Product: Credit card

According to 12 CFR 1002.2 these definitions state ( a ) Account means an extension of credit. When employed in relation to an account, the word use refers only to open-end credit. ( c ) Adverse action. ( 1 ) The term means : ( i ) A refusal to grant credit in substantially the amount or on substantially the terms requested in an application unless the creditor makes a counteroffer ( to grant credit in a different amount or on other terms ) and the applicant uses or expressly accepts the credit offered ; ( e ) Applicant means any person who requests or who has received an extension of credit from a creditor, and includes any person who is or may become contractually liable regarding an extension of credit. For purposes of 1002.7 ( d ), the term includes guarantors, sureties, endorsers, and similar parties. ( f ) Application means an oral or written request for an extension of credit that is made in accordance with procedures used by a creditor for the type of credit requested. The term application does not include the use of an account or line of credit to obtain an amount of credit that is within a previously established credit limit. A completed application means an application in connection with which a creditor has received all the information that the creditor regularly obtains and considers in evaluating applications for the amount and type of credit requested ( including, but not limited to, credit reports, any additional information requested from the applicant, and any approvals or reports by governmental agencies or other persons that are necessary to guarantee, insure, or provide security for the credit or collateral ). The creditor shall exercise reasonable diligence in obtaining such information. ( g ) Business credit refers to extensions of credit primarily for business or commercial ( including agricultural ) purposes, but excluding extensions of credit of the types described in 1002.3 ( a ) ( d ). ( h ) Consumer credit means credit extended to a natural person primarily for personal, family, or household purposes. ( j ) Credit means the right granted by a creditor to an applicant to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment therefore. ( k ) Credit card means any card, plate, coupon book, or other single credit device that may be used from time to time to obtain money, property, or services on credit. ( l ) Creditor means a person who, in the ordinary course of business, regularly participates in a credit decision, including setting the terms of the credit. The term creditor includes a creditor 's assignee, transferee, or subrogee who so participates. For purposes of 1002.4 ( a ) and ( b ), the term creditor also includes a person who, in the ordinary course of business, regularly refers applicants or prospective applicants to creditors, or selects or offers to select creditors to whom requests for credit may be made. A person is not a creditor regarding any violation of the Act or this part committed by another creditor unless the person knew or had reasonable notice of the act, policy, or practice that constituted the violation before becoming involved in the credit transaction. The term does not include a person whose only participation in a credit transaction involves honoring a credit card. ( m ) Credit transaction means every aspect of an applicant 's dealings with a creditor regarding an application for credit or an existing extension of credit ( including, but not limited to, information requirements ; investigation procedures ; standards of creditworthiness ; terms of credit ; furnishing of credit information ; revocation, alteration, or termination of credit ; and collection procedures ). ( n ) Discriminate against an applicant means to treat an applicant less favorably than other applicants. ( q ) Extend credit and extension of credit mean the granting of credit in any form ( including, but not limited to, credit granted in addition to any existing credit or credit limit ; credit granted pursuant to an open-end credit plan ; the refinancing or other renewal of credit, including the issuance of a new credit card in place of an expiring credit card or in substitution for an existing credit card ; the consolidation of two or more obligations ; or the continuance of existing credit without any special effort to collect at or after maturity ). ( r ) Good faith means honesty in fact in the conduct or transaction. ( w ) Open-end credit means credit extended under a plan in which a creditor may permit an applicant to make purchases or obtain loans from time to time directly from the creditor or indirectly by use of a credit card, check, or other device. ( x ) Person means a natural person, corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association. 15 USC 1666b states ( a ) TIME TO MAKE PAYMENTS. A creditor may not treat a payment on a credit card account under an open end consumer credit plan as late for any purpose, unless the creditor has adopted reasonable procedures designed to ensure that each periodic statement including the information required by section 1637 ( b ) of this title is mailed or delivered to the consumer not later than 21 days before the payment due date. I have come to realize that by these definitions I should have been granted an open-ended account and I as the applicant who provided an application that was turned into receivables and securitized have been discriminated against due to the creditors ( American Express ) adverse action to deny me the extension of business/consumer credit to participate in everyday credit transactions via usage of a credit card. This in fact is evidence that American Express has not acted in good faith. 15 USC 6802b ( 1 ) ( 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. American Express never informed me of my right to exercise my nondisclosure option nor were they given my written consent to report my information to a third party ( the consumer reporting agencies XXXX, XXXX, and XXXX ) which a violation of 15 USC 1681 section 604a section 2 which 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. American Express and the consumer reporting agencies XXXX, XXXX and XXXX they reported to do not have my consent to furnish this information and they absolutely do not have my written consent and this is also backed by Privacy Act of 1974 ( 5 USC 552a ). 12 CRF 1016.7 Form of opt out notice to consumers ; opt out methods states ( a ) ( 1 ) Form of opt out notice. If you are required to provide an opt out notice under 1016.10 ( a ), you must provide a clear and conspicuous notice to each of your consumers that accurately explains the right to opt out under that section. The notice must state : ( i ) That you disclose or reserve the right to disclose nonpublic personal information about your consumer to a nonaffiliated third party ; ( ii ) That the consumer has the right to opt out of that disclosure; and ( iii ) A reasonable means by which the consumer may exercise the opt out right. American Express has also violated my right to opt out of such reporting by reporting to XXXX, XXXX, and XXXX. The Securities Act serves the dual purpose of ensuring that issuers selling securities to the public disclose material information, and that any securities transactions are not based on fraudulent information or practices. Due to the fact that my application is a security, American Express is in violation of this law not only by denying me open-ended credit but also never providing me with collateral and selling my security on the secondary market, which is also a violation according to their prospectus. Section 17 ( a ) makes it unlawful to " employ any device, scheme, or artifice to defraud '', " obtain money or property '' by using material misstatements or omissions, or to " engage in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon the purchaser. '' This provision is closely tracked by Section 10b of the Securities Exchange Act and Rule 10b-5, which is used more widely by investors suing for fraud. My application was completed XX/XX/XXXX, which means American Express has been capitalizing and gaining interest on my security for over a year without providing me collateral for my application. According to American Expresss terms and conditions Assigning the Agreement : We may sell, transfer or assign this Agreement and your Account. We may do so at any time without notifying you. You may not sell, assign or transfer your Account or any of your obligations under this Agreement, which is another violation, again, due to American Express creating an account from my application that was accepted electronically, was able to have it securitized through the commercial book-entry system, selling it on the secondary market all while denying me open ended credit and illegally reporting it to the consumer reporting agencies causing my credit score to decrease which hindered me from additional credit opportunities.