Consumer complaint received 2021-12-22
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: GA
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:
I'm writing this complaint in regard to an adverse action letter I received concerning a consumer credit application I submitted to BANK OF AMERICA, NA on XX/XX/XXXX for a CREDIT CARD to my open end consumer credit plan, I am a consumer and The adjective consumer, used with reference to a credit transaction, characterizes the transaction as one in which the party to whom credit is offered or extended is a natural person, and the money, property, or services which are the subject of the transaction are primarily for personal, family, or household purposes. The adverse action that that they took against me has caused me much XXXX and made it hard for me to operate as a consumer in commerce. I was deprived of the right to access my open end consumer credit plan and this has caused me financial hardship and stress. Pursuant to the FCRA, as a consumer, accuracy is defined as the measure of value ; value is something only a natural person or human being can measure. Fair to me means no one is taking unjust advantage of another. Congress talks about accuracy and fairness, they're asking me as a consumer to decide whether my consumer report is valuable to me ; and whether I feel like I am receiving a just advantage or no one is taking unjust advantage against me. I have reasons to convict BANK OF AMERICA, NA of 1 count of taking unjust advantage against me on XX/XX/XXXX. according to XXXX XXXX XXXX the adverse action section in the Fair Credit Reporting Act is that it never mentions a denial of credit. It only mentions being denied for insurance or employment. Why does it not ever mention being denied for credit? The answer is in Truth In Lending Act ( TILA ). I am aware that there was a finance charge involved in the transaction which is the sum of all charges. I can not be denied credit because I know that I have an open-end credit plan, which I administered and extend/originate myself credit to make them a creditor/debtor to extend me my own credit. I am the consumer and only a natural person grant such rights. This is why adverse action does not mention being denied for credit because Congress knows the truth, financial institutions don't loan money because there hasn't been any in circulation since 1933 and also pursuant to 12 USC 83, banks are prohibited by law to make loans or discounts on the security of the shares of its own capital stock. So what is BANK OF AMERICA, NA denying me for exactly? are they admitting to violating their corporate charter by attempting to loan me money? Where is the credit coming from exactly? Can they provide me and the CFPB with documentary evidence on where the money being lent is coming from? According to 15 USC 1681m ( C ) ( ii ) ( I ) Information referred to in subparagraph ( A ) - does not include- information solely as transactions or experiences between the consumer and the person furnishing the information. They are found to be in violation labeled Exhibit A & B. This is not a request, I am granted the right to credit under my open-end credit plan which I am administering. Pursuant to 15 USC 1681m The term adverse action ( A ) has the same meaning as in section 1691 ( d ) ( 6 ) of this title ; and ( B ) means ( i ) a denial or cancellation of, an increase in any charge for, or a reduction or other adverse or unfavorable change in the terms of coverage or amount of, any INSURANCE, existing or applied for, in connection with the underwriting of INSURANCE ; ( ii ) a denial of employment or any other decision for employment purposes that adversely affects any current or prospective employee ; ( iii ) a denial or cancellation of, an increase in any charge for, or any other adverse or unfavorable change in the terms of, any license or benefit described in section 1681b ( a ) ( 3 ) ( D ) of this title ; and ( iv ) an action taken or determination that is ( I ) made in connection with an application that was made by, or a transaction that was initiated by, any consumer, or in connection with a review of an account under section 1681b ( a ) ( 3 ) ( F ) ( ii ) of this title ; and ( II ) adverse to the interests of the consumer. The law did not mention any denials of credit but does mentions denial of insurance or employment. The application I submitted to Bank of America, NA was a consumer credit application. Pursuant to 15 USC 1602 ( f ) The term credit means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment. Does this not mean that I granted the right to BANK OF AMERICA, NA as the debtor in this transaction to incur debt and defer its payments? so why am I being denied for CREDIT that I am granting? I did not apply for insurance or employment with BANK OF AMERICA, NA. Every consumer credit transaction includes a finance charge. a finance charge is defined as the sum of all charges, payable directly or indirectly by the person to whom the credit is extended, and imposed directly or indirectly by the creditor as an incident to the extension of credit pursuant to 15 USC 1602 ( j ) - The terms open end credit plan and open end consumer credit plan mean a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance .I 'm granting the right as the original creditor to open, my open-end consumer credit plan. copies of the federal laws will be uploaded labeled exhibit c, d and e.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation