Should I file a CFPB complaint?

[creditguy]

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@Anonymous wrote:

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@CJ7 wrote:

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@kdm31091 wrote:

... but they're within their rights to ask for it.

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I haven't read the fine print in the agreement, but logic would dictate that it includes wording that they have the right

to close your account if you fail to provide income verification.  But the real question here is, do they have the right to

demand that you also agree to having that information submitted to third parties?  I would think not!

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Well you would be incorrect.  They can ask you for anything they want and can close your accounts for any reason whatsoever. 

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Absolutely. Credit is a privilege not a right and it can be revoked for whatever reason and whenever. I would hate to have a closure as much as the next person but I sure wouldn't lose much sleep over losing a card, it's just a credit card, life goes on. 

[kdm31091]

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@Anonymous wrote:

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@CJ7 wrote:

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@kdm31091 wrote:

... but they're within their rights to ask for it.

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I haven't read the fine print in the agreement, but logic would dictate that it includes wording that they have the right

to close your account if you fail to provide income verification.  But the real question here is, do they have the right to

demand that you also agree to having that information submitted to third parties?  I would think not!

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Well you would be incorrect.  They can ask you for anything they want and can close your accounts for any reason whatsoever. 

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This exactly. It is fine to be upset about it, or to choose not to provide the information, but the bank is within their rights.

[Ghoshida]

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@creditguy wrote:

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@Anonymous wrote:

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@CJ7 wrote:

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@kdm31091 wrote:

... but they're within their rights to ask for it.

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I haven't read the fine print in the agreement, but logic would dictate that it includes wording that they have the right

to close your account if you fail to provide income verification.  But the real question here is, do they have the right to

demand that you also agree to having that information submitted to third parties?  I would think not!

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Well you would be incorrect.  They can ask you for anything they want and can close your accounts for any reason whatsoever. 

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Absolutely. Credit is a privilege not a right and it can be revoked for whatever reason and whenever. I would hate to have a closure as much as the next person but I sure wouldn't lose much sleep over losing a card, it's just a credit card, life goes on. 

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With the risk of going OT, I'd like to say that I'm probably not alone in seeing this reversed. Given that credit reports are now a part of job applications (not to mention rent applications, insurance, auto loans, home loans, and who knows what else), it may as well be treated as a right and unless someone commits a "misdemeanor" (e.g. defaulting), that right cannot be taken away.

It's probably not stated as above in today's parlance, but I'm hoping it soon becomes that. 

[CJ7]

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@Anonymous wrote:

Well you would be incorrect.  They can ask you for anything they want and can close your accounts for any reason whatsoever. 

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Of course they can close your accounts at any time for any reason.  What I was referring to was the OP's potential CFPB

complaint that the account was terminated basically for his unwillingness to share his 4506-T with third parties.

To me it seems unreasonable for Synchrony to force him to give up his privacy with regard to third parties in order to hold

onto the account and the $180 he is due.  He's past the account closure itself and focused on the $180 that

Synchrony basically stole.  I'm curious how the CFPB would see that aspect of it.