View single post by Christine
 Posted: Sun Oct 14th, 2007 06:00 am
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Christine

 

Joined: Thu Nov 30th, 2006
Location: The High Desert, Arizona USA
Posts: 45
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FINALLY Capital One is reporting the credit limits.  

I am still awaiting the decision of the 9th circuit court of appeals regarding this issue. 

And, I finally figured out why the so-called consumer attorneys didn't get any judgments against Capital One for their refusal to report the limits:

They SOLD OUT!

They SETTLED with Capital One. 

Capital One didn't start reporting the limits because of me, but because finally several class actions were filed against the CREDIT BUREAUS.  It took me 6 years to get lawyers to act!

At least one class action against Capital One was dismissed because there is NO right to sue for a creditor's incorrect or incomplete credit reporting UNLESS the reporting was disputed with the credit bureaus and the creditor then failed to correct.

Finally, several lawyers filed class actions against the credit bureaus for allowing the incomplete Capital One reporting and I think that did the trick.  I've heard that the credit bureaus then required COMPLETE reporting and Capital One had to comply or stop reporting entirely.

And if Capital One couldn't report anymore, many of its customers would probably quit paying.

Coincidentally, soon after word got out that Capital One would report the credit limits, it raised the interest rates for all low rate accounts.

A friend of mine with perfect credit had her rate increased to over 15%.  She was told that Capital One decided to increase the rates due to "economic" reasons. 

Apparently Capital One expects to lose many customers as their credit scores increase due to the reporting of the credit limits and they get much better credit offers from competitors.

So they decided to increase the rates and hope that enough of their customers have scores too low for better terms elsewhere to sustain their huge profits.

How can that "life-time" low fixed rate be increased?

Why do the regulators allow this?  [rhetorical question, the regulators ARE the banks.]

 

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