Consumer complaint received 2024-02-01
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Application denied
Company: CAPITAL ONE FINANCIAL CORPORATION (CA)

According to the Fair Credit Reporting Act 15 USC 1681 states " 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 credit and privacy. '' Capital one is a bank holding company specializing in credit cards, auto loans, banking, and savings accounts and I am the Consumer. 

Capital one prospectus clearly states, through inadvertence or otherwise, any of the receivables were sold or pledged to another party who purchased ( or received a pledge of ) the receivables in the ordinary course of its business and took possession of the original contracts in tangible form or control of the authoritative copy of the contracts in electronic form ( collectively, chattel paper ) giving rise to the receivables, the purchaser ( or pledgee ) would acquire an interest in the receivables superior to the interests of the issuing entity and the indenture trustee if the purchaser acquired the receivables for value and without knowledge that the purchase ( or pledge ) violates the rights of the issuing entity or the indenture trustee, which could cause investors to suffer losses on their notes. 

It also states that Capital one is bound by regulations and rules, the following is straight from the prospectus, Numerous federal and state consumer protection laws and related regulations impose substantial requirements upon lenders and servicers involved in consumer finance, including requirements regarding the adequate disclosure of contract terms and limitations on contract terms, collection practices and creditor remedies. These laws include the Truth-in-Lending Act, the Equal Credit Opportunity Act, the Federal Trade Commission Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Magnuson-Moss Warranty Act, the Consumer Financial Protection Bureaus Regulations B and Z, the Gramm Leach Bliley Act, the Servicemembers Civil Relief Act, state adoptions of model consumer protection acts and of the Uniform Consumer Credit Code, state motor vehicle retail installment sales acts, consumer lending laws, unfair or deceptive practices acts including requirements regarding the adequate disclosure of contract terms and limitations on contract terms, collection practices and creditor remedies and other similar laws.Liability under the HDC Rule is limited to the amounts paid by the obligor under the receivable, and the holder of the receivable may also be unable to collect any balance remaining due thereunder from the obligor. The HDC Rule is generally duplicated by the Uniform Consumer Credit Code, other state statutes or the common law in some states. However, liability of assignees for claims under state consumer protection laws may differ. 

On your 10 k form on NOTE 5VARIABLE INTEREST ENTITIES AND SECURITIZATIONS, it states, In the normal course of business, we enter into various types of transactions with entities that are considered to be variable interest entities ( VIEs ). Our primary involvement with VIEs is related to our securitization transactions in which we transfer assets to securitization trusts. We primarily securitize credit card and auto loans, which provide a source of funding for us and enable us to transfer a certain portion of the economic risk of the loans or related debt securities to third parties. The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE. The majority of the VIEs in which we are involved have been consolidated in our financial statements. 

On XX/XX/2024 I sent Capital One a letter in regards that they took my security ( application ) with out giving me compensation for it regardless of what ones credit score looks like .To my knowledge capital one clearly knows what theyre doing, taking our coupons and receivables and turning them over to receivables that are now asset back securities which capital one then sells on the secondary market, benefiting from our applications meanwhile I as a consumer and investor dont get anything in return. As you may be aware it is against federal law in accordance with the equal credit opportunity act to proclaim an adverse action against a consumer .Capital One is to resort to reasonable procedures to rectify this affair and compensate me for the use of MY securities. Otherwise, if not rectified, this would be considered securities fraud since I have received NO BENEFIT