Consumer complaint received 2020-09-27
Company: TD BANK US HOLDING COMPANY
State: CA
Product: Credit card or prepaid card
Sub-product: Store credit card
Issue: Trouble using your card
Sub-issue: Credit card company won't increase or decrease your credit limit

Complaint:
Dear Sir or Madam : I am responding to my discovery of how TD Bank USA/TargetCred has  negligently and negatively impacted my good credit. 

On or about XX/XX/XXXX TD Bank USA/TargetCred reduced my credit limit claiming I had too many inquiries on my account, *WHICH IS INCORRECT, and that my account had been dormant. The TargetCred representatives and supervisors indicated they reduced my {$1500.00} credit limit to {$500.00}. What a JOKE and DIS-SERVICE to good credit worthy consumers, such as myself. They stated they obtained this information from XXXX. TD Bank USA/TargetCred is conducting unfair and harmful practices to consumers. Here are the facts : 1 ) I was never notified, encouraged, or even threatened by TD Bank USA/TargetCred that my account activity was considered dormant and/or at risk of its credit being reduced. Nor was I ever informed to increase use of my account ; 2 )  TD Bank USA/TargetCred representatives indicated I had too many recent inquiries. *What a JOKE *I only had two credit inquiry in the past 5 years, outside of TD Bank/Target. They were, in fact, the very last ones who had checked my credit history, prior to issuing me credit with them back XX/XX/XXXX. Bizarre.??? 

The problem and huge DIS-SERVICE this does to credit worthy and responsible consumers, such as myself, is it harms US, has negative impact and consequences on us. When companies such as TD Bank USA/TargetCred do not inform its customers, reduce their credit, this causes a potential increase in credit usage, and messes up our good credit profile. Shame on TD Bank USA/TargetCred! 

For the last 8 years, I do not carry over a 3-5 % balance on my credit cards. I pay them off. It wasnt until I was notified by XXXX that my credit usage had significantly increased to 21.60 % due to this reduction change in my credit, unknown to me. 
Good thing I was not attempting to conduct financial business. This unknown negative information could have significantly affected me receiving fair and just credit services. 

I have maintained an excellent payment history for the past 8 years, and I maintain a very low-to No balance on my credit cards. This is my normal. I maintain a great paying history. I have very few credit inquiries in the past 5 years. All of this has been repeatedly reported on all of the three major credit bureaus ( XXXX XXXX XXXX and XXXX  ). 

According to the FCRA, credit inquiries resulting in denial of credit based off of false or inaccurate information obtain by a potential creditor/lender are to be removed immediately. Furthermore, it is well established that hard inquiries resulting in denial of credit based off of incorrect/inaccurate information further damages the consumers credit profile. Not good! Not fair! 

Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information. Inaccurate, incomplete or unverifiable information must be removed or corrected, usually within 30 days. However, a consumer reporting agency may continue to report information it has verified as accurate. 

Again, I have asked both XXXX and TD Bank USA/TargetCred to IMMEDIATELY REMOVE THE DEROGATORY INFORMATION ( XXXX  hard inquiry ), because it is based off false and misleading information, and to send me written confirmation that they have complied with the law. Failure to do so will act as evidence of infringement upon my legal rights as a consumer. The games that large corporations play to hurt the rights of consumers further weakens the integrity of our consumer fair credit reporting system. 

Please do your part to enforce this deceptive loop hole in the system, and demand that these two entities, XXXX and TD Bank USA/TargetCred delete inaccurate information. 

Thank you for your prompt attention to this matter. 

Cordially, XXXX XXXX XXXX XXXX. 

Cc : XXXX, XXXX. XXXX XXXX, XXXX, TX XXXX

Company response to consumer: Closed with explanation