Consumer complaint received 2022-10-21
Company: JPMORGAN CHASE & CO.
State: MI
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 am using this platform to make sure there is an accurate record, that Chase Bank is able to make a credit decision based on accurate information and provide insight to a huge criminal scheme 95 % of all financial institutions are involved in against XXXX XXXX Americans. 

On XX/XX/XXXX I applied for a Chase Freedom card and was denied due to XXXX knowingly and willingly providing Chase with inaccurate information. 
Recent charge offs One account is over the limit Recent negative activity XXXX contacted a Chase representative because I assumed they would want to make intelligent decisions based on accurate information. I explained that the information they received from XXXX is NOT accurate. I asked for them to pull another credit report, but claimed they can not, which was strange because I know they can. Maybe the Representative was not properly informed. 
I addressed all the inaccurate information and offered to provide concrete proof to back it up as follows : The one card that XXXX inaccurately claimed is over the limit ( XXXX account with a {$2500.00} limit shows a balance of {$2500.00} ) XXXX has deliberately refused to update and the last update they show is XX/XX/XXXX. Whereas XXXX and XXXX updated on XX/XX/XXXX with a balance of {$250.00}. 
I am attaching the XX/XX/XXXX XXXX XXXX which confirms a balance of {$250.00} NOT {$2500.00}. I am also attaching my XXXX report for the XXXX account which also shows a {$250.00} balance. 

As for the recent charge offs. These were from XXXX loans I received from XXXX thru XXXX and are all over 7 years which means should no longer be on my credit report. I am providing proof of the original loans and my CFPB complaint against the Dept of Education. 
The other charge is from XXXX XXXX which is both over 7 years ago and they issued me a XXXX in XXXX no longer have a legal right to collect. ( I have attached a letter were XXXX XXXX admits to issuing me a 1099_C ) As for my credit score being low ; The credit information which weighs most of any person 's credit score are : Length of credit history : mine is over 5 years = Very good Credit used compared to credit available : Mine is under 15 % = Excellent Recent Negative remarks : I have zero for 7 yrs Negative remarks which are 6 years or old take in about 5 % of a credit score, meaning has very little impact. 
XXXX shows it around 570, this is despite having no negative credit information for nearly 7 years. Despite having used only 15 % of my available credit. Despite having no rent or Mortgage payment, no auto payment ( everything is paid off ) Despite my monthly bills being less than 20 % of my monthly salary. 
How is this possible : I will explain : Financial institutions have learned how to manipulate the FICO algorithms. When a creditor continues to report an old charge Off the FICO algorithm reads that as a recent Charge Off. Here is an example and we will use my Credit Report. XXXX XXXX shows I had a Charge Off in XX/XX/XXXX. However each month they have been re reporting this Charge off. Same with the Student Loans. Although there has been no activity since XXXX, they continue to report each loan every single month. They have also re-aged the loans by having a separate department take them over in XXXX. By doing so this department reports the loans as an original charge off for XXXX, not XXXX. Everyone in the financial industry is well aware of this but plays the ignorance card. 
WHY? You must ask the right question. Who gains when consumers ' credit scores are lower. ANSWER : All financial institutions because they can now charge much higher rates. 

There are other changes the Financial industry has done for the sole purpose of lowering credit scores. Here is one of those recent policies. Back around XXXX when opening a checking account all banks would pull your XXXX systems report : This report would let the banks know if a consumer has written many bad checks which are still unpaid. However, a memo went around to all financial institutions that by pulling consumers ' credit reports whenever a consumer opens a checking account would lower XXXX of millions of credit scores by XXXX - XXXX pts. Doesnt seem like much but that would allow financial institutions to charge 1,2,3 % higher on interest. Think of that, why would a bank need to pull a consumer 's credit score if the consumer is Depositing money into the bank. COMMON SENSE PEOPLE! 

With all this said, I decided to do business with Chase because they are one of the very few who do NOT re-report old charge-offs. Further, I believe their XXXX XXXX XXXX is one of the best CEOs on the planet. I Actually hope he considers running for President in XXXX.

Company response to consumer: Closed with explanation