ED Magedson – Founder
Capital One BankPO Box 85699 Richmond, Virginia USA
Capital One Bank Company violated Regulation Z, FCRA, UDAAP, makes false representations and commits deceit Richmond Virginia
I had a Capital One card since 2005. Payments timely every single month without fail. I also had a Household Master Card since 2005. Payments always timely on that account. I have the documentation to proved timely payments for all 8 years I have had those two cards.
Early August 2013 I found out that someone in Georgia was using my Household Card (now Capital One) for unauthorized purchases totaling $300. I filed a report and Capital One fraud department handled it correctly and resolved it without me having to pay the extra charges.
In early August, they sent me a Quicksilver Mastercard to replace the Household Card so I now have two Capital One cards. I then attempted to activate the new card and I couldn't activate. I called a customer rep and she could not help. She told me that a customer service (Executive Office) person would have to review and they weren't open until Monday (Labor Day). I called and spoke with someone in the executive office. I was told my accounts were closed for a "pending or present legal action." I could not believe it. There is NO pending or present litigation against me. This sounds like a bankruptcy reason to close the account. But I have never filed bankruptcy! I have never been close to filing bankruptcy! I even checked at the Courthouse to confirm this against the public record. There is NOTHING legal pending against me or in my name as a Plaintiff against anyone.
I asked what this "pending legal action" was and they couldn't tell me. They sent a letter which is required by Federal Law and again, the reason is "pending legal action" was the reason. I told the person on the phone that their information is wrong and they better find out what is going on as the information they are relying on...wherever they are getting it, it is flat out wrong and blatantly incorrect.
I then decided to apply online for a Capital One card and I was approved online! The terms and interest were more favorable than the previous cards I had. The approval said I would receive the card in 7-10 days.
Today I received the card and viola...it cannot be activated! I chatted live with a rep who couldn't tell me what was going on so I called their "executive office" and was told they closed the account due to some "pending or present" legal action. THERE IS NO PENDING OR PRESENT LEGAL ACTION OR LITIGATION AGAINST ME OR IN MY NAME AS A PLAINTIFF against anyone. I talked to the rep's supervisor and he started to read me the letter again! That is not what I wanted! I want to know why...after I apply for and receive an approval...a card is sent...they closed the account...before I even received the card! Now I am supposed to be getting another "letter" that tells me that there is some PHANTOM "pending or present legal action" against me!
CAPITAL ONE approved my credit application based on information from a credit bureau. Those bureau reports have a Public Record section which contains legal information such as judgments, bankruptcies and other litigation. If I have any legal action against me...then WHY did Capital One approve my application? If there is a "pending or present legal action" against me...why did they send me a card? They approve your application based on credit information that they rely on but their system has a flaw in it and they won't investigate? They closed the account..before I got the card. AND I STILL DONT KNOW WHY!!!!
I informed the supervisor that they either give me a reason why they closed this account or they are in violation of federal law. Further, to rely on incorrect legal information indicates a systemic problem that this company, as do all financial services, has a legal duty to investigate.
I estimate that I have charged thousands of dollars of merchandise and have paid them thousands in interest too. They choose to treat a customer of 8 years like this...based on a systemic problem in their system that they refuse to investigate?
Because they refuse to tell me what this "legal action" is, I will be filing a lawsuit for violations of FCRA, ECOA, Regulation Z, UDAAP and false deceipt and misrepresntation. When they pull a credit report, it hurts my credit score. They have deceived me and made false representations to me. I will not tolerate this without escalation.
I will be filing complaints with the CFPB, the FTC and the Attorney General of the State of Virginia as well as the AG in my home state. Further, the Justice Department will get a courtesty notice. I am filing complaints with Equifax, Experian,TransUnion and Innovis.
My advice...stay away from Capital One. Their approvals mean nothing, they don't back up approvals and they won't give you a reason for any actions they take in violation of Federal and State law. Apparently they think they are accountable to nobody.
We will see on that. I am now going to find out if this company is accountable to Federal and State law and the regulatory agencies and rules under which it is supposed to operated.
Just so you know...I make a very good professional wage in my profession and my DTI is presently about 31.5%. I have a good credit score...I just received a car loan, have had a mortgage for 19 years and I have other credit cards. No creditor has ever treated me in such a calloused and indifferent manner. I just checked with my banker and he cannot find any "legal action" on my credit report either.
Again, avoid this company. Their practices violated Federal and State law!!!
This report was posted on Ripoff Report on 09/13/2013 07:04 PM and is a permanent record located here: http://www.ripoffreport.com/r/Capital-One-Bank/Richmond-Virginia-23285-5699/Capital-One-Bank-Company-violated-Regulation-Z-FCRA-UDAAP-makes-false-representations-1084387. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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