Credit & Collection Legislation Home
Home Search search Menu menu Not logged in - Login | Register
Credit & Collection Legislation > FAQ > FAQ > Why I started this new forum

Registration is disabled because this is not a discussion forum.

Why I started this new forum
 Moderated by: Christine
 New Topic   Reply   Printer Friendly 
 Rating:  Rating
AuthorPost
 Posted: Thu Dec 7th, 2006 01:39 am
   PM  Quote  Reply 
1st Post
Christine
Administrator
 

Joined: Thu Nov 30th, 2006
Location: The High Desert, Arizona USA
Posts: 45
Status: 
Offline

  back to top

There are MANY Capital One related postings at my blog, one of the most relevant:

Capital One memorandum re. $50,000 attorneys fees: it's BAD faith to care about others

You can thank Capital One attorney Michelle Roddy and the Capital One strategists for motivating me to start this political action project.


Capital One's refusal to report the credit LIMITS lowers the credit scores of many millions of consumers.  I happen to be one of them and since I also make a living helping consumers get the scores they deserve, I decided to sue.

The "consumer advocate" attorneys completely ignored this malicious Capital One tactic to lower consumer credit scores so that its customers can't get accounts with better rates and terms from competitors.



 Posted: Sun Oct 14th, 2007 05:00 am
   PM  Quote  Reply 
2nd Post
Christine
Administrator
 

Joined: Thu Nov 30th, 2006
Location: The High Desert, Arizona USA
Posts: 45
Status: 
Offline

  back to top

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.]

 



 Current time is 03:13 am
Credit & Collection Legislation > FAQ > FAQ > Why I started this new forum
Top




UltraBB 1.172 Copyright © 2007-2013 Data 1 Systems