Consumer complaint received 2023-04-29
Company: AMERICAN EXPRESS COMPANY
State: PA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Getting a credit card
Sub-issue: Application denied

Complaint:
American Express obtained a finance charge in this purchase money loan whereas a purchase money loan is defined in 16 CFR 433.1 ( d ) as a cash advance which is received by a consumer in return for a Finance Charge. American Express utilized the consumers credit card as defined in 15 USC 1602 ( l ) defines the term credit card as any card, plate, coupon book or other credit device existing for the purpose of obtaining money, property, labor, or services on credit. To obtain a finance charge. 
The consumer was denied the cash advance and/or credit extension, based on the color of a credit reporting agencies illegal information reporting on consumer transactions defined in 15 U.S. Code 1681a Exclusions, which states that a consumer report should not include any information solely pertaining to transactions or experiences between the Claimant/Consumer and the person making the report. 
On XX/XX/2023, the consumer contacted American Express to request the legal basis for their decision to deny the consumer the right to extend credit in accordance with 15 U.S. Code 1602 - ( f ), which defines credit as " the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment. '' The consumer was not provided with any legal basis for the decision and was denied access to speak to the underwriter who had securitized the consumer 's application. 
American Express in violation of 15 USC 1611 Wherein as Misleading and false information in conjunction with a credit transaction was relayed to consumer justifying a denial of an extension of credit wherein as out of the same transaction American Express received a benefit. 
American Express is in violation of 15 U.S.C. 1691 ( a ) ( 3 ) which explicitly prohibits discrimination against any consumer for exercising his or her right to obtain credit. American Express has been found to be in violation of the Securities Exchange Act, as they have securitized the consumer 's application and selling it on the open market for profit, for their unjust enrichment, at the detriment to the consumer. This constitutes securities fraud. American Express failed to disclose pertinent information to the consumer which would have enabled the consumer to make an intelligent decision. 

The consumer was misled by American Express ' deceptive practices, and believes that these practices amount to identity theft, securities fraud, tax evasion, and various other federal violations. Furthermore, American Express unlawfully utilized the US mail to deliver deceptive forms to consumers with the intention to deny them an extension of their own credit, an act that is illegal for American Express as it does not have the legal authority to lend its own money or credit. This has caused consumers to have a lack of trust in the banking system. 

American Express is aware that the consumer is crediting the transaction, whereas American Express, through deceptive means, is obtaining the consumer 's social security numbers ( credit card ) and other identifying information, in order to fraudulently access the consumer 's open-ended credit plan, misappropriate the funds, and unjustly enrich themselves through securities fraud.

Company response to consumer: Closed with explanation