Product: Payday loan, title loan, personal loan, or advance loan

I am filing a formal complaint against Upstart and its lending partners due to concerns over their denial of my loan application in a manner that I believe violates the Equal Credit Opportunity Act ( ECOA ) and Regulation B. 
Details of the Issue : Applicant Name : XXXX XXXX Reference Number : XXXX Date of Adverse Action Notice : XX/XX/year> I applied for a loan through Upstart, providing secured collateral as part of the transaction. Despite this, my application was denied based on factors such as credit score, credit history, and income, as outlined in their Adverse Action Notice. I believe this decision and the evaluation process violate federal laws for the following reasons : 1. Failure to Properly Consider Secured Collateral : As a secured creditor, my application should not have been denied based solely on credit score or other traditional metrics when sufficient collateral was provided. Under ECOA ( 15 U.S.C. 1691 ), it is illegal to discriminate in credit transactions, including failing to appropriately assess applications involving secured collateral. 
2. Lack of Transparency in Decision-Making : Upstarts Adverse Action Notice does not explain how the collateral provided was factored into the decision or why my application was denied despite it. This lack of clarity does not align with Regulation B ( 12 CFR 1002 ), which requires creditors to provide specific and detailed reasons for adverse actions.

3. Potential Discrimination : The denial appears to have been based on traditional credit metrics that disproportionately impact certain consumers, particularly those with limited credit histories or non-traditional financial profiles. This may constitute an unfair practice under ECOA, which prohibits credit discrimination. 
Desired Resolution : I am seeking the following resolutions to address this matter : XXXX. Reconsideration of My Application : Request a re-evaluation of my application, taking into full account the collateral provided and my status as a secured creditor, rather than solely relying on traditional credit metrics. 
XXXX. Detailed Explanation of Decision : A clear, written explanation of how my application was evaluated, including how the collateral was considered and how the decision complies with ECOA and Regulation B.

3. Policy Review and Compliance Assurance : I request that Upstart review its credit decision-making policies and practices to ensure compliance with ECOA and Regulation B. This includes providing better transparency and accountability in evaluating secured transactions. 
XXXX. Removal of Any Adverse Credit Impact : If the denial resulted in negative impacts on my credit report ( e.g., inquiries or reporting of the denial ), I request corrective action to remove such entries. 
5. Assurances of Non-Discriminatory Practices : Upstart should commit to addressing any potential discriminatory practices in its lending decisions and provide evidence of corrective measures. 
Supporting Documents Enclosed : Adverse Action Notice dated XX/XX/year> Correspondence regarding the application ( if applicable ) [ Any other relevant documents ] I request that the CFPB investigate this matter to ensure compliance with federal laws and to promote fair and equitable lending practices. 
Thank you for your attention to this complaint. Please let me know if additional information or documentation is needed. 
Sincerely, XXXX XXXX