Consumer complaint received 2024-12-27 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Application denied
Company: AMERICAN EXPRESS COMPANY
State: UT

Complaint narrative:
XXXX. Background and Key Dates : ** - XXXX XXXX : ** I applied for an American Express credit card. 
- XXXX XXXX, XXXX : ** I received a denial letter from American Express referencing application number XXXX. The stated reason for denial was related to information pulled from third-party credit reporting agencies. 
- XXXX XXXX, XXXX : ** I requested a manual underwriting evaluation of my application to seek approval, as noted as an option in their prospectus. As per American Express 's SEC filing, the most recent Form XXXX filed on XX/XX/XXXX, acknowledges that American Express can not guarantee the accuracy of information from third-party credit bureaus. In this correspondence : - I reiterated my ability and intent to tender all remittances as payment, which American Express explicitly accepts according to their SEC filings. For instance, the XXXX XXXX filed on XX/XX/XXXX, highlights that American Express processes paper remittance payments through proprietary facilities and third-party services. 
- I rescinded any security interest retained by American Express due to the blank endorsement of my application and requested the authoritative copy of my application if they continued to deny approval. No response was provided by American Express, nor was the authoritative copy of my application returned. 
XXXX. Allegations of Securities Fraud, Tax Evasion, and Remittance Processing : ** - Through my research, I identified the **CUSIP** for the bond created from the trust pool into which my application was incorporated. The securitization of my application without providing me with valuable consideration ( i.e., the approval of my application ) constitutes securities fraud. As per American Express 's SEC filing ( Form XXXX, filed on XX/XX/XXXX ), American Express securitizes Card Member loans and receivables by transferring these assets to securitization trusts, such as the American Express Credit Account XXXX XXXX and the American Express Issuance Trust II. These receivables are then used to issue debt securities that are obligations of the issuing entities, with the receivables available only for payment of the debt securities or other obligations arising from the securitization transactions. 
- Additionally, American Expresss lack of transparency and failure to provide accounting records raises concerns of potential tax evasion, which I will report to the IRS using the appropriate tax forms.

- The remittance payments processed by American Express, as disclosed in their XXXX XXXX filed on XX/XX/XXXX, further demonstrate their acceptance of such payments as valid. However, their lack of transparency in handling my remittance-related inquiries constitutes a breach of trust. 
XXXX. Further Communications : ** - XXXX XXXX, XXXX : ** I sent a reconsideration request via **notary presentment** ( third-party witnessed ). In this letter : - I requested another manual underwriting evaluation and provided additional information to support my approval. 
- I asked for clarification regarding the criteria used to determine my ineligibility, as per American Express 's SEC filing, the most recent Form XXXX filed on XX/XX/XXXX, which acknowledges that they can not guarantee the accuracy of information provided by credit reporting agencies. 
- I received no response. 
- XXXX XXXX, XXXX : ** I sent a **Notice of Dishonor** via notary presentment. In this letter : - I requested a full **GAAP accounting** for the account tied to denial reference XXXX. 
- I clarified that the application was not a gift and explicitly outlined the valuable consideration I was requesting.

- Again, I received no response. 
**4. Issues Raised : ** - **Lack of Transparency : ** American Express has failed to provide clarification on the underwriting criteria used to deny my application or respond to my legitimate inquiries. 
- **Breach of Trust : ** By securitizing my application without providing me with valuable consideration, American Express has engaged in securities fraud.

- **Failure to Provide GAAP Accounting : ** Despite repeated requests, American Express has not provided the requested accounting information related to my application.

- **Potential Tax Evasion : ** American Expresss failure to account for the securitization process and other financial activities raises questions about compliance with tax laws.

Company response to consumer: Closed with explanation