Thought to Lizard

Discussion in 'Credit Talk' started by Bigun, Apr 2, 2001.

  1. Bigun

    Bigun Guest

    I know both here and on the fool site people have questioned the request for validation from collection agencies. While I've no first hand knowledge yet, I think it will be very effective for this reason. There has been a great deal of consoldation in both the banking and the cc industry in the last several years. In the course of mergers and the sale of cc portfolios, the paper just may not exist anymore.
    I've got 1 card from a bank that was bought out years ago. 2 other cards are from banks that sold there cc portfoilos to larger banks. This is how MBNA and Bankone{First USA} got to be dominant players in the cc industry. Mergers and purchasing portfoilos. It may be in some cases absolutely impossible for a ca in say Chicago who is working paper for a bank in NYC to find the orginal paperwork of a guy who opened a cc account in 1996 with a bank in Tx that no longer exists.
  2. NanaC

    NanaC Well-Known Member

    It's really great for I just got a bill for a CC that is not mine and the CC/Bank no longer exists...
  3. NanaC

    NanaC Well-Known Member

    On another note

    Well, I'm not really sure...this is a wierd one....

    Hey, Lizard -- How do you suppose that CRA could validate a BK on hubby's when they have the wrong case number??

    Are they just pretending to have validated, in your opinion?
  4. NanaC

    NanaC Well-Known Member

    Re: On another note

    Won't they just replace it with the new one, then?

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