Consumer complaint received 2025-01-30 00:00:00
Product: Credit reporting or other personal consumer reports — Other personal consumer report
Issue: Improper use of your report — Reporting company used your report improperly
Company: CAPITAL ONE FINANCIAL CORPORATION
State: GA

Complaint narrative:
Subject : Formal Dispute and Demand for Redress - 360 Savings Account - Following CFPB Lawsuit - Violations of FCRA and Related Laws Dear Capital One Customer Service, This letter constitutes a formal dispute regarding my 360 Savings account, accounts, and a demand for redress, in light of the recent lawsuit filed against Capital One by the Consumer Financial Protection Bureau ( CFPB ) on XX/XX/XXXX. 

I am a holder of a 360 Savings account and have been directly impacted by the deceptive practices outlined in the CFPB 's complaint. Furthermore, I allege violations of the Fair Credit Reporting Act ( FCRA ) and related laws. 

From XXXX to XXXX, Capital One explicitly marketed the 360 Savings account as a high interest account with a variable rate that was one of the nations top, best, and highest, and would earn much more interest than the average savings or money market account. These representations, as the CFPB alleges, were false and misleading. From XX/XX/XXXX to at least XX/XX/XXXX, the interest rate on my 360 Savings account was fixed at a paltry 0.30 %, a rate far below what was advertised and far below-prevailing market rates. 

Furthermore, Capital One misrepresented that the 360 Savings product was and would be its only 360 high-interest savings product. In 2019, Capital One ceased offering 360 Savings accounts to new customers and introduced the 360 Performance Savings account, which offered significantly higher interest rates while having virtually identical terms and conditions. Capital One deliberately obscured the existence of the 360 Performance Savings account from existing 360 Savings account holders like myself, failing to convert our accounts and effectively trapping us in a low-interest product. In XX/XX/XXXX, the 360 Performance Savings rate was over 14 times higher than the 360 Savings rate. 

I believe Capital One has violated the following legal provisions : Consumer Financial Protection Act of 2010 ( CFPA ) : Capital One 's misrepresentations regarding the 360 Savings interest rate and the existence of the 360 Performance Savings account constitute deceptive acts and practices prohibited by the CFPA.

Additionally, taking unreasonable advantage of my ( and other accountholders ' ) lack of understanding of the material risks and costs of the 360 Savings product constitutes an abusive act or practice, also prohibited by the CFPA.

Truth in Savings Act and Regulation DD : By misrepresenting the interest rate for the 360 Savings product, Capital One, N.A. violated the Truth in Savings Act and its implementing regulation, Regulation DD.

Fair Credit Reporting Act ( FCRA ) ( 15 U.S.C. 1681 et seq. ) : Specifically, I invoke the following sections : 15 U.S.C. 1681b ( Permissible Purposes of Consumer Reports ) : Unless you have a permissible purpose under the FCRA, such as my written consent, you can not furnish information about me to a consumer reporting agency. Your actions regarding my 360 Savings account and related products may have led to the reporting of information to credit bureaus, and I demand you provide proof of a permissible purpose for any such reporting.

15 U.S.C. 1681e ( b ) ( Accuracy of Reports ) : You have a duty to ensure the accuracy of any information you furnish to credit reporting agencies. Given the misleading nature of the 360 Savings account marketing and the existence of the 360 Performance Savings account, I have reason to believe that the information reported about me may be inaccurate or incomplete.

15 U.S.C. 1681i ( Procedure in Case of Disputed Accuracy ) : I am formally disputing the accuracy and completeness of any information you have reported or may report to credit reporting agencies concerning my 360 Savings account and related products.

15 U.S.C. 1681s-2 ( a ) ( 1 ) ( Accuracy of Information Provided to Agencies ) : You must not furnish information to credit reporting agencies if you know or have reason to believe that the information is inaccurate.

15 U.S.C. 1601 ( Truth in Lending Act ) : While not directly related to savings accounts, this Act establishes general principles of fair credit practices, and the deceptive marketing of the 360 Savings account may also fall under its purview.

15 U.S.C. 1666b ( Fair Credit Billing Act ) : This Act outlines procedures for resolving billing errors, and while not directly applicable to the interest rate issue, it reinforces the principle of fair and accurate financial practices.

15 U.S.C. 1692c ( Fair Debt Collection Practices Act ) : While this Act primarily applies to debt collectors, it prohibits unfair or deceptive practices, a principle that resonates with the issues raised in the CFPB 's lawsuit and my dispute.

15 U.S.C. 1602 ( Definitions in TILA ) : This section provides definitions relevant to the Truth in Lending Act, which may be relevant in the context of the overall fairness and transparency of Capital One 's practices.

15 U.S.C. 1681ca-5 ( Duties of Furnishers of Information ) : This section outlines the duties of those who furnish information to credit reporting agencies, further emphasizing the need for accuracy and proper handling of disputes.

15 U.S.C. 1681s-2 ( a ) ( 1 ) ( Responsibilities of Furnishers of Information to Consumer Reporting Agencies ) : This section reinforces the responsibilities of furnishers of information to ensure accuracy and to correct information when notified of disputes.

Section 602a and 602a Section 2 of the Fair Credit Reporting Act : These sections outline the congressional findings and statement of purpose behind the FCRA, emphasizing the importance of accuracy and fairness in credit reporting.

The CFPB 's lawsuit ( available at [ insert link to CFPB complaint ] ) details the extent of Capital One 's deceptive and abusive practices, which have resulted in substantial financial harm to consumers like myself. I am therefore entitled to compensation for the lost interest I have incurred, as well as any damages related to inaccurate credit reporting.

I demand the following actions : Account Review and Recalculation : I request a thorough review of my 360 Savings account activity. Calculate the difference between the interest I actually earned and the interest I would have earned had my account been paying the interest rate offered on the 360 Performance Savings account during the same period.

Restitution : I demand full restitution for the lost interest, including any applicable fees or penalties.

Credit Report Review and Correction : Provide me with a full accounting of any information you have furnished to credit reporting agencies concerning my accounts. Immediately correct any inaccurate or incomplete information. 

Transparency and Explanation : Provide a clear and detailed explanation of how Capital One intends to rectify this situation for all affected 360 Savings accountholders. 

I expect a written response to this dispute within 30 days outlining the steps Capital One will take to address my concerns. Failure to provide a satisfactory resolution will leave me no choice but to pursue all available legal remedies, including filing my own complaint with the CFPB, and the Federal Trade Commission ( FTC ), and exploring options for participating in a class action lawsuit.

Company response to consumer: Closed with explanation