@JonStur wrote:
So I received a letter today about a summary of changes to my Visa. Nothing special, summary of fees , late payment fees, blah blah. It got interesting at the Credit information part. Quote, " we may from time to time, obtain employment and income data FROM THIRD PARTIES TO ASSIST US in the ongoing administration of your account." I wonder who these third parties are... Doesn't sound like softing the CBs...
My sister works in the collections department for a major credit card issuer, she calls on delinquent accounts and tries to resolve them prior to closing the account and turning them over to an outside source for collections. I asked her if she knew what this statement meant (I received the same statement in a letter from Barclay's) and she said in all likelyhood, this is an avenue they will pursue if they find it necessary to do additional verification of a large stated income, for example.........if someone states their income to be $400K a year and they believe the customer is lying about it, they will use other ways to verify the income before extending credit and credit lines to match such a high income. She said it may also have to do with their collections procedures as well. For instance, if someone stated their yearly income was $250K and received a starting credit line of $25,000, but then charged up the card and defaulted on the debt, they would use other sources to prove the person lied on their application to get a higher credit line and it would help them prove a fraud case. She said it is a way of them protecting themselves and would probably only be used in cases where they felt it was warranted.
She is only guessing, but it makes sense to me.
Chap 7 BK Discharge Aug 2013 (Initial CL/Current CL): Discover IT ($5.5K/$32.5K) Cap1 QS ($500/$30K) Amazon ($700/$8K) Barclay's MC ($1,300/$10.3K) Upromise ($500/$33K) Lowe's ($900/$13K) Sportsman's Visa ($17K) WF Amex ($13K) AMEX BCE ($10K) AMEX Gold NPSL - FICO's: All 740+
Starting Score: TU 595 EX 600 EQ 585
