Credit reporting or other personal consumer reports -- Incorrect information on your report -- Complaint #11890230
Disputed Credit Reporting of Settled Accounts
Complaint Overview
Complaint ID: 11890230
Company: Bank Of America, National Association
Product: Credit reporting or other personal consumer reports
Sub-Product: Credit reporting
Issue: Incorrect information on your report
Sub-Issue: Account information incorrect
State: Florida
ZIP Code: 33881
Date Received: 2025-01-31T12:00:00-05:00
Date Sent to Company: 2025-01-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Risk Assessment
Risk Level: medium
The consumer's credit report may contain inaccurate information regarding settled accounts, potentially impacting their creditworthiness and tax filings.
Consumer Sentiment: negative
Topics: Credit reporting, Incorrect information, Account status
AI Analysis
CFPB complaint 11890230 was filed against BANK OF AMERICA, NATIONAL ASSOCIATION regarding Credit reporting or other personal consumer reports (Credit reporting), specifically about "Incorrect information on your report". A consumer disputes the reporting of two settled Bank of America credit card accounts on their credit report, as they were incorrectly classified as income for tax purposes and are still appearing despite being paid off. The complaint was received on January 31, 2025 from Florida. The company responded with "Closed with explanation".
Consumer Narrative
I had two credit cards with Bank of America. I paid both in a settlement. In XXXX, I received a tax document to file these cards on my taxes. According to Federal guidelines credit cards can not be counted as credit and income. These two cards are still on my credit report. One account will be removed in XX/XX/XXXX and the other in XX/XX/XXXX. I am unsure how when both were paid at the same time. I have written BOA, XXXX, and XXXX and they refuse to correct my account.
What You Should Do -- Consumer Action Plan
Consumers should carefully review their credit reports for accuracy and dispute any incorrect information with the credit bureaus and the reporting creditor.
Legal Context & Consumer Protection Laws
The Fair Credit Reporting Act (FCRA) requires credit reporting agencies and furnishers to ensure the accuracy of consumer report information.
Regulatory Insight
Furnishers must investigate disputes and correct inaccuracies, and the reporting of settled accounts as income could violate FCRA provisions if it misrepresents the consumer's financial standing.
Resolution Likelihood
mixed
State-Specific Consumer Protections
In Florida, consumers have rights under state and federal laws to ensure the accuracy of their credit reports.
Industry Comparison
This issue is common in the credit reporting industry, where errors in account status or reporting can lead to significant consumer distress.
Related Issues
Frequently Asked Questions
What is CFPB complaint 11890230 about?
CFPB complaint 11890230 involves Credit reporting or other personal consumer reports (Credit reporting). The consumer reported an issue with "Incorrect information on your report", specifically "Account information incorrect". This complaint was filed against BANK OF AMERICA, NATIONAL ASSOCIATION on January 31, 2025.
Which company is complaint 11890230 filed against?
Complaint 11890230 was filed against BANK OF AMERICA, NATIONAL ASSOCIATION. You can view all complaints against this company on their profile page at /company/bank-of-america-national-association.
What was the company's response to complaint 11890230?
BANK OF AMERICA, NATIONAL ASSOCIATION responded with "Closed with explanation". The response was marked as timely by the CFPB.
When was complaint 11890230 filed?
Complaint 11890230 was received by the CFPB on January 31, 2025. It was sent to BANK OF AMERICA, NATIONAL ASSOCIATION on January 31, 2025.
What state was complaint 11890230 filed from?
Complaint 11890230 was filed from Florida. You can view all complaints from this state at /state/FL.
Was the consumer satisfied with the resolution of complaint 11890230?
Dispute information is not available for complaint 11890230.
What product category is complaint 11890230 about?
Complaint 11890230 is categorized under "Credit reporting or other personal consumer reports", specifically "Credit reporting". This is one of the product categories tracked by the CFPB.
How was complaint 11890230 submitted?
Complaint 11890230 was submitted via Web. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 11890230?
The Fair Credit Reporting Act (FCRA) requires credit reporting agencies and furnishers to ensure the accuracy of consumer report information. This relates to a Credit reporting or other personal consumer reports complaint against BANK OF AMERICA, NATIONAL ASSOCIATION involving "Incorrect information on your report".
How likely is complaint 11890230 to be resolved?
Resolution likelihood: mixed. The company's current response is "Closed with explanation". The company did respond in a timely manner, which is a positive indicator.
What does the risk level mean for complaint 11890230?
This complaint is rated as medium risk. The consumer's credit report may contain inaccurate information regarding settled accounts, potentially impacting their creditworthiness and tax filings.
What regulatory actions apply to complaint 11890230?
Furnishers must investigate disputes and correct inaccuracies, and the reporting of settled accounts as income could violate FCRA provisions if it misrepresents the consumer's financial standing. The CFPB tracks complaints like this one to identify patterns of misconduct across the Credit reporting or other personal consumer reports industry.
What should the consumer do about complaint 11890230?
Consumers should carefully review their credit reports for accuracy and dispute any incorrect information with the credit bureaus and the reporting creditor.
Are there state-specific protections for complaint 11890230?
In Florida, consumers have rights under state and federal laws to ensure the accuracy of their credit reports. This complaint was filed from Florida.
How does complaint 11890230 compare to industry norms?
This issue is common in the credit reporting industry, where errors in account status or reporting can lead to significant consumer distress.
What is the typical timeframe for settled accounts to be removed from a credit report?
Settled accounts typically remain on a credit report for seven years from the date of the last activity or delinquency, but their reporting as income is unusual and likely an error.
What steps can a consumer take if a credit furnisher refuses to correct disputed information?
If a furnisher fails to resolve a dispute, the consumer can file a complaint with the CFPB and potentially escalate the issue to state or federal regulators.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.