Credit Cards

[Lexa]

I've had a Key Bank MC for 3 years and now Citi has sold the portfolio to Elan. Recently I pulled my report and saw that my old Cti Key Bank account is now closed and I have a brand new Elan account... I called them and explained but they told me they are not re-aging the account because this is their policy to open a brand new account since the account has been transfered to them... WTF??? The card was opened 3 years ago and they are reporting a 2 month history... Is not that a violation of FCRA? Reporting a false info to the bureaus? Shall I contact the bureaus, because these morons do not to cooperate?

[rebulider]

HA HA FCRA and new credit laws r JOKE ....they not there to help u or any one other then Credit card companies and Banks ...

[FocusOnFICO]

Lexa--we had the same experience.  Our cards were over 20 years with the previous credit union.  Sorry to hear that for you, too.

[Cleanmachine]

Lexa;

There are no violations of the FCRA regarding this matter.

It is strictly a business decision of the Issuer to establish new accounts.

[Lexa]

Since when reporting false info to the bureaus is not a violation of FCRA? I have an account opened in 05/2007 and they report as if it was opened 2 months ago.... How do those idiots get away with that??

[Cleanmachine]

Lexa;

To begin with, Elan Financial is not reporting false information to the Credit Bureaus.

They are reporting that they have an account which they purchase from another creditor 2-month ago which is what they are currently reporting.

They are under no obligation to back date any account which they have not originated.

You should also understand that the Creditor is under no legal obligation to report any accounts to the credit bureau.

[laz98]

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Lexa wrote:

Since when reporting false info to the bureaus is not a violation of FCRA? I have an account opened in 05/2007 and they report as if it was opened 2 months ago.... How do those idiots get away with that??

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it's not false information if they acquired the account 2 months ago.  it would be wrong for them to report that they handled the account the entire 3 years.

edited to say:  cleanmachine beat me to the punch.

[forty5ford]

I have a VISA that is hosted by ELAN Financial through the credit union.  I've had the card a little over 3 years and it's been smooth sailing the entire time.  Service has been friendly and professional, reporting has been accurate and relatively quick, and I've encountered no problems with obtaining credit limit increases.  Two thumbs up. 

[Lexa]

I have opened an account with Key Bank 3 years ago. This is my oldest card. I do not really care if they sell portfolios to each other, I did not ask my account to be sold and I have not signed anything with them... The have to report true info to the bureaus. The account was opened 3 years ago and that is what should be reported. They cannot just steal 3 year of account history like that and lower my score. How do they get away with that?

[forty5ford]

I will add that ELAN Financial was quick to contact me about suspected fraudulent activity on my card.  ELANs systems recognized that the spending mismatched my historic transactional profile and they called me in less than 2 hours after the fraud occured. 

For safety's sake, they promptly removed the unauthorized charges from my account and issued me a new card, which arrived in 3 days.  It was the first and only time in 20 years that fraudulent activity occured on my cards.  I still do not understand how it happened because I have guarded my identity like a hawk for about the past 12 years. 

Nonetheless, I am appreciative for their way of doing business.