Consumer complaint received 2024-06-05
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Application denied
Company: AMERICAN EXPRESS COMPANY (SC)

I submitted an application to AMERICAN EXPRESS on XX/XX/XXXX. On XX/XX/XXXX I received an Adverse Action Letter from them as well. The adverse action offer stated that the application was rejected.

According to 12 CFR 360.6 ( 2 ) the credit application is a XXXX XXXX  as well as XXXX XXXX according to 17 CFR 260.11 b-6. 
The ADVERSE ACTION is in violation of the following : 15 U.S.C 78j, 15 U.S.C. 78ff, 15 U.S.C 1602 ( I ), 15 U.S.C 1691 ( a ) ( 3 ), 18 U.S.C. 241, 18 U.S.C. 242.

I sent a letter to address/express the crucial consumer rights and safeguards that are relevant to credit transactions. These are enshrined in Title 15 of the United States Code, the Truth in Lending Act ( TILA ), the Fair Credit Reporting Act ( FCRA ), the Fair Debt Collection Practices Act ( FDCPA ), the Credit Card Act of 2009, the Servicemembers Civil Relief Act ( SCRA ), the Privacy Act of 1974, the Uniform Commerical Code ( UCC ), Law Merchant, Generally Accepted Accounting Principals ( GAAP ), among other pivotal laws, regulations, and case law.

Non-Discrimination in Credit Granting : As per the Equal Credit Opportunity Act, Title 15, Section 1691, your institution is legally bound not to deny credit based on race, color, religion, national origin, sex, maritial status, age, or source of income. This Act underscores the principle of equal access to credit for all consumers, thereby cultivating a fair and non-discriminatory financial marketplace.

Limitations on the Use of Credit Reports : As stipulated by the FCRA, Title 15, Sections 1681-1681x, only information from my credit application can be used to evaluate my creditworthiness. A violation occurs if my credit reports are used unjustly to deny credit, thereby ensuring a fair assessment of my ability to repay any credit extended. 

Use and Protection of Social Security Numbers : The Privacy Act of 1974, specifically Section 7 ( a ) ( 1 ), distinctly prohibits any federal, state, or local government agency from denying any right, benefit, or privilege provided by law because of an individuals refusal to disclose their Social Security Number. In conjunction with the Social Security Act, Section 208 ( 42 U.S.C 408 ) the provisions safeguard my Social Security Number ( SSN ) from misuse. Misuse of my SSN or refusal to extend credit due to my unwillingness to provide my SSN infringes upon these Acts, carrying grave repercussions, including criminal charges, fines, and imprisonment.

Safeguards Under the Credit Card Act : This Act offers protection against arbitrary interest rate increases, bans exorbitant fees, and enforces clear due dates and times, thereby ensuring that I am fully informed about the terms and conditions of my credit card, facilitating effective financial management.

Unauthorized Use of Credit Card : According to Title 15 U.S.C 1602 ( I ) the term credit card means any card, plate, coupon book, or other credit device existing for the purpose of obtaining money, property, labor, or services on credit. Any card pertains to a social security card. Which classifies a credit card application denial or adverse action as an unauthorized use of a credit card due to them using the social to obtain money, property, or labor.

Penalties for Non-Compliance with Truth in Lending Act ( TILA ) and Title 15 : Non-adherence to TILA or Title 15 provisions can result in substantial penalties as defined in Title 15, Section 1640- Civil Liability. These penalties may include compensation for actual damages suffered by the consumer due to the violation, statutory damages of up to {$4000.00} in individual actions or a sum equal to the lesser of {>= $1,000,000} or 1 % of the creditors net worth in class actions, and the recovery of the actions cost and attorneys fees.

In light of these protections, I respectfully request that XXXX XXXX XXXX XXXX XXXX XXXX to strictly adhere to these regulatory provisions, statutory requirements, and established case law proceedings during our financial engagements. These legal guidelines are designed to uphold the integrity of the consumer credit market and shield consumers like me from potentially harmful financial practices. 
In particular, the unjustifiable denial of credit infringes upon the Equal Credit Opportunity Act ( ECOA ), which outlaws credit discrimination. Furthermore, inappropriate use of personal information, such as Social Security Numbers, in credit decisions contravenes the Privacy Act of 1974 and the Fair Credit Reporting Act ( FCRA ). Under the principles of Generally Accepted Accounting Principles ( GAAP ), the Law Merchant, and the Uniform Commercial Code ( UCC ), transparency and fairness are fundamental to all credit transactions. 

Thank you for your attention to this significant matter. I anticipate engaging in fair, transparent, and lawful credit transactions.