CFPB Complaint

SYNCHRONY FINANCIAL – CFPB Complaint ID 2840487

Consumer Complaint Submission

Date Received: 2018-03-12T00:00:00

Product: Credit card debt

Issue: False statements or representation

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: In order for my cousin XXXX XXXX to received needed XXXX XXXX ( XXXX ) the dentist office offered a card called CareCredit issued by GE Capitol Retail Bank. My cousin had very poor credit so I cosigned a form which showed a ” credit line of {$3300.00} ” ( see attached ). The account number was XXXX. The card was granted and my cousin had the work performed on her XXXX. Months went by and I received a call from CareCredit/XXXXXXXX XXXX telling me that my cousin had missed a payment. I asked about the balance of the card and I was told it was over {$10000.00}. I paid the past payment and I asked why the balance had gotten so high without my authorization. I was told that since my cousin was the primary card holder, she could increase the credit line without my authorization. I was told this was in the Ts & Cs.

If the credit of the primary cardholder is so poor they needed a co-signer, why in the heck would the bank not included the co — signer authorization when increasing the credit limit.

I later asked for a copy of the Ts & Ss and I received a letter from XXXX XXXX ( see attached ) that since my form was ‘taken electronically ” that a paper copy was not available. I was planning on fighting them but that would result in my credit history being damaged. Due to an interest rate of over 30 % I finally paid off the balance and my cousin is paying me back. I recently found out that I have a ding on my credit report from XXXX XXXX for a late payment.

How in the heck can banks operate like this? First they provide false information, do not provide the required paperwork and then submit a late payment on my credit report.

READ  ENCORE CAPITAL GROUP INC. - CFPB Complaint ID 2500619

Company: SYNCHRONY FINANCIAL

State/Zip: TX 787XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2840487

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