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Complaint Details
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Initial Complaint
11/07/2023
- Complaint Type:
- Product Issues
- Status:
- Answered
As a result of this debt being ran as charge-off, I was legally obligated to receive a ****-C Cancellation of Debt form for the balance that they wrote off. I was never provided with a ****-C form which is a violation of 15usc 1681eb, which speaks on maximum accuracy of the consumer report. Because of that, this account is inaccurate and has to be removed.Business response
11/07/2023
Quite simply, this debt has not been "cancelled", it is still outstanding monies owed to Encompass Credit Union that we charged off as a loss. The act of charging a loan off does not cancel or forgive the debt, which would eliminate our opportunity to seek repayment in the future through other means such as judgements, wage garnishments, or collection agencies. We would be happy to make alternate payment arrangements on the outstanding balance of $8,179.71, but cancelling that debt is not an option. Therefore, you were not sent a Form ****-C (which would create a tax liability for you), and we will continue to report the debt legally and accurately to the credit reporting agencies as an outstanding collectable debt.Customer response
11/08/2023
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and have determined the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
[Provide details of why you are not satisfied with this resolution.]
Regards,
***********************
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Customer Complaints Summary
2 total complaints in the last 3 years.
1 complaints closed in the last 12 months.