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Established Contributor
Posts: 553
Registered: ‎02-14-2012
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For those who wonder if AMEX blacklists...

I ran across this article and it was really the first couple of paragraphs that caugt my attention. I'm pretty sure I've read here about folks trying to get the bonus with the Blue Sky and being told to pay the bad debt to get a new card.  Interesting read.

 

http://finance.yahoo.com/news/amex-hit-112-5m-charges-204302820.html

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Established Contributor
Posts: 997
Registered: ‎05-05-2010
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Re: For those who wonder if AMEX blacklists...


adavis425 wrote:

I ran across this article and it was really the first couple of paragraphs that caugt my attention. I'm pretty sure I've read here about folks trying to get the bonus with the Blue Sky and being told to pay the bad debt to get a new card.  Interesting read.

 

http://finance.yahoo.com/news/amex-hit-112-5m-charges-204302820.html


To clarify, one of the findings that the CFPB had against Amex was that they did not clarify that a settled debt (paying a debt less then owed) could factor into future credit decisions by Amex. So applicants who had paid a previous debt for less then actually owed, would be denied unless they paid the full amount of the debt. As a settlement with the CFPB applicants who paid the remaining balance owed would be refunded for that amount plus interest. Other applicants who were denied but did not pay the remaining balance would be offered a pre approved card plus $100.

 

In future collection practices Amex will have to disclose that settling a debt for less then actually owed may be a factor in future credit decisions with Amex.

 

 

 

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Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: For those who wonder if AMEX blacklists...

Hmm............

 

So, you burned AMEX in the past. You pay them a partial payment of the debt and expect the bank to give you ANOTHER loan considering you burned them in the past and didnt even pay them all the money back??

 

Hilarious! Smiley Very Happy

 

The joke is on the consumer who would think a bank would reconsider you. It's totally ridiculous.




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