. 
Charged-Off Status : SoFi charged off the debt on XX/XX/XXXX, writing it off as a loss, typically reported via IRS Form 1099-C ( Cancellation of Debt ). A charged-off debt can not be collected without clear evidence of its validity, which XXXX has not provided beyond the disputed XXXX. 
Purchased Debt : XXXX purchased this void, charged-off debt, likely for pennies on the dollar. XXXX a fraudulent debt does not confer a lawful basis to collect it, and XXXX has failed to provide the chain of assignment from SoFi to XXXX, despite my demands, further undermining their claim under FDCPA 1692g. 

Evidence : XXXX XX/XX/XXXX, letter and their CFPB response fail to address my identity theft claim adequately, ignoring my FTC reports and the fraudulent nature of the loans origin. The balance of {$18000.00} also conflicts with SoFis  {$18000.00} ( XX/XX/XXXX ), a {$180.00} discrepancy suggesting errors in the debts chain of custody, violating FDCPA 1692e ( 2 ) ( misrepresentation of debt amount ).

Company response to consumer: Closed with explanation