Consumer complaint received 2024-10-21 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: 1st Franklin Financial Corporation
State: GA

Complaint narrative:
This is in response to the notice I received from 1st FRANKLIN FINANCIAL after filing a CfPB complaint in which I demanded due assurance that the alleged borrowers promissory note did not fund the alleged loan to the borrower. 1st FRANKLIN FINANCIAL sent me a copy of the alleged promissory note in their response to my CfPB complaint, and upon seeing the note for myself and reading the agreement it appears that 1st FRANKLIN FINANCIAL CORPORATION who is the party that demands payment from XXXX XXXX XXXX XXXX and is reporting a derogatory account to XXXX XXXX XXXX XXXX consumer report is not entitled to any payments whatsoever. This is because the stamp on the note at the very top left hand corner says the note was pledged to XXXX XXXX Bank XXXX. It is a fact that XXXX XXXX BANK XXXX. XXXX XXXX is the real holder of the original note not 1st FRANKLIN FINANCIAL therefore 1st FRANKLIN FINANCIAL has no right to demand payment in accordance with a note they dont own. If I pay 1st FRANKLIN FINANCIAL I would be paying the wrong party I would then end up having to pay the proper party again. I could be paying twice if I am not paying the correct party. ( See UCC 3-302 ) I know you receive financial assets from these notes all the time. Now that 1st FRANKLIN FINANCIAL has disclosed to me the chain of ownership in regards to the note which I have attached a copy of the note with this complaint. 1st FRANKLIN FINANCIAL can no longer attempt to collect on the alleged debt or report negative things to my consumer report because they do not hold the original note XXXX XXXX XXXX  owns it. If 1st FRANKLIN FINANCIAL doesnt delete this account from XXXX XXXX XXXX XXXX consumer report I will take this matter to the office of comptroller currency ( OCC ). None of the claims I have made against 1st FRANKLIN FINANCIAL have been fraudulent claims. This issue is identity theft ( the note was stolen and forged to appear as if I owed another party while paying the wrong party and was then stamped endorsed and used as money all without my authorization which any thing done with my information without my authorization is identity theft. Then 1st FRANKLIN FINANCIAL who has no claims to any debt because that party no longer owns the original note has also accessed the borrowers credit and charged off the account and received income from the account and has therefore reported incorrect fraudulent information to the alleged borrowers consumer report for more than 4 years. As well as the issue of 1st FRANKLIN FINANCIAL not being the correct party to collect payment for any debts said to be owed in the alleged agreement. Only XXXX XXXX can do that since they hold the original note. I do not recall having ever been loaned the amount of XXXX XXXX  cash value of 1st FRANKLIN FINANCIALS own money. 1st FRANKLIN FINANCIAL didnt loan XXXX XXXX XXXX XXXX any of 1st FRANKLIN FINANCIALS own money. Therefore XXXX XXXX XXXX XXXX XXXX owe 1st FRANKLIN FINANCIAL anything. The alleged debt is fake debt and I demand this debt be deleted from the consumer report belonging to XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation