Date Received: 2023-12-26
Issue: Managing an account
Subissue: Banking errors
Consumer Complaint: They are advertising no minimum XXXX 's. Which I had open XXXX with XXXX balance each. The date I had open the XXXX 's they were quoted an interest rate for specific terms. The is now claiming XXXX XXXX which is false information.
Company Response:
State: NY
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-12-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-26
Issue: Improper use of your report
Subissue: Reporting company used your report improperly
Consumer Complaint: XX/XX/XXXX I received no benefit from this " transaction '' that shouldn't have been on my consumer report for I was never disclosed my right to opt out for anything to be reported per ( FCRA ) 15 USC 1681A ) ( D ) ( 2 ) ( Exclusions ) " " containing information solely as to transactions or experiences between the consumer and the person making the report. So, why does it reman on my consumer report Seems there is another violation to the Privacy Act of 1974 that I would in good faith notice these to be used to cause me damage and dis- ease for I thank you for your compliance with Federal Law and state all my rights reserved..
Company Response:
State: AL
Zip: 36303
Submitted Via: Web
Date Sent: 2023-12-26
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-26
Issue: Getting a credit card
Subissue: Card opened without my consent or knowledge
Consumer Complaint: XXXX XXXX shows I have an account opened at Kohl 's and I never opened this account. It was charged {$1000.00} on XXXX XXXX. The company opened a fraudulent case for me.
Company Response:
State: OK
Zip: 73013
Submitted Via: Web
Date Sent: 2023-12-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-26
Issue: Problem with a company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: Once again for the XXXX time I have asked for the inaccurate information to be removed from my report! My payment was made for XXXX, XXXX, and paid off balance in XXXX! Not one concern has been properly addressed with support documents! I never placed a cease and desist on my account! I have still not been provided evidence of this! I also advised that the statement address provided was not formatted correctly therefore I confirmed if it not correct they will try and deliver mail but there is no guarantee! You messed up my credit for a month in which payments have been consistently made! I have already sent this to the California state attorney general. My rights have been violated please see the below : 29.518 Reporting delinquent debts to credit bureaus. ( a ) Notice. If a debtor 's response to the demand letter does not result in payment in full, payment by offset, or payment in accordance with a voluntary repayment agreement or other repayment schedule acceptable to the Benefits XXXX, and the debtor 's rights under 29.512 through 29.514 have been exhausted, the Benefits XXXX must report the debtor to a credit bureau. In addition, a debtor 's failure to make subsequent payments in accordance with a repayment schedule must result in a report to a credit bureau. Before making a report to a credit bureau, the Benefits XXXX must notify the debtor in writing that ( 1 ) The payment is overdue ; ( 2 ) The Benefits XXXX intends, after 60 days, to make a report as described in paragraph ( b ) of this section to a credit bureau ; ( 3 ) The debtor 's right to dispute the liability has been exhausted under 29.512 through 29.514 ; and ( 4 ) The debtor may avoid having the Benefits XXXX report the debtor to a credit bureau by paying the debt in one lump sum or making payments current under a repayment schedule. ( b ) Report. If, after being sent the notice described in paragraph ( a ) of this section, the debtor does not pay the overpayment debt or make payments current under a repayment schedule or fails to respond to the notice, and 60 days have elapsed since the notice was mailed, the Benefits XXXX will report to a credit bureau that the debtor is responsible for an unpaid debt and provide the following information : ( 1 ) The debtor 's name, address, taxpayer identification number, and any other information necessary to establish the identity of the individual ; ( 2 ) The amount, status, and history of the debt ; and ( 3 ) The fact that the debt arose in connection with the administration of XXXX XXXX XXXX under a District Retirement Fund. ( c ) Subsequent reports. The Benefits XXXX must update its report to the credit bureau whenever it has knowledge of events that substantially change the status or the amount of the liability. ( d ) Other reporting of delinquent debts. Pursuant to 31 CFR 901.4, delinquent overpayment debts should be reported to the Department of Housing and Urban Development 's Credit Alert Interactive Voice Response System ( CAIVRS ). ( e ) Privacy Act considerations. A delinquent debt may not be reported under this section unless a notice issued pursuant to the Privacy Act, 5 U.S.C. 552a ( e ) ( 4 ), authorizes the disclosure of information about the debtor to a credit bureau or CAIVRS.
Company Response:
State: CA
Zip: 91761
Submitted Via: Web
Date Sent: 2023-12-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-26
Issue: Attempts to collect debt not owed
Subissue: Debt was result of identity theft
Consumer Complaint: My information was sold and bought illegally because I was a victim of the XXXX data breach. I want these items deleted from my credit reports effective immediately. I am attaching proof that XXXX has admitted that I was in fact a victim of this data breach and XXXX has done nothing. Please help me delete these illegal accounts from my credit reports. XXXX XXXX XXXX {$11000.00} Capital One - {$890.00} THANK YOU XXXX XXXX XXXX
Company Response:
State: FL
Zip: 32084
Submitted Via: Web
Date Sent: 2023-12-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-26
Issue: Other features, terms, or problems
Subissue: Other problem
Consumer Complaint: So I called capital one settlement department regarding if I was involved in the settlement. They verified my information, and they stated they sent XXXX emails. I did not receive a email or was never informed by capital one my information was hacked or that I needed to submit a claim for this settlement before the deadline.
Company Response:
State: CA
Zip: 93304
Submitted Via: Web
Date Sent: 2023-12-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-26
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: Capitol One Savor called around XXXX to let me know they were closing my account for no reason that could be disclosed to me. I asked what was the balance and paid IN FULL. Fast forward I see it is being reported as multiple late payments and it was told to me by a supervisor that their representative made a mistake and processed the amount for XXXX less which cause my payment to default and they still have not cleared this mistake they made off my credit report.
Company Response:
State: NY
Zip: 11105
Submitted Via: Web
Date Sent: 2023-12-26
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-27
Issue: Closing your account
Subissue: Company closed your account
Consumer Complaint: On XX/XX/XXXX I endorsed my coupon and sent it in to them. Two weeks later after they received it my account was closed and restricted. This complaint arises from Capital One breach of contract, unjust enrichment, and violation of the Uniform Commercial Code ( U.C.C. ) in relation to a negotiable instrument, specifically a coupon note, which I issued but subsequently refused to honor. I entered into a financial agreement with [ Capital One ]. As part of this agreement, they issued to me a Bond Statement and a coupon note. These are recognized as negotiable instruments under U.C.C. Article 3. Blacks Law Dictionary 6th edition defines : Coupon notes- Promissory notes with coupons attached, the coupons being notes for interest written at the bottom of the principal note. Coupons- They are written contracts for the payment of a definite sum of money. They are deemed negotiable and distinct promises. This is supported by Thompson V. Perrine, 106 U.S. 589, 1 S.Ct. 564, 27 L.Ed. 298. Relying on this established interpretation and precedent, I sought to enforce this coupon note through endorsement and transfer in good faith, as stipulated in U.C.C. 3-301. If such a promise to pay is rendered invalid, it casts doubt on the legitimacy of the entire debt. As established in U.C.C., the debt is either considered satisfied or entirely nullified.capital One refusal to honor this note, despite my actions in alignment with the U.C.C., amounts to a full discharge of the debt as per U.C.C. 3-603. It falls upon Capital One to demonstrate that the issued coupon note does not fulfill the criteria established in the U.C.C. By not acknowledging my rightful claim, I unjustly benefits from the security of the landed estate, which has been trustfully placed into the XXXX XXXX XXXX XXXX. UCC-1 Filed by The Federal Reserve even says that all bills are prepaid. Also, they are commiting Securities and Tax Fraud. In the report it states that in Funding section " Our primary source of funding comes from retail deposits, as they are a relatively stable and lower cost source of funding. In addition to deposits, we raise funding through the issuance of senior and subordinated notes and securitized debt obligations, federal funds purchased, securities loaned or sold under agreements to repurchase and FHLB advances secured by certain portions of our loan and securities portfolios. A key objective in our use of these markets is to maintain access to a diversified mix of wholesale funding sources. See Consolidated Balance Sheets AnalysisFunding Sources Composition for additional information on our primary sources of funding. '' What are securitized debt obligations? Securitized debt instruments are financial securities that are created by securitizing individual loans ( debt ). Securitization is a financial process that involves issuing securities that are backed by a number of assets, most commonly debt. The assets are transformed into securities, and the process is called securitization. The owner of the securities receives an income from the underlying assets ; hence, the term asset-backed securities. The Process of Securitization Securitization is a complex process that includes pooling a large number of loans and transferring the resulting payments to the security holders. The process begins with the entity that holds the assets, the originator, selling the assets to a legal entity, the special purpose vehicle ( SPV ). Depending on the situation, the SPV issues the bonds directly or pays the originator the balance on the debt that is sold, which increases the liquidity of the assets. The debt is then divided into bonds, which are sold on the open market. The bonds represent different amounts of risks that correspond to different yields for the bondholder. In the case of a mortgage-backed security, if the owner defaults, the house would be foreclosed and result in some recovery of the loaned funds. The action of going after the assets when someone defaults on the loan is the reason why the securities are called securitized. Examples : 1. Mortgage-backed Securities ( MBS ) Mortgage-backed securities ( MBS ) are bonds that are secured by homes or real estate loans. They are created when a large number of such loans are pooled together ( they could be as large as {$10.00} million ), and then the pool is sold to a government agency like XXXX XXXX, XXXX XXXX, or to a securities firm who will use it as collateral for another mortgage-backed security. 2. Asset-backed Securities ( ABS ) Asset-backed securities ( ABS ) are bonds that are created from consumer debt. When consumers borrow money from the bank to fund a new car, student loan or credit cards, the loans become assets in the books of the entity ( usually a bank ) that is offering them this credit. The assets are then sold to a trust whose sole purpose is to issue bonds that are backed by such securities. The payments made on the loan flow through the trust to the investors who invest in these asset-backed securities. What this means is that my credit card was securitized and pledged. You have been pledging ( giving security on a loan ) credit loans to the Federal Reserve Bank as collateral, meaning you didn't disclose that my signature and credit application was being used to borrow money from a third party. This goes against the meaning of a contract. One essential element of contract is Certainty and Consideration and I was never made aware of this. To be enforceable, a contract must include certain terms, and the ability to fulfill the essential terms of an agreement must be guaranteed. These terms must be clear and unambiguous. There are two essential terms in any agreement : the first one is consideration or price to a bargain ( something of value given in exchange for something else of value. They didn't put up anything of value at all. consideration-https XXXX XXXX Consideration is a promise, performance, or forbearance bargained by a promisor in exchange for their promise. Consideration is the main element of a contract. Without consideration by both parties, a contract can not be enforceable. For instance, if a person used the money to purchase an apple, the apple is the merchants consideration, and the money is the persons consideration. Capital One didn't put up any consideration. contract-https : //www.law.cornell.edu/wex/contract A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are : mutual assent, expressed by a valid offer and acceptance ; adequate consideration ; capacity ; and legality. In some states, elements of consideration can be satisfied by a valid substitute. Possible remedies for breach of contract include general damages, consequential damages, reliance damages, and specific performance. Background : Contracts are promises that the law will enforce. Contract law is generally governed by state common law, and while general overall contract law is common throughout the country, some specific court interpretations of a particular element of the contract may vary between the states. If a promise is breached, the law provides remedies to the harmed party, often in the form of monetary damages, or in limited circumstances, in the form of specific performance of the promise made. Elements -- Consideration and Mutual Assent Contracts arise when a duty comes into existence, because of a promise made by XXXX of the parties. To be legally binding as a contract, a promise must be exchanged for adequate consideration. The alleged contract with Capital One is null and void. It was never a lawful contract from the start. They are in breach of written agreements, use false and misleading advertisements, act without written permission, authorization, and without the alleged borrowers knowledge to transfer actual cash value from the alleged borrower to Federal Reserve XXXX XXXX investor and return it as a loan. In their GAAP ( account system ) it shows that the actual cash value shows up like a loan from the borrower to the bank or as a deposit which it is not taxable. So they are committing fraud, tax fraud to be exact and the IRS will be knowing about this. Now they are asking me to pay you the principal plus interest when they didn't put up anything at all which is a violation of a contract. My alleged credit cards that I have been paying on monthly was paid off soon as they cashed it in with the Federal Reserve Bank. Case law that supports this is https : XXXX XXXX XXXX, XXXX A., Plaintiff, v. XXXX XXXX and XXXX XXXX, XXXX and severally, Case No. XXXX Defendants. Other sections to note in their annual SEC Filing is : Short-Term Borrowings and Long-Term Debt We access the capital markets to meet our funding needs through the issuance of senior and subordinated notes, securitized debt obligations and federal funds purchased and securities loaned or sold under agreements to repurchase. In addition, we have access to short-term and long-term FHLB advances secured by certain investment securities. Also Borrowing Capacity section : We maintain a shelf registration with the U.S. Securities and Exchange Commission ( SEC ) so that we may periodically offer and sell an indeterminate aggregate amount of senior or subordinated debt securities, preferred stock, depositary shares, common stock, purchase contracts, warrants and units. There is no limit under this shelf registration to the amount or number of such securities that we may offer and sell, subject to market conditions. In addition, we also maintain a shelf registration associated with our credit card securitization trust that allows us to periodically offer and sell up to {$30.00} XXXX of securitized debt obligations and a shelf registration associated with our auto loan securitization trusts that allows us to periodically offer and sell up to {$25.00} XXXX of securitized debt obligations. The registered amounts under these shelf registration statements are subject to continuing review and change in the future, including as part of the routine renewal process. In addition to our issuance capacity under the shelf registration statements, we also have pledged collateral to support our access to FHLB advances, the Federal Reserve Discount Window, the Bank Term Funding Program ( BTFP ) and the Fixed Income Clearing Corporation - Government Securities Division ( FICCGSD ) general collateral financing repurchase agreement service. For each of these programs, the ability to borrow utilizing these sources is dependent on meeting the respective membership requirements. Our borrowing capacity in each program is a function of the collateral the Bank has posted with each counterparty, including any respective haircuts applied to that collateral. As of XX/XX/XXXX, we pledged both loans and securities to the FHLB to secure a maximum borrowing capacity of {$31.00} XXXX, of which {$50.00} XXXX was used. Our FHLB membership is supported by our investment in FHLB stock of {$18.00} XXXX and {$15.00} XXXX as of XX/XX/XXXX and XX/XX/XXXX, respectively. As a member of XXXX, we have {$15.00} XXXX of readily available borrowing capacity secured by securities from our investment portfolio as of XX/XX/XXXX. Our FICCGSD membership is supported by our investment in Depository Trust and Clearing Corporation ( DTCC ) common stock of {$370.00} XXXX as of both XX/XX/XXXX and XX/XX/XXXX. As of XX/XX/XXXX, we pledged loans to secure a borrowing capacity of {$40.00} XXXX under the Federal Reserve Discount Window. Additionally, we pledged securities to secure a borrowing capacity of {$9.00} XXXX under the BTFP. Our membership with the Federal Reserve is supported by our investment in Federal Reserve stock, which totaled {$1.00} XXXX as of both XX/XX/XXXX and XX/XX/XXXX Also Liquidity Risk Section : We have established liquidity practices that are intended to ensure that we have sufficient asset-based liquidity to cover our funding requirements and maintain adequate reserves to withstand the potential impact of deposit attrition or diminished liquidity in the funding markets. In addition to our cash and cash equivalents, we maintain liquidity reserves in the form of investment securities and certain loans that are either readily-marketable or pledgeable. Our liquidity reserves increased by {$11.00} XXXX to {$110.00} XXXX as of XX/XX/XXXX from XX/XX/XXXX, primarily due to increases in cash and cash equivalents. In addition to these liquidity reserves, we maintain access to a diversified mix of funding sources as discussed in the Borrowing Capacity and Funding sections below. See Part IIItem 7. MD & ARisk Management in our XXXX Form XXXX for additional information on our management of liquidity risk. Also, Securities Pledged and Received section : We pledged investment securities totaling {$44.00} XXXX and {$21.00} XXXX as of XX/XX/XXXX and XX/XX/XXXX, respectively. These securities are primarily pledged to support our access to Federal Home Loan Banks ( FHLB ) advances, the Bank Term Funding Program ( BTFP ) and Public Fund Deposits, as well as for other purposes as required or permitted by law. We accepted pledges of securities with a fair value of approximately {$72.00} XXXX and {$82.00} XXXX as of XX/XX/XXXX and XX/XX/XXXX, respectively, related to our derivative transactions. Also, Loans Pledged section : We pledged loan collateral of {$7.00} XXXX and {$9.00} XXXX to secure a portion of our FHLB borrowing capacity of {$31.00} XXXX and {$19.00} XXXX as of XX/XX/XXXX and XX/XX/XXXX, respectively. We also pledged loan collateral of {$69.00} XXXX and {$34.00} XXXX to secure our Federal Reserve XXXX XXXX borrowing capacity of {$40.00} XXXX and {$19.00} XXXX as of XX/XX/XXXX and XX/XX/XXXX, respectively. In addition to loans pledged, we have securitized a portion of our credit card and auto loan portfolios. See Note XXXX Interest Entities and Securitizations for additional information. Also, Securitization-Related XXXX section '' In a securitization transaction, assets are transferred to a trust, which generally meets the definition of a XXXX. We engage in securitization activities as an issuer and an investor. Our primary securitization issuance activity includes credit card and auto securitizations, conducted through securitization trusts which we consolidate. Our continuing involvement in these securitization transactions mainly consists of acting as the primary servicer and holding certain retained interests. In our multifamily agency business, we originate multifamily commercial real estate loans and transfer them to government-sponsored enterprises ( GSEs ) who may, in turn, securitize them. We retain the related mortgage servicing rights ( MSRs ) and service the transferred loans pursuant to the guidelines set forth by the GSEs. As an investor, we hold primarily RMBS, CMBS, and ABS in our investment securities portfolio, which represent variable interests in the respective securitization trusts from which those securities were issued. We do not consolidate the securitization trusts employed in these transactions as we do not have the power to direct the activities that most significantly impact the economic performance of these securitization trusts. We exclude these VIEs from the tables within this note because we do not consider our continuing involvement with these VIEs to be significant as we either solely invest in securities issued by the XXXX and were not involved in the design of the XXXX or no transfers have occurred between the XXXX and ourselves. Our maximum exposure to loss as a result of our involvement with these VIEs is the carrying value of the MSRs and investment securities on our consolidated balance sheets as well as our contractual obligations under loss sharing arrangements. See Note XXXX, Contingencies, Guarantees and Others for information about the loss sharing agreements, Note XXXX and Other Intangible Assets for information related to our MSRs associated with these securitizations and Note XXXX Securities for more information on the securities held in our investment securities portfolio. In addition, where we have certain lending arrangements in the normal course of business with entities that could be VIEs, we have also excluded these VIEs from the tables presented in this note. See Note XXXX for additional information regarding our lending arrangements in the normal course of business. Also, Credit Card Securitizations section : We securitize a portion of our credit card loans which provides a source of funding for us. Credit card securitizations involve the transfer of credit card receivables to securitization trusts. These trusts then issue debt securities collateralized by the transferred receivables to third-party investors. We hold certain retained interests in our credit card securitizations and continue to service the receivables in these trusts. We consolidate these trusts because we are deemed to be the primary beneficiary as we have the power to direct the activities that most significantly impact the economic performance of the trusts, and the right to receive benefits or the obligation to absorb losses that could potentially be significant to the trusts. This is detailed on how they are committing fraud.
Company Response:
State: GA
Zip: 31763
Submitted Via: Web
Date Sent: 2023-12-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-27
Issue: Getting a credit card
Subissue: Sent card you never applied for
Consumer Complaint: On XX/XX/2023 CAPITAL ONE BANK USA NA ( XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX ) requested a hard inquiry on my credit without my permission. On XX/XX/2023 I received a XXXX XXXX credit card in the mail that I did not authorize. I will call the company to inquire and am alerting the CFPB of this issues as recommended.
Company Response:
State: CA
Zip: 90031
Submitted Via: Web
Date Sent: 2023-12-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-27
Issue: Improper use of your report
Subissue: Reporting company used your report improperly
Consumer Complaint: According to the Fair Credit Reporting Act 15 USC 1681 section 602 a states " There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumers right to privacy. '' XXXX IS A consumer reporting agency 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. " XXXX XXXX, Capital One, are financial institutions 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. " XXXX XXXX, Capital One are financial institutions and the Consumer reporting agency XXXX do not have my consent to furnish this information and they surely do not have my written consent. Any and all consent to XXXX, ( XXXX XXXX, Capital One ) whether it be verbal, non-verbal, written, implied or otherwise is revoked. 15 USC 6802 ( b ) ( c ) 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. '' ( XXXX XXXX, Capital One ) 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 ), no consumer reporting agency may 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 again 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 is not maintaining reasonable procedures. Also 12 CFR 1016.7 states that " A consumer may exercise the right to opt out at any time. '' I am opting out of your reporting services.
Company Response:
State: TX
Zip: 75070
Submitted Via: Web
Date Sent: 2023-12-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A