@Crashem wrote:
@youngandcreditwrthy wrote:
Pahahahaha!
So is it safe to infer that Chase's practice with this poster is Amex like? Aka...worthy the CFPB investigating....
Not the same thing. Amex got busted for two main things:
1) Getting people to pay off charged off debt by implying it would help their credit even if the old debt was past SOL/Reporting Limitations and not on credit report
2) Getting people to subscribe to some program by implying they would get $300 credit
Right. And part of the penalty was due to the clear bad faith involved. In particular, on 1):
All three of the American Express subsidiaries deceived consumers into believing there were certain benefits to paying off old debt. Consumers were wrongly told that if they paid off the old debt, the payment would be reported to credit bureaus and could improve their credit scores. In fact, American Express was not reporting the payments and the debts were so old that even if they had tried to report them, many of the payments would not have appeared on these consumers’ credit reports or affected their credit scores. American Express also told some consumers that a portion of their debt would be waived or forgiven if they accepted certain settlement offers. But for customers who applied for a new American Express card, the company was not really forgiving or waiving the debt.
So there is nothing wrong with a bank holding past collections etc against you. The SOL stuff just means that they cannot successfully sue you for the debt. What Amex did is to persuade people to pay with misleading promises, and then made no attempt to fulfil the promise.
