I had a Home Equity Line of Creidt ( " HELOC '' ) with Bank of America in the original amount of {$100000.00}. The home was foreclosed on back in XXXX. Bank of America ( " B of A '' ) reported that it charged off the debt to the credit bureaus. In XXXX XXXX B of A entered into the largest settlement in XXXX history agreeing to pay {$16.00} XXXX. As part of that settlement, over {$7.00} Billion went to debt forgiveness which was supposed to benefit consumers. For each dollar of debt forgiveness, B of A was actually credited MORE than the dollar forgiven towards the settlement. Rather than crediting collectible debt, B of A did the shrewd thing and discharged debt which, like mine, was completely non-collectible. In my case, for example, the debt was over XXXX years since date of last payment and B of A could not sue over the debt and the lien against the home had been discharged in the foreclosure sale. So B of A essentially " gave me '' the balance of the {$100000.00} loan, as partial penance for its wrongdoing, but the only " benefit '' to me is that I am now XXXX 'd on this debt and have to declare that money on my taxes resulting in a HUGE and unpayable tax debt. B of A, on the other hand, gets credited real money against its fine. So be it. Perhaps I will write to the independent settlement monitor Professor XXXX XXXX XXXX to complain about this practice. 
The issue of relevance to the CFPB is that B of A has refused, on multiple occasions now, to correct the notations in XXXX that this HELOC is still being erroneously reported as a " charge off ''. I have disputed this with the bureaus and each XXXX comes back stating that B of A is saying that the charge off is correct. It is not correct. Like in a bankruptcy case where a debt can no longer be reported as a charge off when the debt is extinguished, the bank has not " charged off '' this amount. It has " paid '' the debt ( leaving itself with a monetary credit towards settlement in excess of the amount of the uncollectable 'paid ' debt and me with a tax burden XXXX of dollars ). The only conceivable thing I could receive out of this settlement intended to consumers like myself harmed by B of A 's practices was to have the loan report correctly on my report. And they repeatedly refuse to do even that. I have all documentation ... the letters to B of A requesting removal, letters to the bureaus, and the bureaus ' 'verification ' of the 'charge off ' status. This is beyond adding insult to injury. It is further unlawful financial misconduct by B of A, under the auspices of a settlement with the XXXX consumer. 
