Consumer complaint received 2022-10-27
Company: TD BANK US HOLDING COMPANY
State: MI
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
I am using this platform to make sure there is an accurate record, that Target underwriting 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 300 million Americans. 

On XX/XX/XXXX, I applied for a Target red card and was denied due to XXXX knowingly and willingly providing Target with inaccurate information. I called and spoke to a Target Representative on XX/XX/XXXX who informed me I was denied due to recent Charge Offs. 
Recent charge offs Recent negative activity I am filing this request of reconsideration through the CFPB to have an accurate record and because I assume Target would want to make intelligent credit decisions based on accurate information. 

The Information Target received from XXXX is NOT accurate. Every single Charge Off on my credit report is from XXXX loans I received between XXXX - XXXX. They are all more than 7 yrs old since the date of last activity as I XXXX in XXXX and never applied for other XXXX loans since. However, these accounts were given to another department and that department used a tactic widely known as re-aging. This department changed the date of last activity from XXXX to XXXX. I am providing the original documents to those XXXX loans as proof. 

The final reason for using the CFPB platform is to find out if Target is also a player of the Major Credit Score scheme most financial institutions are involved in. It is not difficult to recognize the scheme but many banks look for a reason to deny an application in order to uphold the purpose of this scheme. Which is to deny consumers who have previously filed complaints or lawsuits against Creditors. There is a stream of data all financial institutions share with each other on each consumer which allows the financial industry to also discriminate against every potential borrower. 
Target will either play the ignorant card and deny me credit again or view my credit report accurately which confirms the following. 
I have a good credit history length, my credit Used is only 11 %, which is excellent, my payment history over the last 7 years is Excellent, my monthly payments are less than 20 % of my monthly salary which is again Excellent. 
So if a bank 's primary focus is whether a consumer has the ability to pay then I would be rated as an excellent consumer to offer credit to. 

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 XXXX for 7 yrs Negative remarks which are 6 years or older impact a credit score minimally about 5 % of a credit score. 
Yet, XXXX has my credit score at only XXXX, this is despite having no negative credit information for nearly 7 years. Despite having used only 11 % 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 XXXX algorithms. When a creditor continues to report an old charge Off the XXXX algorithm reads that as a recent Charge Off. Here is an example and we will use my Credit Report. I had a Charge Off in XX/XX/XXXX. However each month they have been re reporting this Charge off. Same with the XXXX 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 XXXX XXXX  : 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 100s of millions of credit scores by 3 - 5 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!

Company response to consumer: Closed with explanation