Consumer complaint received 2021-08-02
Company: CAPITAL ONE FINANCIAL CORPORATION
State: FL
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Improper use of your report
Sub-issue: Credit inquiries on your report that you don't recognize

Complaint:
Dear Sir or Madam, With this message, please receive my most cordial of salutations, together with the best of wishes for you, your staff, and all your loved ones, during these challenging times. Today, I seek assistance from your agency, as exhaustive efforts have been made on my part in order to resolve this issue with both of the financial institutions, as well as the three credit reporting agencies - XXXX, XXXX, and XXXX 

Last year, I attempted to apply for two secured credit cards. One was from Capital One Bank, N.A. and the other from XXXX XXXX. Given that both cards are secured offerings, I did not consider that my applications would actually generate inquiries. This was in part, due to the fact that I was on a mobile device. Nonetheless, both applications generated a hard pull to my reports. It appears that due to having no credit history, both triggered the need for additional steps to be taken. Where at one time I had stellar credit, I ended up having it ruined in the real estate crash of XXXX. For me, it was a source of embarrassment and I lost the motivation to try to plead my case with the bank. 

The fact that the credit report was pulled was a matter that did raise red flags, and I attempted to have these removed. More than anything else, it is the way that these inquiries are handled, for dispute/resolution purposes, with the credit reporting agencies. Normally, there is an option on their portal where one can simply dispute it there. In the case of these secured cards, this option is not available. Instead, one is required to take the additional step of reaching out directly to the bank and/or mail the separate agencies. Where in theory this seems perfectly fine, it does create an additional challenge that is not present in a traditional credit card product. 

The purpose that is both primary and universal of government is to protect the public. Credit affects one 's ability to obtain additional credit, finance endeavors, and contribute to the economy. Regulations are shaped, in a format of cause and effect and reflect the prevailing practices of the private sector. If this extra step were usual and customary for normal products and the challenges of removing these inquiries were commonplace, the public would speak and the respective government agencies would create a framework of laws that would create further protection for the public. Even in cases where the lender is not entirely to blame, and the consumer carries some degree of responsibility, that gray area is often tipped in favor of consumer protection. Coming from the actual consumer, this may be seen as a desire to have one 's way. Prior to arriving at such a position, as a seasoned traveler, I invite you to look up the Supreme Court case of United States v. Martinez-Fuerte. Here, the Court dilutes how strictly constitutional rights are to be applied at the border and within 100 air miles thereof, creating an advantage for the government. For further clarity please bear in mind that more often than not it is the other way around and may be argued, is expected to be. 

If the banks and agencies held consumers this strictly to their policies, legislation would reflect this. That is to say that they too benefit from this by avoiding further regulations and benefiting from this, in specific cases which we do not hear of. 

In the attached screenshot, what you will find are both inquiries and absent from them are the typical link to be able to directly dispute them on the portal. This holds true for all three agencies, and for the purposes of brevity, I won't burden you with all three. However, I do ask that you reach out to : 1. All three reporting agencies.

2. Both banks.

The policies need to be reviewed with them and this needs to be corrected. 

Should you have any questions, please do not hesitate to contact me. The best way to reach me is via e-mail at : XXXX You may also write at : XXXX XXXX XXXX XXXXXXXX XXXX, Florida XXXX Thank you for your assistance in this matter. 


Sincerely, XXXX XXXX XXXX XXXX - XX/XX/XXXX XXXX

Company response to consumer: Closed with explanation