topic Re: Idiots at Elan Financial in Credit Cards

Idiots at Elan Financial

Anonymous — Thu, 03 Jun 2010 21:44:21 GMT

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?

Re: Idiots at Elan Financial

Anonymous — Thu, 03 Jun 2010 22:11:45 GMT

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 ...

Re: Idiots at Elan Financial

FocusOnFICO — Thu, 03 Jun 2010 22:49:08 GMT

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

Re: Idiots at Elan Financial

Anonymous — Thu, 03 Jun 2010 22:52:08 GMT

Lexa;

There are no violations of the FCRA regarding this matter.

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

Re: Idiots at Elan Financial

Anonymous — Thu, 03 Jun 2010 23:08:57 GMT

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??

Re: Idiots at Elan Financial

Anonymous — Thu, 03 Jun 2010 23:43:11 GMT

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.

Re: Idiots at Elan Financial

laz98 — Thu, 03 Jun 2010 23:45:58 GMT

@Anonymous 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??

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.

Re: Idiots at Elan Financial

Anonymous — Fri, 04 Jun 2010 01:48:25 GMT

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.

Re: Idiots at Elan Financial

Anonymous — Fri, 04 Jun 2010 02:29:06 GMT

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?

Re: Idiots at Elan Financial

Anonymous — Fri, 04 Jun 2010 02:45:38 GMT

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.

Re: Idiots at Elan Financial

Anonymous — Fri, 04 Jun 2010 03:25:03 GMT

thanks for off topic. Has anyone had success with returning the age back with key bank? do you just let them get away with that?

Re: Idiots at Elan Financial

CHARGE_IT — Fri, 04 Jun 2010 05:08:35 GMT

@Anonymous wrote:
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.

Forty, I see what you meant from the Compass thread. Thanks for joing and hopefully more people will try to approach financial issues with rationality instead or histrionics.

I am not choosing one person to call out on this. I think it is fair to mention at any place and time when someone is not giving due respect to good service when otherwise trying to defame their name until they have the whole story. If mods can't see that then the only people left will be ranters.

Let's hope for the best and new people with new interests to join us in our efforts.

Good luck, Forty