Paypal does not want you or your mortgage broker/loan officer to help you improve your credit score
Paypal Inc (PYPL) not only will shutdown any user, or business that works for a finanical firm, mortgage firm, real estate firm, or bank, they also prohibit users from with not so perfect credit from using their services.
Paypal says "Any company that vioalates our Acceptable Use Policy:
Those factors include:
Under the Acceptable Use Policy, PayPal may not be used to send or receive payments associated with certain credit repair, loan modification, or other debt settlement services that it believes are high risk based upon consideration of one or more factors. Including:
- Offering services that include adding a customer's name to an established loan or a line of credit with the intention of improving the customer's credit score.
- Engaging in activities that are the subject of investigations or warnings by governmental agencies.
PayPal, Brand Risk Management
When contacted about advising people thier rights under the Fair Credit Reporting Act, Paypal says that no company or individual that wants to improve their credit score, can be a paypal customer.
In addition, we have had users complain to us, that using paypal, is subject to a credit scan, whether or not the credit report is valid, the user has no defense to fight back, or repair their credit and reseek paypal approval. The Credit Repair Organizations Act (1996) prohibits a variety of false and misleading statements, as well as fraud by credit repair organizations.
There have been over 2 million lenders, real estate professionals and financial firms shut down recently by Paypal.
What laws do Paypal Violate ?
Title 15 United States Code Section 1681 Act , the Constitution of the United States and other US laws.
your rights under the constitution include: "natural rights" are "life, liberty, and property"; Private Property: (2) Tools needed for one's livelihood. (3) Personal property, which others may be denied the use of. Non-natural rights of personhood, (1) To enter into contracts, and thereby acquire contractual rights, to secure the means to exercise the above natural rights.[1,15] (2) To enjoy equally the rights, privileges and protections of personhood as established by law. (3) To petition an official for redress of grievances and get action thereon in accordance with law, subject to the resources available thereto. Non-natural rights or citizenship: (1) To enjoy equally the rights and privileges of citizenship as established by law.
The Equal Credit Opportunity Act (1974) prohibits discrimination in credit transactions on the basis of certain personal characteristics including race, color, religion, national origin, sex, marital status, age, being a recipient of public assistance or exercising your rights under the Consumer Credit Protection Act. Enforced by the Federal Trade Commission, this act protects you from unfairness when applying for credit.
The Fair Credit Billing Act (1974) requires that a credit card company promptly credits your payments and corrects mistakes on your bill without damage to your credit score. It also lets you dispute credit card billing errors and withhold payment for damaged goods. See also Truth in Lending Act below.
The Fair Credit Reporting Act (1970) protects you against inaccurate or misleading information in credit files maintained by credit reporting agencies. It requires that you must be told what’s in your credit file and have the ability to correct any errors. The Risk-Based Pricing Rule implements section 615 (h) of the Fair Credit Reporting Act. It gives you the right to a free credit report annually, protected access and accurate reporting. This act gives you the right to have inaccuracies fixed in a timely manner as well as the right to sue and seek damages for violations.
The Consumer Credit Protection Act (1969) is an umbrella consumer protection law that includes the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, Credit Repair Organizations Act, and the Truth in Lending Act.
According to our email with the FTC (Federal Trade Commission)
Paypal may not discrimintate based on your credit status. They may not discriminate if you do not have a phone number. They not refuse to consider you based on your credit status. And you have the right to get credit to help your credit score improve, or get credit with a cosigner. Cannot prohibit you from disputing or repairing your credit. They must verify whether or not items on a credit report are accurate under the FCRA. And most importantly prevents them from circumventing the law. All of these are enforced by the FTC.
According to the FTC conduct that is not allowed
- Contacting after you have been a customer, and requested to validate a debt or improve your credit score
This is just the first part of the 120 violations of the law Paypal has violated. Paypal is liable for any of these violations, whether this be criminal, or civil. There are several class action lawsuits against paypal, including one that has over 22 million people who are in the process of joining.
What can you do? If you have been a victim of this abuse, you can contact :
BBB of California
California Attorney General
Nebraska Attorney General
and any other agencies to file a complaint against Paypal for violating your rights.
and also file a lawsuit , damages can be in excess of millions of dollars depending on the violation.
You can also boycott Paypal, or discontinue their service before they freeze your funds, and make your company inoperable.
We are switching to new processors that do not violate the law, please be patient with us as this transition takes place. We have over 300 waiting.