Consumer complaint received 2017-05-10
Company: Bread Financial Holdings, Inc.
State: FL
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Problem with personal statement of dispute

Complaint:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX., XXXX  XXXX, Fl XXXX I am only seeking to return earrings purchased from XXXX XXXX  on X/XX/2017 for {$24000.00} and credit to the private label credit card opened on the same day. Rather than cancellation of the sale, XXXX XXXX has offered a {$2500.00} refund. Two independent appraisals value the earrings between {$10000.00} and {$14000.00}. There was misrepresentation ( bait and switch ) of inventory tags or diamonds during the sales process as described below.
I am a Florida resident which has state statutes that are similar to FCRA, FDCPA, and FTC Unfair and Deceptive Practices Act. Diamond earrings were purchased on X/XX/17 while on a cruise at XXXX XXXX. Store did not have desired quality of earrings ( earrings of 2 cts each with a quality of I and I-1 or better ), I purchased my wifes engagement ring at 2.5 cts previously at this quality so I am familiar with this pricing at this quality. My wife and I continued to shop. Manager then brought 2 2 ct engagement rings from the storage vault that he said were of the above quality. At this time my wife was with the salesman looking at other jewelry. I saw an inventory tag cupped in the Managers hand indicating the I and I-1 ratings for one of the engagement rings. I asked my wife to join us to look at the rings. She liked them ( there was pricing and quality discussion ). The Manager and I verbally agreed to $ XXXX price based on this quality.
Manager wrote price on invoice and asked me to sign invoice and complete name and address on invoice. No other information was completed on invoice at this time while the manager took my drivers license and went to obtain approval to obtain a XXXX XXXX credit card. Manager returned with a Comenity Bank ( store credit card ) welcome letter and Credit Account Sales Receipt. Manager told me to sign the receipt for $ XXXX. The salesman man then completed some information on the sales invoice and took a copy to the work shop to have the engagement rings made into earrings. The salesman continued to complete information on the sales documents ( credit card number, inventory tag information, etc. on the invoice and DL information on the Credit Card Account Sales Receipt ; the appraisal was also completed by the salesman ) while the Manager showed my wife and I other jewelry.
The salesman brought the earrings which my wife checked and gave me a XXXX XXXX document jacket containing the invoice, Credit Account Sales Receipt and in-house appraisal. I checked to see that the documents were present but did not check the information on these documents. Completing/altering documents after signature is unlawful as well as misrepresentation of the quality ratings.
There was an initial appraisal obtained for $ XXXX vs $ XXXX purchase price. Size, color and clarity grading of appraisal differed from sales documents. I sent demand letters to XXXX XXXX and Comenity Bank registered agents for merchandise return, rejection of arbitration and venue, and credit card dispute. Letter was dated X/XX/2017 and indicated that the sale should not be reported to credit bureaus and that I should not be contacted for collection. Letters were sent registered, return receipt. I also sent on X/XX/2017 an email to XXXX XXXX with the same information that was contained in the letter.
I received a letter dated X/X/2017 from Comenity indicating they would not report negative information on the account to the credit bureaus nor collect on the account.
XXXX XXXX rejected the appraisal and refund request in an email they sent me on X/XX/2017 ( letter attachment dated X/XX/2017 ). I then sent another demand letter ( to XXXX and Bank ) on XXXX XXXX, 2017, certified mail. My letter informed XXXX and Comenity Bank that I had received a phone call from Comenity Bank, the trade line had been reported to the bureaus ( my FICO score decreased ), the appraisal rejection letter conditions that are more rigorous than the sales invoice terms and conditions ( since it is a form letter this may enable class action status ).
I received a subsequent email from XXXX on X/X/2017  indicating that I could submit another appraisal and that the matter had been brought to the attention of senior management.
I received a letter from Comenity on X/X/2017 essentially indicating resumption of collections.
I obtained another appraisal indicating a color disparity of more than 1 grading and emailed it to XXXX on
X/X/2017.
I received an email from XXXX accepting the new appraisal which offered to trade the earrings to the in-house appraisal grading ( not the I and I-1 on the inventory tag ) and a {$2500.00} refund, rather than cancellation of the sale and return of the merchandise. I am receiving emails to pay the private label credit card bill. There are possible federal and state violations of FCRA, FDCPA and Unfair deceptive practices act. None of the correspondence from XXXX XXXX or Comenity Bank has indicated an investigation of the bait and switch of the jewelry inventory tags or diamonds which is required in such matters. From my initial correspondence I demanded that XXXX retain the store surveillance camera recordings as I observed alteration of the sales documents by the salesman while I was with the Manager.

Company response to consumer: Closed with explanation