Consumer complaint received 2024-04-09 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: PA

Complaint narrative:
American Express Company XXXX XXXX XXXX XXXX XXXX XXXX XXXX  RE : Denial of Equity ; Demand for Consideration To whom it shall concern, On or around XX/XX/XXXX I tendered a security, ( Ref : XXXX ) in acceptance to the offer your company proposed in your prospectus, for fair exchange of American Express Company products. I received a response in the mail stating that my application was denied because of a poor XXXX score, however, according to your prospectus dated XX/XX/XXXX, filed pursuant to Rule 424 ( b ) ( 5 ) with the SEC, in the annex section of that document, on pg. XXXX, the first sentence of the passage states, XXXX  scores are based on independent, third-party information, the accuracy of which we can not verify. The question then arises what other factors were used in denying me when I tendered a security that your company will turn into a receivable that you are going to receive payment for. It is unfair and deceptive to rely on information that you can not verify to determine my eligibility for American Express products, this could be construed as violations of UDAAP under federal law. 
To my knowledge XXXX scores are used to determine the potential risks of prospective consumers, I have read and understood the concerns outlined in you guys prospectus in regards to risk and you can rest assured that my account will never be delinquent, there will never be a period of inactivity or dormancy with my charges and my account will be paid on time each and every month because I will be satisfying my obligation by tendering payment with the series of notes that American Express will issue out on the distribution date which is the XXXX  of every month as described in your Prospectus. 
Furthermore, the taking of my application, with my personal identifiable information on its face, i.e. the social security number, and the transferring thereof to a depositor where it was pooled together with other receivables ( eligible investment ) and sold/transferred to a securitization special purpose entity ( trust ) for proceeds which is considered unjust enrichment and securities fraud on your companys behalf because I received no benefit. In addition, because you accepted my security you were supposed to be acting as POA in a fiduciary capacity for the benefit and protection of the investor. Fair exchange has never been robbery, quid pro quo, this was a barter transaction that took place with your company for equal value and consideration neither of which were received by me. Your company is in violation of the securities laws you agreed to follow and if I have to contact the I.R.S to inform them that I bartered to you a security and you decided not to live up to your end of the bargain by bartering back with me, I will have no choice but to notify them, which could have a damaging effect on the American Express Brand if further action is necessary.

Let it be known and allow me to reiterate that the American Express Company owes me valuable consideration ( in the form of an American Express open-end Platinum credit card or its equivalent ) for the exchange of my security, which constituted a bartering transaction, that of which will be filed on a 1099B with the I.R.S if you continue to refuse to barter with me. Ill let the I.R.S handle it. There may have been some sort of misunderstanding with the terms of the contract, but let me reassure you that I intend for this arrangement to be mutually beneficial to all parties involved, including myself. However, as it stands right now, I have been held without equity and American Express Company is in violation of its bank charter, federal securities laws, and their agreements on file with the SEC because pursuant to your prospectus you told the SEC you would not trade securities on the secondary market, or maybe Im misinterpreting what was stated. Anyway, you may have many concerns none of which shall arise from doing business with me and many of which would result from your failure to compensate me for my investment into your company as a silent investor.

IN THE EVENT THAT YOU DECIDE NOT TO COMPLY I WILL BE FORCED TO FILE A COMPLAINT WITH THE OCC, THE SEC, THE CFPB AND THE FEDERAL RESERVE BOARD, SEPARATELY FOR YOUR WILLFUL NONCOMPLIANCE AND BREACH OF CONTRACT. YOU HAVE XXXX ( XXXX ) DAYS AFTER THE RECEIPT OF THIS NOTICE TO RESPOND WITH A DECISION REGARDING THIS MATTER. 
Please tell me what are the factors that the underwriting team used to decide the application reasoning for denial. I gave you my social security number which gave you access to my trust. Several laws have been violated, such as 15 us code 1666b and the violation of the security exchange act of 1934.

Company response to consumer: Closed with explanation