Emerge IS Compucredit!!!

Discussion in 'Credit Talk' started by tr1252, Oct 13, 2002.

  1. tr1252

    tr1252 Well-Known Member

    After reading the Providian/Emerge thread, I did a little research. There seems to be some confusion over this.

    I went to Verisign and did a "Who Is" search on emergecard.com. Here's what they came back with:

    WHOIS Search Results

    WHOIS Record for
    emergecard.com

    Registrant:
    COMPU CREDIT CORP. (EMERGECARD-DOM)
    245 Perimeter Center Pkwy, Suite 600
    ATLANTA, GA 30346
    US

    Domain Name: EMERGECARD.COM

    Administrative Contact, Technical Contact:
    LAWRENCE, MARK (ML16922) mark.lawrence@COMPUCREDIT.COM
    COMPUCREDIT
    245 Perimeter Center Pkwy., Ste. 600
    Atlanta, GA 30346
    US
    770 206 6200 678 259 8100

    Record expires on 22-Sep-2005.
    Record created on 22-Sep-2000.
    Database last updated on 13-Oct-2002 07:24:12 EDT.

    Domain servers in listed order:

    NS.ASPIRECARD.COM 65.199.235.169
    NS.COMPUCREDIT.COM 66.150.62.141


    So, there you have it!
     
  2. Imp

    Imp Well-Known Member

    Interesting, the timing is right, however, in doing a little research on compucredit, it seems they only offer visa's and not mastercards. Emerge is a mastercard. Also compucredit BOUGHT receivables from providian, this was a conversion not a sale. Still, much food for thought.
     
  3. Jaboom97

    Jaboom97 Well-Known Member

    I saw this on the yahoo news: they don't make any refrence to emergecard but it does say,"... the recently acquired portfolio system conversion in mid -October" this would support the conversion terminology that everyone has been recently talking about.


    Welcome [Sign In] To track stocks & more, Register
    Financial News
    Enter symbol(s) BasicDayWatchPerformanceReal-time MktDetailedChartResearchOptionsOrder Book Symbol Lookup







    Press Release Source: CompuCredit Corporation


    CompuCredit to Open Salt Lake City Facility
    Company to Acquire Credit Card Facility of Providian
    Monday September 9, 10:54 am ET


    ATLANTA--(BUSINESS WIRE)--Sept. 9, 2002--CompuCredit Corporation (NASDAQ: CCRT - News) today announced that it has agreed with a subsidiary of Providian Financial Corporation (NYSE: PVN - News) to hire approximately 175 employees, purchase certain assets and assume the lease on a 19,000 square foot portion of the credit card operations facility in Salt Lake City, Utah. The transaction, which remains contingent upon closing conditions being met, is currently expected to close in conjunction with the recently acquired portfolio's system conversion in mid-October.

    "Not only do we believe that this transaction is a great opportunity to add qualified and motivated employees to our CompuCredit team," said Rick Gilbert, Vice Chairman and Chief Operating Officer of CompuCredit, "but we also believe that it is a great way to smoothly transition the servicing of the receivables recently acquired from Providian. Providian's management team was very eager to find jobs for these employees, and has worked diligently with us to make this a successful transition."

    CompuCredit Corporation is a credit card company that uses analytical techniques, including sophisticated computer models, to market general-purpose credit cards and related fee-based products and services. Credit cards marketed by CompuCredit are issued by Columbus Bank and Trust Company under an agreement with CompuCredit. For more information about CompuCredit, visit www.compucredit.com.

    Our expectation that the transaction will close in October and that the transaction will result in the smooth transition of the Providian receivables purchased are forward-looking statements. These forward-looking statements are not a guarantee of future performance and are subject to various assumptions, risks, and other factors that could cause our actual results to differ materially from this suggested by these forward-looking statements.

    These factors include, among others, the following risks and others set forth under the caption "Risk Factors" in CompuCredit's Annual Report on Form 10-K for the year ended December 31, 2001: the final documentation for aspects of the transaction still needs to be completed, the transaction is subject to various closing conditions, and CompuCredit has no control over how many Providian employees will accept employment offers. Moreover, as a consequence of those or other factors, CompuCredit's plans or expectations may change. CompuCredit expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.



    --------------------------------------------------------------------------------
    Contact:
    CompuCredit Corporation
    Nancy King, 770/206-6200



    --------------------------------------------------------------------------------
    Source: CompuCredit Corporation
     
  4. arancer

    arancer Well-Known Member

    I just called MasterCard to find out about Emerge and they said the issuing bank is Columbus Bank and Trust. I was transferred to Columbus Bank and Trust - they had all my Providian account information. The number the girl gave me was 866-705-3603 as the group handling the conversion.
     
  5. KHM

    KHM Well-Known Member

    I went to www.columbusbankandandtrust.com and noticed scrolling up on the "announcement" part was something about their billpay or website being unavailable between 10-11 and 10-14. Sooooooo, maybe this is them?
    EDIT:

    From October 11 â?? 14, 2002, we will be upgrading to a new online system. During this time, OnLine Access will be temporarily unavailable. We apologize for any inconvenience this may cause.
     
  6. LKH

    LKH Well-Known Member

    Those converted to Emerge will be the fine company that produces the Aspire card with the 35%apr's. I really hope they don't try to screw you guys with their unbelievably ridiculous apr's. If they do, close your accts and don't take that kind of crap.
     
  7. LKH

    LKH Well-Known Member

    Those converted to Emerge will be with the fine company that produces the Aspire card with the 35%apr's. I really hope they don't try to screw you guys with their unbelievably ridiculous apr's. If they do, close your accts and don't take that kind of crap.
     
  8. azur24

    azur24 Well-Known Member

    More food for thought.

    I knew about Columbus bank yesterday when I did my search. They are "upgrading" there systems over the weekend.

    They also OWN Compucredit.

    Coincidence, no. I am assuming Compucredit handles the "subprime" market for them.
     
  9. Bunter

    Bunter Well-Known Member

    Compucredit trades on the Nasdaq, witha symbol of CCRT. I couldn't find any ownnership link between CCRT and Columbus Bank & Trust. 80% of the company's shares are held by senior management, the rest trade publicly. CCRT is, itself, looking to aquire or start up a bank.

    The senior management team looks like the usual suspects for a company like this. There are former executives from collection agencies and CRAs, and the founder of worthknowing.com. Looks like a bunch of flightless vultures to me. A quick glance at their balance sheet isn't very inspiring, either. Unless you really need the tradeline, this looks like a card to dump.
     
  10. breeze

    breeze Well-Known Member

  11. david1

    david1 Well-Known Member

    I have getsmart visa since 8 months I dont see any info in my account online, may be they sold few accounts.
     
  12. azur24

    azur24 Well-Known Member

    I can't remember where I found the link between the two banks, either searching on Compucredit's website, or after my search on Mastercard. Where ever it was, it made a reference to Columbus Bank and Trust, I will try and retrace my steps...
     
  13. azur24

    azur24 Well-Known Member

    Here it is, they have an agreement with Columbus Bank, this is on Compucredit's website under the press release about them purchasing Providian's Salt Lake City office:


    CompuCredit Corporation is a credit card company that uses analytical techniques, including sophisticated computer models, to market general-purpose credit cards and related fee-based products and services. Credit cards marketed by CompuCredit are issued by Columbus Bank and Trust Company under an agreement with CompuCredit. For more information about CompuCredit, visit www.compucredit.com.
     
  14. GEORGE

    GEORGE Well-Known Member

    AND DON'T DARE ACCEPT ANYBODY WITH F.I.C.O. 700+ AND PERFECT CREDIT FOR 24+ YEARS...

    :)
     
  15. Imp

    Imp Well-Known Member

    Ok here's a thought. If providian really did sell my account to compucredit or anyone else for that matter, would there be certain legalities of obtaining my permission first? I chose to give providian my name, address, unlisted phone number and SS#, I did not choose to give it to compucredit or whomever. Since this is personal info, especially my SS#, there has to be some kind of legal whatever to protect MY interests. For instance, notification IN WRITING about a pending sale and seeking my approval to go ahead with the conversion or close the account. I found out by accident when I logged onto the site to check my new statement/balance.
     
  16. KHM

    KHM Well-Known Member

    Imp-
    Remember when a few months back they sent out those stupid letters saying we can opt out of them sharing info with everyone under the sun including their affiliates? I think this would fall under that letter.

    That's ok it says my account was sold to them as well, but I closed my accounts a few months ago. Ought to be interesting :)
     
  17. GEORGE

    GEORGE Well-Known Member

    It says in the FINE PRINT that they have a right to TRANSFER or SELL your account at any time WITH or WITH-OUT notice...(including your personal information along with the account)...
     
  18. mj

    mj Well-Known Member

    Imp- you already have given them permission to sell or assign the account to anyone they choose to (it's in the cardholder agreement).

    CompuCredit and CB&T don't have any ownership connection that I can see- just that CB&T is the issuer.

    TSYS - the 2nd largest processor (also servicing Amex, BofA, FNANB, and lots of others) is another Synovus company.

    SO ... Synovus gains scale for TSYS (more accounts) and keeps their hands "clean" by letting CompuCredit do the sub-prime stuff.

    I have a NextCard converted-to-Aspire ... and the rate is 4.9% (for 6 months) with a go-to of 15.9 (I'll be gone before that hits).

    One word of caution - they are NOTORIOUS for sending statements late - I usually get them about 3 days before the payment is due, so I automatically send out a payment ahead of time to avoid any unnecessary jacking of rates.

    -mj

    -mj
     
  19. Imp

    Imp Well-Known Member

    I just dug up my agreement and it does say they have the right to transfer or sellf my account with AT LEAST 30 DAYS WRITTEN NOTICE to me or no written notice if allowed by federal law. Now where can I find federal law regarding this? I am beyond PO'D!!!!!!
     

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