Consumer complaint received 2025-03-16 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: TX

Complaint narrative:
American Express XXXX XXXX XXXX XXXX XXXX, TX XXXX Subject : Formal Dispute, Demand for Return of Security/Investment & Inquiry Regarding Securitization of Personal Information To Whom It May Concern, I am writing to address and formally dispute the adverse action taken against me regarding the recent denial of my credit application with American Express. I find it particularly troubling, given that American Express has continuously and aggressively solicited my business through targeted marketing and promotions. This solicitation creates an expectation of fair dealing, yet after collecting my highly sensitive personal data including my Social Security number American Express not only denied me but also appears to have used my information for its own financial gain. 

Based on publicly available information, including details from American Express most recent prospectus, it is clear that the company securitizes applications, contracts, and account receivables as part of its strategy to create financial instruments. These instruments are then transferred to third parties or bundled into asset-backed securities, which are subsequently used to raise capital and expand business operations. This process effectively transforms customer applications and agreements into marketable securities, subject to financial trading and liquidity generation. 

By collecting my personal information and application data, American Express has received and converted this into an instrument that has tangible value within financial markets. Whether directly or indirectly, my data may have been incorporated into pools of assets that American Express securitizes and uses as leverage for funding activities, increasing shareholder value, or meeting regulatory capital requirements.

Given this reality, it is clear that my application which you have chosen to deny has nevertheless provided American Express with a form of security or investment through its contribution to the companys securitization and funding mechanisms. Denying me the credit facility while retaining the value generated from my data raises ethical and potentially legal concerns. 

Demand for Remedy : Given that my application and personal information may have been utilized in securitization processes that benefit American Expresss capital and business expansion strategies, I find the denial of my credit application unjust. Therefore, I formally request the following remedy : 1. Approval of a Lifetime Credit Facility : Immediate approval of an American Express credit card with an unlimited credit line for the duration of my lifetime.

2. Proper Discharge of Account : Assurance that this account will be managed in accordance with the discharge, cancellation, and satisfaction provisions outlined in your indenture agreements, specifically those pertaining to noteholders. 

[ Securitization and Use of Personal Information ] : Publicly available documents, such as the American Express Issuance Trust II indenture, indicate that American Express engages in the securitization of receivables and related assets. Specifically, Section 6.01 of the indenture discusses the Satisfaction and Discharge of Indenture, stating : This Indenture will cease to be of further effect with respect to any Series, Class or Tranche of Notes when : ( a ) all Notes of that Series, Class or Tranche theretofore authenticated and delivered have been delivered to the Indenture Trustee canceled or for cancellation ; ( b ) the Issuer has paid or caused to be paid all other sums payable hereunder ; and ( c ) the Issuer has delivered to the Indenture Trustee an Officers Certificate and an Opinion of Counsel each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Notes of that Series, Class or Tranche have been complied with. 

This suggests that American Express has mechanisms to discharge obligations related to securitized instruments upon fulfillment of specific conditions. 


Additional Demands : Furthermore, I reiterate my previous demands : 1. A comprehensive explanation for the adverse action taken against me.

2. A detailed account of how my personal information, including my Social Security number, has been utilized, particularly concerning securitization activities and transfers to third parties.

3. Disclosure of any financial instruments created using my data and how such instruments have been leveraged to raise capital.

4. If American Express chooses not to extend the requested credit facility, I demand the return of any value or investment derived from my personal information and application. 

Failure to address this matter satisfactorily within 30 days will compel me to escalate my complaint to the Consumer Financial Protection Bureau ( CFPB ), the Federal Trade Commission ( FTC ), and other relevant regulatory bodies. I am prepared to pursue all necessary actions to protect my rights and recover any value unjustly retained by American Express. 

I expect a prompt and equitable resolution. 

Sincerely, XXXX XXXX XXXX

Company response to consumer: Closed with explanation