Consumer complaint received 2016-06-27
Company: U.S. BANCORP
State: TN
Product: Bank account or service
Sub-product: Other bank product/service
Issue: Account opening, closing, or management

Complaint:
Dear CFPB, I received a call from XXXX XXXX XXXX XXXX ( originator ID : XXXX ) from my local US Bank branch, offering me a credit card I was eligible for, which I declined. He also mentioned that I currently had a {$500.00} overdraft protection account, and I could be eligible for a line of credit up to {$5000.00} at a lower interest rate. I told him I was interested and authorized him to proceed with a credit check to determine the amount and terms of my eligibility. 
The very next contact I received was a VOICEMAIL from XXXX XXXX, telling me that I have been approved at {$5000.00}, that the account has been set up, that I 'd receive a credit card in the mail ( which is what I clearly did n't want in the first place ) that I could just not use, and that it was at a lower interest rate than my previous overdraft account. This turned out to be 13.5 %, though I was never told that until much later. 
A few days later I received a letter from US Bank showing me my XXXX credit score for this loan at XXXX as of XXXX. I found this to be an error, as I keep very close track to my XXXX and XXXX credit scores, XXXX of which have been at XXXX for quite some time and have had absolutely no major changes that would result in a XXXX point swing over the course of 9 days. I logged onto XXXX on XXXX and found my credit score to in fact be XXXX. 
Upon contacting the bank about this, XXXX XXXX did in fact verify that he saw my credit score as currently XXXX. I was told by the manager, XXXX XXXX XXXX, that they had it on file as of XXXX at XXXX and there was nothing we could do about it for another 6 months until the next review of my creditworthiness. I called US Bank 's credit services and worked my way XXXX levels up the customer support chain to speak to a very kind gentleman ( XXXX? ) who explained that there is literally not a mechanism in the US Bank system that lets them manually review/adjust someone 's credit score. I was n't asking for anything special, all I wanted was an account with an interest rate based on my credit score. Due to the lack of a mechanism to achieve this, what I had to settle for is to reapply now, get it approved at the correct rate ( which will result in a second inquiry to my credit ). 
With that as the backdrop, I have XXXX primary issues that I 'm reporting to the XXXX : -First and foremost, these strike me as incredibly loose and dangerous lending practices, and I can not imagine US Bank would approve of or teach this process. The terms of the line of credit were NEVER discussed or agreed to by me prior to the account being set up, namely the interest rate and the score it was based upon, fees, terms, etc. If it had, I would have said I disagreed with the score at that time and we would n't be here now. 
Additionally, as I 've reapplied, I found out that while 13.5 % was in fact lower than the interest rate overdraft protection account it was replacing, but it is also THE HIGHEST POSSIBLE INTEREST RATE YOU COULD HAVE ON THIS CREDIT LINE. This is an absolute slap in the face. 
Furthermore, while reapplying for the line of credit, I was asked questions regarding military service and whether I was or related to a senior political figure, both of which are fluid topic. Point being I was not asked about this by the loan originator, and it somehow got processed anyway. I was also shown the terms of the line of credit, including fees, penalties, and a lot of other information any reasonable human being would expect to be reviewed prior to the account actually being set up. I was blown away at how thorough the websites process was, and how XXXX employees appear to be offering credit products in a manner that would be unscrupulous at best, and illegal at worst. 
-My second complaint is the fact that US Bank and frankly any financial institution would not have a mechanism in place to manually override these types of issue

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 non-monetary relief