Re: Spoke with Mr Cooke today-he su If I choose to participate in this thread again, it will only happen using bold and pink. Just wanted to give thoughtful notice. Doc P.S. George, he didn't mean why are you here in that respect. Of course you want to be here. He intended the question as a more organic commentary on existential being. WHY are you here? Why are any of us here? Why does the earth exist? And how does Mr. Cooke fit into the universe's greater plan for cosmic consciousness?
Re: Spoke with Mr Cooke today-he su Ok, y'all need STOP the color insanity....my poor old eyes can't take it. LMAO Gib
Re: Spoke with Mr Cooke today-he su We are all here to profit credit card companies. In fact this country and the Earth, for that matter, was founded on credit...lol. Mr. Cooke fits into the Grand Schemes of things as a credit magnet.
Re: Spoke with Mr Cooke today-he su Just highlight the post and it turns black & white, no matter what the original color.
Re: Spoke with Mr Cooke today-he su No I am not still a customer. After talking with Mr. Cooke and learning of his blatant disregard of the law and flipant attitude towards consumer protection, I immediately transferred the entire balance off the card to my wifes cards, and closed the account. Of course it still reports as open and probably will for quite some time. (just another example of their disregard of the law.) I have since obtained a Providian Platinum and Citi in my name, so Cap1 can kiss my you know what. They did not know I had as many options as I did, now they lost at least 6 months of interest they would have otherwise received, and an excellent paying customer. But, Mr. Cooke will be able to sleep at night as he is "doing the ethical thing". I guess doing the illegal thing doesn't bother him much...lol
O I C You're here because you want to manipulate the credit reporting system to your advantage just like everybody else here. The only difference is that you're living in a better credit neighborhood than I and maybe half of the people that inhabit this electronic community. The slogan of this website is POWER TO THE PEOPLE, I want a little of this power, I want to say what's on my mind, I don't think anybody here can judge a person's private life here. This is still America you and I can say anything we want. Especially me because I started this thread and it's doing pretty good I should say.
Re: Spoke with Mr Cooke today-he su O yeah? What about the people that have posted that their Providian cc have been cancelled for no reason and after they have never been late? The CC companies sell all or a portion of their "subprime accounts" to another CC Co and they weed out any account they don't like. Isn't there something secret going on there?
Re: Spoke with Mr Cooke today-he su Nothing secret at all about what Providian is doing. The OCC told them to refuce their exposure in the subprime community and that's exactly what they're doing. In fact, they not be secretive at all about informing the public that they will eventually leave the subprime market completely. Plain old capatilism at work. Apply capital where it will return the greatest reward with the least amount of risk. Nothing sinister there.
Re: Spoke with Mr Cooke today-he su I didn't say there was anything sinister. Most people don't keep up with CC current event news, why should they ? The applied for a credit card, they were floating a credit balance and one not so fine day they wake up and they cant use their card anymore. They did nothing wrong but they were dumped. The SECRET here is that when you apply for a CC you are FULLY obligated to pay what you owe but the CC company is NEVER obligated to keep your account open, even if you pay on time.
Re: Spoke with Mr Cooke today-he su The SECRET here is that when you apply for a CC you are FULLY obligated to pay what you owe but the CC company is NEVER obligated to keep your account open, even if you pay on time. teech33 ========================== The problem is that you are signing a variable term contract. Would you sign a contract to buy a house or any thing else when the other party is the only one who can change the terms of the agreement after both parties have singed the contract? This is exactly what you do when you take out a credit card. LB 59
Re: Spoke with Mr Cooke today-he su Please give the example of what your trade lines actually look like. Everyone knows I am a big fan of Cap1.. but this bothers me. are you saying Cap1 added a trade line that states you were late 6 years before you opened the account??? Opened Jan 2002 Amount 1k Due 0 Lates: Jan 1996, Feb 1996.. etc... that wouldn't make any sense. Or are they saying you opened it with them 6-7 years ago????????? I really want to understand this one.. I may know someone who is very interested in this.
Re: Spoke with Mr Cooke today-he su As far as I can tell, they aren't reporting it as late as all, but simply as a chargeoff, with DOLA being when it was paid. If that is correct, it's completely outrageous. I don't see how Mr. Cooke can say that adding a negative item to someone's credit report, for another company, more than seven years after the other company charged it off, is somehow an ethical obligation. Quite frankly, it's gross hypocrisy, and anyone with a triple digit IQ could figure that out. All legal obligations to the original creditor ended 7 years after the chargeoff, but there goes Mr. Cooke/Capone Bank, charging forward lance in hand, yelling out, "No, 7 years of a negative isn't enough, I'm going to give you 7 more, even though you paid when you no longer had to pay." It's the action of either a) a self-righteous @$$hole with a very narrow world view; or b) someone who is forced to defend the greedy behaviour of the company for which they work.
Re: Spoke with Mr Cooke today-he su Marie you can do a search of my posts. I talked about it when I first came on the board, but every time I see a cap1 thread it kinda pours salt in an open wound if you know what I mean. When I was in college I bought a lemon car that broke down within a year of purchase. Being young and uncredit wise I called the finance co. and told them to come get the car I wasn't making any more pmts. They did. Then they sold it at auction, and harrased me for the remaining balance (the loan balance less the auction price plus fees). I figured I might repay it some day if I felt like it. Then one day I get this offer in the mail from Cap1 stating they purchesed my old debt and will give me a credit card with the debt balance on and I could pay my old debt and rebuild my credit at the same time. Their letter stated they would update any negative listings on my credit reports to paid charge-off, if it was it was reported. The letter also stated they would not add any negative listing if nothing concerning the original debt was listed. Plus I would get a positive trade line as long as I made at least the minimum credit card payments, each month and on time. I thought it was a great deal and sent in the application. At that time I did not know anything about FDCPA, FCRA, credit repair. Later I found this site and started reading up, because some friends of ours were trying to get us involved in ICR (Credit Repair). So I got my credit reports and started reviewing them. On my TU 1) I had a "Paid as agreed never late" for the cc. 2)I had a brand new "paid charge off" listed as a revolving credit card accout from Cap1 with a new account #, and everything Dola 99 3) And of course I still had the OC's charge -off/reposession. Dola 95 Item number two above is an obvious violation of the FDCPA, It was re-aged and it was never a charged-off credit card, the amount is even slightly misstated I sent multiple letters explaining my problem and no response. I talked to CSR - just think-headed morons. I pfb'd, then Cooke called, and I had an hour long conversation on th morality of credit reporting. Needless to say I am very upset at this point. I have paid off and closed my cap1 cc account and sought legal aide to pursue litigation. I want item 2 removed, or dated properly. This is not a good way to thank someone for paying off an old debt, by making them suffer with a negative TL for and additional 4or 5 years (1999-1996). I should have just thrown the offer in the trash. Then item 3) would have fallen off in 2003. Of course there is no telling what other funny business Cap1 would have pulled since they purchased the debt. They probably would have re-aged it anyway. They have since done other violation, but I have already written a book here...lol I hope this clarifies it.
Re: Spoke with Mr Cooke today-he su A little mone on "CAPONE" Bank (lol) Request for FTC investigation of Capital One FCRA violations and FTC opinion letter Via fax to 202-326-2012 Christine Baker BayHouse LLC www.bayhouse.com December 19, 2001 Re: Capital One FCRA violations: -- RE-AGING charge-offs upon settlement -- reporting balances after the settlement for payment in full -- adding COLLECTION inquiries (not account reviews) when consumers complain about incorrect credit reporting for PAID accounts. To whom it may concern: Today I learned that Capitol One re-ages charge-offs upon settlement, reports outstanding balances on SETTLED accounts and obtains credit reports without a permissible purpose - NOT by mistake, but as a matter of policy- as per Tonya Morris, who identified herself as the Executive Specialist on behalf of the Capital One CEO. The reason for my call was my client's decline for her mortgage due to low credit scores. 1) Capital One reports to Experian: "Paid in settlement" with the notation "Account legally paid in full for less than full balance." The Mortgage Credit Report translates this to "Collection - P & L" The Experian credit report states: "This account is scheduled to continue on record until 9-2008." Subtracting 7 years from that date, we find that the account starts aging as of 9/2001. This is also the date reported for "Reported Since" "Date of Status" and last "Last Reported" The FCRA specifically states that charge-offs need to be aged off the credit reports using the date of the charge-off -- NOT the date of payment, or any other later date. I am very aware of the Kosmerl FTC opinion letter, June 4, 1999, at http://www.ftc.gov/os/statutes/fcra/kosmerl.htm "Specifically, you ask (1) how the date is determined if there are multiple obsolescence dates where "you have several delinquencies preceding a collection or charge off (8/91 60+, 9/91 60+, 10/91 30+, 11/91 account closed by creditor)" and (2) if "adverse information listed on a report prior to 9/30/97 is exempt from" the procedure set forth in Section 605(c)(1) . 1. As explained in the enclosed letter (Johnson, 8/31/98), it was Congress' intent in enacting Sections 605(c)(1) and 623(a)(5) to establish a single date -- the start of the delinquency -- to begin the obsolescence period on these accounts. This avoids the "multiple date" problem that arguably existed prior to the 1996 amendments. In the case you described, the date of the "commencement of the delinquency" that led to the creditor's chargeoff or collection action would be July 1991 or earlier (depending on how long the account was continuously delinquent before that). The seven year period would start no later than January 1992 (180 days later), with the result that the chargeoff or collection could no longer be reported in most cases beyond January 1999." And of course there is the Johnson FTC opinion letter, August 31, 1998, at http://www.ftc.gov/os/statutes/fcra/johnson.htm "In sum, we believe that the phrase "commencement of the delinquency that led to the action" in Sections 605(c)(1) and 623(a)(5) of the FCRA should be construed according to its normal meaning. If a consumer falls behind on an account and never catches up, the delinquency has its "commencement" when the first payment is missed. From that point on, the account is past due and thus delinquent." Ms. Morris argued that Capital One complies with the FCRA because they report the settlement. Of course they NEED to report the settlement, but I don't think that the PAYMENT resulting in the settlement of the account should be used to re-age the account. Ms. Morris insisted that Capital One is complying with the FCRA as explained by her Experian brochure. I have NO idea what Experian gives to creditors, apparently they distribute instructions violating the FCRA. The credit scores for the Experian report are below 600, although there is no other collection, settlement or charge-off on the report. According to the Equifax report, this account had a "last activity" in 2/1998. The credit score is in the mid 600s. Ms. Morris offered to look into changing the dates to May 2001, when the account was settled for payment in full, instead of changing to the date of the charge-off, apparently no later than 2/1998. 2) Ms. Morris also stated that the OUTSTANDING balance reported to TU is accurate, as the settlement was for less than the full balance. The NCO (hired collector) receipt showing the ZERO balance means nothing to Capital One. Since the account is closed and the balance is calculated into the total amount owed and my client's credit limits are very low, this is very damaging. Of course I explained all this and that my client got declined for the mortgage due to their incorrect reporting. Ms. Morris then offered a CORRECT zero balance reporting upon payment of the $2,225 reported TU balance. Isn't this EXTORTION? Can I file a criminal complaint somewhere? 3) When I inquired about the COLLECTION INQUIRY by Capital One just last Friday (the account was settled in May 2001 and there are no other outstanding balances to Capital One), Ms. Morris told me that my client called and requested the inquiry. Apparently Capital One translates a request for ACCURATE credit reporting into "hit me with a credit score lowering collection inquiry." The inquiry was NOT coded as an account review. I tried to tell Ms. Morris about the FCRA requirements for inquiries and the Greenblatt FTC Opinion Letter: From the FCRA § 616. Civil liability for willful noncompliance [15 U.S.C. § 1681n] "(b) Civil liability for knowing noncompliance. Any person who obtains a consumer report from a consumer reporting agency under false pretenses or knowingly without a permissible purpose shall be liable to the consumer reporting agency for actual damages sustained by the consumer reporting agency or $1,000, whichever is greater." From the 1998 FTC opinion letter Greenblatt at http://www.ftc.gov/os/statutes/fcra/greenblt.htm: "Any person who procures a consumer report under false pretenses, or knowingly without a permissible purpose, is liable for $1000 or actual damages (whichever is greater) to both the consumer and to the consumer reporting agency from which the report is procured." Ms. Morris refused to delete the inquiry. 4) Prior to speaking with Ms. Morris today, I had attempted to send a fax outlining the above problems to the Capital One Legal Department yesterday. I was given a number to fax the power of attorney to, so that's where I sent my fax. When I attempted to verify their receipt of my fax, I was transferred to their Recovery Department. I spoke with a "Mary" who refused to look for my fax, would not give her last name, would not give me a fax # to resend my fax, and would not transfer me to her supervisor. She said I could explain my problems to her or hang up. Can Capital One legally REFUSE written communications? So I had to call back, again requested the LEGAL department, was again transferred to Recovery, this time to James. He was a little nicer and gave me a new fax #, looked up the account, but also insisted that the account was reported accurately. When I finally got to speak to Ms. Morris today, I had to send my fax AGAIN. My two faxes from the day before could not be located. She also asked me to fax my client's Equifax report so she could see what they are reporting. Maybe this isn't something the FTC cares about, but isn't there some regulatory agency enforcing minimal standards for record keeping? Summary: Considering that Capital One is one of the larger credit card issuers, heavily advertising and also targeting the "sub-prime" market, I would greatly appreciate the FTC's investigation and possibly another opinion letter about the re-aging of settled accounts and whether a consumer's attempt to get their credit reporting corrected is a "permissible purpose" to run the credit report. Until the settlement of Capital One accounts no longer destroys the credit of consumers who settle their accounts, I'm calling on people NOT to settle with Capital One at my BayHouse web site: "ALERT: do NOT settle Capital One accounts" http://www.bayhouse.com/credit-foru...s=&threadid=251 While Ms. Morris declined to give me permission to record her statements, I took extensive notes during and immediately after the call and I am certainly willing to testify under oath that my statements contained herein are true and accurate. You may contact me via fax to 206-202-4653 or e-mail to ...@bayhouse.com. Sincerely, Christine Baker Posted at http://www.bayhouse.com/credit-foru...s=&threadid=252 Copy faxed to 804-968-3580 - Tonya Morris, Executive Specialist on behalf of the CEO for Capital One Copy e-mailed to client CONFIRMATION OF YOUR FAX TRANSMISSION FAX STATUS: SUCCESSFUL TO 12023262012 COUNTRY: 1-NORTH AMERICA TRANSMISSION: 20-Dec-2001 10:07:06 GMT. DURATION: 3.1 Minute TOTAL COST: $0.34 CONFIRMATION OF YOUR FAX TRANSMISSION FAX STATUS: SUCCESSFUL TO 18049683580 COUNTRY: 1-NORTH AMERICA TRANSMISSION: 20-Dec-2001 10:26:48 GMT. DURATION: 3.5 Minute TOTAL COST: $0.39
Re: Spoke with Mr Cooke today-he su Just highlight the post and it turns black & white, no matter what the original color. Bunter ================= highlight the post and it turns white & burgundy for me.
