Consumer complaint received 2024-08-13
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Improper use of your report — Reporting company used your report improperly
Company: AMERICAN EXPRESS COMPANY (GA)

I am writing to file a formal complaint against American Express regarding the inaccurate reporting of my credit utilization on my credit report. This complaint addresses violations of several federal laws and regulations, as detailed below. 
Summary of Complaint : XXXX. Inaccurate Reporting of Credit Utilization : The credit utilization reported by American Express on my credit report is inaccurate and does not reflect my actual financial situation. This inaccurate reporting has negatively impacted my credit score and caused significant financial harm. 
XXXX. Violation of Fair Credit Reporting Act ( FCRA ) : o 15 USC 1681 Section 602 ( a ) : The FCRA states that " There is a need to ensure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumers right to privacy. '' XXXX, as consumer reporting agencies, have failed to uphold this standard by inaccurately reporting my credit utilization. 
o 15 USC 1681 Section 604 ( a ) ( 2 ) : This section provides that " a consumer reporting agency may furnish a consumer report under the following circumstances and no other : in accordance with the written instructions of the consumer to whom it relates. '' American Express nor XXXX obtained my explicit written consent to furnish this inaccurate information regarding my credit utilization. 
o 15 USC 1681C ( a ) ( 5 ) : This section stipulates that " no consumer reporting agency may make any consumer report containing any of the following items of information : Any other adverse item of information, other than records of convictions of crimes, which antedates the report by more than seven years. '' The adverse credit utilization information being reported is incorrect and should not have been included in my report.

o 15 USC 1681s2 ( A ) ( 1 ) : This section asserts that " a person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. '' The incorrect information provided by American Express regarding my credit utilization violates this section. 
o 15 USC 1681e : Under this provision, " every consumer reporting agency shall maintain reasonable procedures designed to avoid violations of section 1681c of this title and to limit the furnishing of consumer reports to the purposes listed under section 1681b of this title. '' XXXX has failed to maintain such procedures in reporting my credit utilization inaccurately. 
XXXX. Violation of 16 CFR Part 313 ( Regulation P ) : o 16 CFR 313.4 ( a ) : This regulation requires that " you must provide a clear and conspicuous notice that accurately reflects your privacy policies and practices to : ( 1 ) An individual who becomes your customer, not later than when you establish a customer relationship, except as provided in paragraph ( e ) of this section ; and ( 2 ) A consumer, before you disclose any nonpublic personal information about the consumer to any nonaffiliated third party. '' American Express failed to provide such notice regarding the sharing and reporting of my financial information. 
XXXX. Violation of 12 CFR 1016.7 : o 12 CFR 1016.7 ( a ) : This regulation affirms that " if you are required to provide an opt out notice under 1016.10 ( a ), you must provide a clear and conspicuous notice to each of your consumers that accurately explains the right to opt out under that section. '' Furthermore, it states, " A consumer may exercise the right to opt out at any time. '' I am formally opting out of American Express ' reporting services related to my credit utilization. 
XXXX. Violation of 16 CFR 43 : o 16 CFR 43.1 : This section pertains to credit practices and states that " a creditor shall not misrepresent the terms or conditions of credit to a consumer, and shall not engage in any practice that could reasonably be expected to result in an unfair or deceptive act or practice. '' The inaccurate reporting of my credit utilization by American Express constitutes a violation of this regulation.