Hi everyone, I hope someone can help me out so here goes: I had a Providian charge-off of about $1000 awhile back. The Credit Store (as CA) bought the debt and offered me a Visa with a CL of $1000. The new Visa was issued by the Bank of Hoven. They told me that as I made payments on my new card, my available credit would increase. When I asked them about how the accounts would be reported, they said that when I got my new card, a new bankcard account would show up (which it did). They also said that the Providian listing would be updated to show charge-off paid in full. Since I had no luck whatsoever in the past getting it removed, I was OK with this. Well, I paid them $500 online last week only to find out a week later that although the payment posts to the account in 2 days, the funds don't become available for 20! After they admitted on the phone that their website or terms make no mention of this exorbitant hold, I told them I was cancelling my check and sending them a smaller payment ($31) which is equal to my minimum due. So far so good, right? WRONG! I pulled TU a few minutes ago and it dropped 31 freaking points! A new paid collection account was just added by The Credit Store for $1000! So now, I have my old Providian as an unpaid charge-off, the new bankcard, and a new paid-charge-off for the amount of my old Providian account! Where do I start? Am I hosed? I should note that I did everything with them over the phone - never signed anything. However, I did fax them my SS card because they had my last name misspelled. Sorry so long Tom
That means that the original is being reported twice. Dispute Providian as a duplicate. Then send a validation to the credit store. Have you called the credit store to ask why they did this if your payment was made? You may want to file a complaint with your state atty. general and their state atty general, as well as your state banking dept. or whoever handles credit card issuers and collectors. I think their may be some sort of FDCPA and FCRA violations here.
Thanks, I've been a member of this board for about 8 months now but I don't recall seeing anything in stone that says a debt cannot be reported twice by different creditors. Maybe I'm just dense. Is there such a law? The Credit Store is willing to send me a letter I can use to dispute the old Providian account off. It will state that the debt was purchased by the Credit Store and authorizing deletion. But still! Ya know what else! When I called them originally, the gave me the standard line that the called was being recorded so I said "That's fine, I am also recording on this end." The guy said I wasn't allowed and hung up! Fortunately, I got a decent guy when I called back and he agreed to fax me the letter today. Can anyone pinpoint any VDCPA or FCRA violations? It smells fishy but I feel like I may be at their mercy at this point. Tom
Tom, I was told by a Trans Union rep that two companies (tradelines) could report the same debt - but that if the debt was sold, the original company could not continue to update the debt. But the two tradelines could exist simultaneously. I do not know the legal answer, though. I have a feeling that Providian's credit dispute dept. is not what it used to be in verifying every dispute that came in the door. You may want to dispute that entry as a duplicate and see if they'll fail to verify. Two or three people recently posted successes in Providian deletions, which was unheard of a year ago.
Marci... Thanks for the info. I think you are right about the Providian dispute department. I just had it removed from Equifax this week. Tom
Re: Help!...SO THE CONCLUSION IS? After trying to fix my credit for about 4 months this has to be the most frustrating and annoying issue. The question of reporting twice, as my good friend has said, has not received a solid answer. I searched in this forum to see if there has been closure to the issue but I could not find one. Does anyone know if the answer to this question has been given yet in this forum with perhaps the law reference or some credible reference about our rights regarding accounts reported twice WITH A BALANCE FOR BOTH. I can buy having duplicate reporting with a zero balance on one, but it's outrageous to allow overstating a persons obligation. I have disputed at the credit bureaus about Discover and the CA reporting one collection account but they are still reporting the balance twice. Spoke with Discover and Ca and both said they are reporting under the guidelines of the law. And yes, both continue to update! Thanks.
