Credit reporting or other personal consumer reports -- Problem with a company's investigation into an existing problem -- Complaint #9940498

Complaint Overview

Complaint ID: 9940498

Company: World Omni Financial CORP.

Product: Credit reporting or other personal consumer reports

Sub-Product: Credit reporting

Issue: Problem with a company's investigation into an existing problem

Sub-Issue: Their investigation did not fix an error on your report

State: Florida

ZIP Code: 33604

Date Received: 2024-08-27T12:00:00-05:00

Date Sent to Company: 2024-08-27T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

I am writing to formally request an investigation into the credit reporting practices of XXXX and XXXX. After a thorough review of my credit reports, I have identified several inaccuracies related to the following accounts : XXXX XXXX XXXX XXXX XXXX : Account Number XXXX Upon review, I noticed that critical information such as the open date, the date last active, and the date of last payment are inconsistently reported across the three major credit bureaus. This inconsistency is a violation of the Fair Credit Reporting Act ( FCRA ), specifically Section 1681e ( b ), which mandates that consumer reporting agencies must follow reasonable procedures to assure maximum possible accuracy of the information they report. Furthermore, I have identified additional discrepancies that I believe warrant immediate correction : Charge-Off Balance Reporting : One of my accounts, listed as a charge-off, is still showing a balance even though it was sold to a debt collector. This is inaccurate reporting, as the original creditor no longer owns the debt. The balance should be listed as XXXX, particularly since I have not received a Form 1099-C for cancellation of debt income, which is required for tax purposes when a debt is canceled. 1099-C Reporting Issue : In my communications with XXXX, XXXX was informed that I would receive a 1099-C when the statute of limitations expires. However, if the creditor has already reduced their tax burden by reporting the charge-off to the IRS, I should have received a 1099-C to include in my 2023 tax filings. The fact that I have not received this form raises serious questions about the accuracy and legality of the continued balance reporting on my credit report. Given the discrepancies and the potential legal ramifications under the FCRA, I respectfully request that the CFPB conduct a thorough investigation into XXXX and XXXX 's reporting practices regarding these accounts. I urge you to ensure that all inaccuracies are corrected, including the removal of any improperly reported balances on charged-off accounts. I trust that the CFPB will take swift action to uphold the integrity of the credit reporting system and to protect consumers like myself from the damaging effects of inaccurate credit reporting. Thank you for your attention to this urgent matter. I look forward to your response and to the prompt resolution of these issues.

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