XXXX is reporting a debt on my Transunion credit report as an " Open Account '' and as a " Factoring Company Account. '' A factoring company buys debt that is in good standing, not debt that is in default. In order for monies to be factored, the debt must be in good standing. The debt that XXXX XXXX is reporting was a closed Charge-off account. By the very action of purchasing " charged off '' bad debt it should prohibit XXXX XXXX reporting as a factoring company. XXXX XXXX is violating the Fair Credit Reporting Act at 623 ( a ) ( 1 ) ( A ) for knowingly reporting inaccurate information to a consumer reporting agency.