Ecoa Notice: Fill & Download for Free

Yes.Not too long ago, a major credit card issuer, Synchrony Bank, was on a splurge closing credit card accounts because the bank was going through financial issues. One of the accounts that ended up being closed belonged to a relative of mine.Now, it’s certain someone will come along and start with the “we can close your account for any reason or for no reason” drivel. This is false. Every time a bank takes adverse action against you, federal law (FCRA & ECOA) mandates they tell you the reason why. Not simply a reason, but the reason. There are absolutely no exceptions whatsoever. Failure to do so is an FCRA violation and an ECOA violation.But Synchrony did give a reason. Their FCRA / ECOA letter stated, “Your credit reports give us reason to believe you will fail to make payments as required,” or words to that effect. That reason, however, was a lie. Just by examining my cousin’s credit report, it was clear there were absolutely no red flags. He has stellar credit, multiple 25+ year old accounts with never a late payment, his credit utilization was well under 1% and he had no new accounts or inquiries. When he brought this to Synchrony’s attention, they told him there was nothing further they had to say on the issue.So, since he is a lawyer, he sued them. He was actually hoping Synchrony would demand arbitration since that is a very expensive option for the bank, but, instead, they did not demand arbitration and the case went to court. In court, Synchrony saw how foolish their adverse action reason was and suddenly changed their story to “you have excessive credit lines with our bank.” They also stated the stupid idea that they can “close any account for any reason or for no reason whenever they wanted to.”The judge was not amused. First of all, their new excuse was too little, too late. Their adverse action notice obviously did not state the real reason. Second, a creditor cannot take adverse action for any reason. The law prohibits adverse action for a number of reasons such as age, marital status, sex, race, national origin and if an applicant / account holder obtains income from, for example, child support, Social Security or public assistance.The judge awarded a judgment for $50,000. I know that $10,000 was in punitive damages as per the ECOA and much, if not most, of the rest for attorney fees. Also, Synchrony re-opened his closed accounts and gave him the apology he demanded. Shorty after the accounts were re-opened, my cousin closed them.The attorney for Synchrony told my cousin afterwards that they were relieved that my cousin did not pursue a strategy of alleging one of the prohibited factors. This would have opened a Pandora’s box that could have dragged the case out years and cost Synchrony $100,000 or more in legal fees.Synchrony is still on an account closure surge. If they close your accounts and give you the same lame reason that they give others, sue them. Even if it stays in arbitration it will cost Synchrony a lot of money.

If you’re in the U.S., you already know why they won’t loan you any money. (Or you will know shortly.)The ECOA (Equal Credit Opportunity Act - Regulation B of the Fair Credit Reporting Act) requires all lenders to provide a formal notice to loan applicants as to the reason you were rejected for a loan. This is called an “adverse action notice” (applicable only in consumer transactions).This notice must be provided to the applicant within 30 days of the adverse action (declined credit).

Some men are very competitive es[ecoa;;y in the area where a woman is concerned The competitive qualities are instinctual and are passed down to each generation as part of our natural human evolution so with that being said basically men covet women like a trophy if they have their eyes on them and are waiting for them to notice but then someone enters your field of vision and thats all it takes then the competition ro win her heart begins. Some of us men are Pigs when it comes to a woman. I’m just glad I am at the age where you’ve seen 1 you’ve seen them all