United Credit National Bank

Discussion in 'Credit Talk' started by darkdoj, May 4, 2001.

  1. darkdoj

    darkdoj Well-Known Member

    I'm not sure if anyone is aware of this but I just found out United Credit National bank is no longer in business. UICI is the parent company and as of January 29, 2001 the company is gone. Thier bank charter has also been removed as far as the research I've done. If anyone has any other information. Please post it here. I am EXTREMELY interested to know about this company as I have a charge-off with them that I want to pay or dispute.
  2. darkdoj

    darkdoj Well-Known Member

    Here's a quote from http://www.sec.gov/Archives/edgar/data/773660/0000950134-00-002278-index.html

    In light of UICI's continuing difficulties with its United CreditServ
    unit, the Board of Directors of UICI has determined, after a thorough assessment
    of the unit's prospects, that it will exit from its United CreditServ sub-prime
    credit card business and that, as a result, it has designated the United
    CreditServ unit as a discontinued operation for financial reporting purposes.
    The Company currently expects to complete the sale of the United CreditServ unit
    during the year 2000. UICI will be required to estimate and record in 1999 any
    additional loss that it believes it will incur as part of any sale of the United
    CreditServ unit. The Company currently estimates that such loss will be around
    $100.0 million, of which approximately $75.0 million will be in cash. UICI
    currently believes that such costs and loss will consist primarily of losses
    upon disposition and continuing operating losses at Specialized Card Services,
  3. 7thof7

    7thof7 Member

    One of my visa cards was under UCNB, it was transferred or bought by Household Bank. This is all I can offer, sorry if it is not enough. I would like to suggest disputing the charge-off, since the company is no longer in business, there may be no reply to the investigation.
  4. darkdoj

    darkdoj Well-Known Member

    Were you in good standing with the card? The website says the 10% of the accounts that were paying were sold off
  5. jonesing

    jonesing Well-Known Member

    I had a UCNB Visa card...It said ACE or something like that across the top left corner of the card. Sometime around October I got a notice saying that my account was going to become a Household Bank Visa. "Card Services" was still going to handle customer service and payment processing although the payment address switched from SD to Florida. In November or December I got a new Household Bank Visa card with the same account number but the expriy date was 7/01. WTF? Since I now had a HHB card in-hand, I tried to sign up for account access on the HHB web site. No go. My account number wouldn't work so I called HHB and their customer service couldn't look it up either...only the orignal Card Services people. Note that their website https://www.myccinfo.com was still working. Also the 800 number wasn't HHB, it was Card Services. MyCCInfo happens to be hosted on Equifax server--further, my online bill payment service from my bank has a nifty feature for paying Visa/MC accounts. Unless it's a specific bank on their list like Citibank Advantage or Shell MC you put in your account number and the zip code your payments go to. The system comes back with the name of the issuing bank--it already knows how to electronically send money to your account. When I did this for the UCNB account, the system said the issuing bank was Equifax. In February or March I got a second HHB card (same account number) but this one is the "real" card because on the "magic day" the first HHB card stopped working and the new one was activated. The new card has the real HHB 800 number and now my statements come from HHB with payments going to Baltimore.
  6. darkdoj

    darkdoj Well-Known Member

    That's really interesting. I scoured the web for info on who bought the accounts, but it was kept secret. What I did find out is that UICI was only transferring the 10% of the cards that were paying ontime. The rest seem to die off. I haven't heard from them in almost two years. I think it's time to dispute it. Shouldn't have any trouble having it removed, I wouldn't think.

    QUEEN_BEE Well-Known Member

    On what website did you find out that they are out of business?

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