Consumer complaint received 2024-05-23
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Application denied
Company: AMERICAN EXPRESS COMPANY (FL)

What happened? 

I am filing this complaint because my application for the American Express XXXX XXXX XXXX Credit Card was denied on XX/XX/year>. The reasons provided for the denial were based on my FICO score and specific factors related to my credit report, including the proportion of revolving balances to credit limits, length of time accounts have been established, proportion of loan balances to loan amount, and too many inquiries in the last 12 months. The denial of credit has negatively impacted my business, XXXX XXXX XXXX XXXX. I believe this decision is in violation of several federal laws, as outlined below. 

Relevant USC Codes : 1. 15 U.S. Code 1691 - Equal Credit Opportunity Act ( ECOA ) - Prohibits creditors from discriminating against any applicant with respect to any aspect of a credit transaction based on race, color, religion, national origin, sex, marital status, or age. It ensures that all applicants are treated fairly and that decisions are made based on consistent criteria. 

XXXX. 15 U.S. Code 1691a - Definitions and rules of construction - Defines key terms and sets forth rules for interpreting the ECOA, ensuring that the rights and protections afforded to applicants are upheld. 

XXXX. 15 U.S. Code 1681b - Permissible purposes of consumer reports - Specifies the circumstances under which a consumer reporting agency may furnish a consumer report, including the requirement that such reports must be furnished for permissible purposes and with the consumer 's explicit consent. The use of my credit report without my explicit consent for adverse action violates this code. 

XXXX. 15 U.S. Code 1681m - Requirements on users of consumer reports- Mandates that users of consumer reports, such as American Express, must provide notice to the consumer when an adverse action is taken based on information in the report. This includes providing specific reasons for the denial and the right to obtain a free copy of the report used. 

XXXX. 15 U.S. Code 1611- Civil liability for willful noncompliance - Any person who willfully fails to comply with any requirement imposed under this subchapter with respect to any consumer is liable to that consumer for actual damages sustained by the consumer or statutory damages. 

XXXX. 12 U.S. Code 1431 - Powers and duties of Federal Home Loan Banks- Requires banks to provide advances to members, including small businesses, under certain conditions. This ensures that businesses have access to necessary funding. 

XXXX. 12 CFR 1002 - Regulation B - Implements the Equal Credit Opportunity Act and requires creditors to provide notice of the adverse action, including the specific reasons for the denial. This ensures transparency and allows the applicant to understand and potentially address the reasons for denial. 

XXXX. 15 U.S. Code 1602 - Definitions and rules of construction ( Truth in Lending Act - TILA ) - Provides definitions and rules for how the Act should be interpreted, including terms like " creditor '' and " credit sale, '' ensuring that all credit transactions are conducted fairly and transparently. 

Requested Resolution : I request the immediate review and reconsideration of my application for the American Express XXXX XXXX XXXX Credit Card. Additionally, I seek confirmation that all information used in the decision was authorized and accurate. If any unauthorized or inaccurate information was used, I request it be removed and my application be re-evaluated based on correct and authorized information.