I got UNCB deleted on all 3 CRA's, and Genesis Financial deleted from one, "verified" with two -- then I got this crazy-ass letter in the mail today. (Sorry, kiddies, for the language -- this is my best description!) I'll type in the letter word for word...OK, I'll skip a few words, that are not key... BEGIN LETTER --------------------- RE: Your former charged-off account with United Credit National Bank, currently owned by Genesis Financial Solutions, Inc. Dear Melissa, Capital Choice has a great opportunity for Genesis Financial Solutions, Inc, customers relating to the above-referenced account. This Registered Notice confirms that you have been pre-approved to recieve a Mastercard. when you accept this offer, your former charged-off account balance of $610.00 will be transferred to Capital One Mastercard, for which you'll recieve one simple monthly statement. Your new account has the following features: 9.9% APR until 2003 Credit limit of $300.00, As you pay fown your debt, your credit becomes available to use No application or security deposit, no annual fee (yadda, yadds) Start Building Good Credit -- When you open your new account, any recovery activities against you pertaining to your former account will be stopped. If Capital One does not recieve a payment, they will close your account and return it to us for recovery. however, once Capital One recieves your first payment, we'll let the credit bureaus know that your former account has been settled. Don't let this opportunity slip away. ZIf you have any questions about this offer, please contact The Westmoreland Agency (an affiliate of Capital One) Yadda, yadda Fine Print on this letter: You can contact Genesis Financial at the following number about your debt : (yadda yadda) If the amount you owe is greater than the credit limit, the excess amount will go into a Special Purchase segment of your account and appear on your statement as a purchase. No overlimit fees are charged on this portion of your account.. (yadda, yadda) On the back: This notice is from a debt collector. This is an attempt to collect a debt. Any information obtained will be used for that purpose. END LETTER I am so confused, I don't know if I should dispute, if I should accept the offer and THEN dispute with Genesis, if I should call Capital One, who the hell Westmoreland agency is, and why the hell a debt collector is offering me a credit card for an account I never even signed an application for! What should I do?
Why not wait to see if the original creditor can validate the debt first. Why pay for something that cannot prove you legally owe?
Re: Need some help here - this is c It's an old scam looking for new suckers. All they did was preapprove you for a card with a $610 "processing" fee and leave you stuck with a negative entry on your report. By accepting, you reset the SOL for this debt and they walk away with your $$$ while keeping your credit just as bad as it was before. Saar
Re: Need some help here - this is c OK, I figured it's a scam, but it sounds like they are just asking permission to sell the debt. if they sell the debt, they can't list it as "settled", can they? They have to list the balance as paid and "sold to another creditor", right? Then Capitol One has to list it as an "open" account.... The original creditor is gone. They lost their FDIC licensing and sold off all of their "bad" accounts to Genesis, and their "good" accounts to Household Bank. The original creditor entries on my report have been deleted, and Genesis Financial remains. So, I am still confused. Should I ignore the letter and dispute the account with Genesis?
Re: Need some help here - this is c It's the same deal that Plains commerce/ The Credit Store does for old charges off. They purchase the debts, and then transfer them to a credit card they sponser....... If that's the actual letter word for word they sure had some typos!!!!!!
Re: Need some help here - this is c Ok, I make my living as a freelance writer... I never said that I could type! Plus the coffee has me shaky, LOL
Re: Need some help here - this is c It's not a Scam, just a way to release the old debt and get a new one : ) .. I had an old Exxon debt, the credit store did the same thing. The exxon listed trans or sold. I got the Bank of Hoven which is now Plains Commerce Bank card kept it for about 6 months paid it off, i then disputed the exxon to remove trans or sold, and it got deleted for non verify. I was left with a Paid off with good history Plains Commerce Bank Account.. So it all worked out for me. Sounds like your deal is the same way, but check it out. I didn't know anything about the Credit Store before i accepted the deal, i researched them first. Found out it was legit and went for it.........
Re: Need some help here - this is c Hmm...Maybe I'll consider it then, but I would prefer to dispute Genesis Financial soon :-( They literally have no way to prove that this account was mine. Technically, it should have been closed before itw as sent to collections. they charged me 400.00 for a "credit course" that I sent back and I moved, and never heard from them again. They solicited me over the phone, I never sent them any checks. The listings (now deleted) in the CRA's show that I was 30 days late the month after the account was open! The minimum payment for the Capital One card is ten bucks a month, so if I can get the card AND get the Genesis entry deleted, I would be very happy to get a bit of good credit.
Re: Need some help here - this is c MYSMYS, I don't know if this is the same capial choice which is offering you the credit card, but as i said check them out before accepting. I checked The Credit Store out and they were legit.... Look at the link i've included and if it's the same company, Run far away.... http://www.ripoffreport.com/reports/ripoff4482.htm
