Consumer complaint received 2024-06-22
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Application denied
Company: AMERICAN EXPRESS COMPANY (CA)

I am writing to formally make a complaint against American Express for the repeated denial of credit and the mishandling of my credit report. Despite my good faith efforts and compliance with all necessary procedures, American Express has unlawfully denied my credit applications on multiple occasions and allowed erroneous information to be reported on my credit file. 

American Express claims to adhere to the Federal Equal Credit Opportunity Act ( ECOA ), which under 15 U.S. Code 1691 ( a ) states : " It is unlawful for any creditor to discriminate against any applicant with respect to any aspect of a credit transaction on the basis of race, color, religion, national origin, sex or marital status, or age. '' Furthermore, American Express states they can not deny credit when the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning American Express National Bank is the Bureau of Consumer Financial Protection. 

According to the Uniform Commercial Code ( XXXX ), several sections support my claim that my application and the social security number ( XXXX ) provided therein constitute a form of security and credit : - UCC 1-201 ( b ) ( 24 ) defines " money '' and includes any medium of exchange authorized or adopted by a domestic or foreign government. A social security number can be considered a form of value in this context.

- UCC 3-104 defines a negotiable instrument, which includes any written document that promises or orders the payment of money. My application, accompanied by my social security number, should be considered such an instrument.

- UCC 3-305 outlines the rights to enforce these instruments and prohibits the denial of credit once value has been received. 

Given these UCC provisions, I bring attention to the fact that my application, which included my social security number ( XXXX ) represents a negotiable instrument that provides value to the creditor, REGARDLESS of my approval status. Therefore, I should receive equal value consideration from the application according to UCC laws.

Furthermore, according to 17 CFR 240.10b-5, it is unlawful for any person, directly or indirectly, to employ any device, scheme, or artifice to defraud in connection with the purchase or sale of any security. By submitting my application, I am essentially investing with the corporation, and by denying my credit, American Express is committing securities fraud. The application itself is a form of security, and denying my credit is both unlawful and discriminatory.

Additionally, under UCC 8-102, a security is defined as an obligation of an issuer or a share, participation, or other interest in an issuer or in property or an enterprise of an issuer. My application, including my social security number, aligns with this definition.

It is imperative to emphasize that I can not be discriminated against or denied credit based on my credit score or any other factor. The application is a security, and not providing my credit constitutes securities fraud. Under UCC 3-306, a person taking an instrument for value and in good faith acquires the rights of a holder in due course. This means that, as an applicant, I am entitled to the credit that my application secures.

Furthermore, UCC 4-210 and 4-211 state that a bank 's power is to borrow, and by accepting my application, American Express is essentially borrowing from my security. Therefore, denying me the credit that is rightfully owed to me is unlawful. 

American Express 's terms state : " We do not waive our rights. We may choose to delay enforcing or to not exercise rights under this Agreement. If we do this, we do not waive our rights to exercise or enforce them on any other occasion. '' According to UCC 1-207, I have the right to accommodate the terms and conditions if I find anything I do not consent to, and I do not waive my rights.

Additionally, American Express states : " Assigning the Agreement : We may sell, transfer or assign this Agreement and your Account. We may do so at any time without notifying you. You may not sell, assign or transfer your Account or any of your obligations under this Agreement. '' I DO NOT authorize American Express to do this and remove any and every consent American Express believes I provided. I do not consent. According to UCC 2-210, I have the right to limit the assignment of my obligations. 

I am also working on settling issues with the credit reporting agencies regarding inaccurate information and unauthorized personal information, as mandated by the Privacy Act of 1974. 

Given these facts and legal provisions, I insist that my application be either processed to provide the credit that is rightfully owed to me or retracted if the credit is not going to be provided. Denying me this credit is unlawful and constitutes securities fraud. I have provided my security, and being denied is a direct violation of my rights. 

I appreciate the prompt attention to this matter and look forward to an immediate and just resolution. 

Thank you, XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX )