topic Re: Credit one bank is a scam!! in Rebuilding Your Credit

Credit one bank is a scam!!

Stugotsv10 — Wed, 04 Jul 2018 17:38:30 GMT

So I'm helping a friend of mine with his credit, he has a credit one bank that was PAID IN FULL before it went to collections, went to LVNV anyway.

So dispute after dispute after dispute and they respond in 48 HOURS to each dispute, we sent in bank statements proving it was paid in full, the bank statements/CFPB dispute were enough for Experian and Equifax but TRANSUNION on the other hand, marked the CFPB case "Resolved" and the CFPB believed them with no proof? and they refuse any bank statements (Transunion) no proof is proof.

SOOOO then what "proof" is Credit one / LVNV funding showing you to "validate / Verify" after 48 hours???????

Re: Credit one bank is a scam!!

DebtJoe — Wed, 04 Jul 2018 17:54:37 GMT

Is it possible that your friend never closed his account? I beleive COB charges thier annual fee in a monthly format, so if it was paid in full, and never closed, charges would still accumulate.

Re: Credit one bank is a scam!!

pipeguy — Wed, 04 Jul 2018 17:59:29 GMT

It would help if you provided a few more details to understand your claimed "dispute" such as dates, amounts, etc. I know Credit One makes most of their money off of "fees" (almost $600 million on a recent report) and its standard operating procedure to "fee" their cardmembers on a lot of things, but it would still help understand your case-claim-dispute if you offered a bit more of the specifics.

It should be noted that CreditOne and LVNV are one in the same - all part of Sherman LLC (IMO true vultures in the credit world).

Re: Credit one bank is a scam!!

silver_idle — Wed, 04 Jul 2018 19:11:46 GMT

Base off of that statement, I can only assume that the account was charged off before it was reported to collections. If that is the case and it been paid in full before it is sent to collections and you have proof, the last option for your friend is to take credit one to court for being in voilation of the FCRA, though honestly more details would be helpeful to give you the best advice. If the account was not charged off but late and your friend paid it, then the account is still open and will still continue reporting and as another member stated they do charge an annual fee.

Re: Credit one bank is a scam!!

RobertEG — Wed, 04 Jul 2018 22:55:09 GMT

It is stated that the debt was paid in full prior to going to collections.

A debt collector obtains the right to report to a CRA as soon as they have obtained legitimate collection authority.

They can also delay reporting until after a debt is paid.

The requirement is only that they had legitimate collection authority at some prior point in time.

Collection authority is obtained as of the date they are assigned collection authority by the creditor, or as of the date they purchase a debt.

The date that a collection is reported to a CRA can be much later than the date they obtained collection authority.

A debt collector can chose to delay reporting until they are ready to begin active collection, and thus delay the need to send dunning notice.

A consumer normally has no way of knowing the internal dates of business dealings between a debt collector and the original creditor, such as when an assignment agreement was reached.

What are you using as the asserted "date it went to collections"?

Re: Credit one bank is a scam!!

Stugotsv10 — Wed, 04 Jul 2018 23:40:28 GMT

The account was closed and paid at the same time $280 balance on a $500 card. at the time of closing/paying it was on time/current.

the dispute letters we tried have been EVERYTHING, you name it and we have done it, makes it easier when they reply in 48 hours LITERALLY and its "Verified as accurate" (yeah my @$$) we have done 609 letters, we have disputed THEM, we have sent requests for validation to Trans, we have demanded it of the CFPB etc.

CFPB we did a dispute with LVNV, Credit one and Transunion themselves, ALL 3 were closed because all 3 "promised to look into it and investigate" thats ALL they have to tell these people?????? basically the CFPB is a joke.

I did NOT know LVNV and Credit one bank were owned by the one in the same, thats interesting!! always makes perfect sense

Re: Credit one bank is a scam!!

Anonymous — Thu, 05 Jul 2018 00:56:58 GMT

what are they saying the balance is thats owed on the card?

Re: Credit one bank is a scam!!

RobertEG — Thu, 05 Jul 2018 06:03:56 GMT

The issue is whether the assignment of collection authority to the debt collector was done while the account was delinquent.

The consumer is usually not privy to that information, so the question is how do you know whether the debt collector had legitimate collection authority at some prior time?

If that was done prior to the date that you returned the account to a non-delinquent status, such as paid, then the debt collector has the right to report the fact that they had collection authority.

Regardless, if you still wish to pursue the reporting as improper, then you have the right to file a civil action and get the issue before the courts, which have the ultimate authority to compel production of all relevant evidence and reach a binding legal decision.

Note that any civil action would be on the basis of a lack of reasonable investigation of your prior dispute, and not directly on the basis of their having reported inaccurate information.

A consumer does not have the right to bring their own civil action directly for contesting inaccurate reporting, but does obtain the right to civil action after filing a dispute, with the civil action then asserting lack of reasonable investigation of the dispute. See FCRA 623(c).

Re: Credit one bank is a scam!!

bass_playr — Thu, 05 Jul 2018 12:25:45 GMT

To add to Robert's info, there's also more in play here. TU and Credit One are not subject to the FDCPA, but LVNV is. It is a violation of the FDCPA to attempt to collect any amounts that are not legitimately owed. If you have evidence that the account was paid in full and closed at the same time, there should be no reason why additional fees could be added. I'm curious as to the amount they are claiming you owe at this point.

TU is subject to the FCRA, as Robert mentioned, for failure to conduct a reasonable reinvestigation. Whichever is reporting---Credit One or LVNV, or both---is also subject to the FCRA as well. And I see two issues there. First, with TU, as Robert said, lack of reasonable investigation, which can also be applied potentially to whoever is reporting on there. Second, however, is that the reporting party has clearly been made aware by now that there is evidence to show that their reporting is incorrect. By disputing through the CRAs, we then gain the right to private action via FCRA. So, as long as you can positively show that they were aware they were reporting incorrect info, you also could make a claim against them for doing so. The FCRA requires both furnishers and the credit bureaus to take specific actions to prevent the continued reporting of incorrect information.

Re: Credit one bank is a scam!!

Stugotsv10 — Thu, 05 Jul 2018 13:34:24 GMT

ok interesting update.

Credit one bank REMOVED this AM. LVNV so far has NOT.........

and yes it was paid when it was NOT past due, was a min payment due of whatever and he paid it in full BEFORE the due date, never a moment late EVER on the account.

Re: Credit one bank is a scam!!

Anonymous — Fri, 06 Jul 2018 05:07:40 GMT

LexisNexis is the one throwing you under the bus. That is how the Credit One and the CRAs are “verifying” everything. Ask them to provide physical documentation.

Re: Credit one bank is a scam!!

Stugotsv10 — Fri, 06 Jul 2018 11:39:14 GMT

Frozen

Re: Credit one bank is a scam!!

gdale6 — Fri, 06 Jul 2018 15:07:01 GMT

@Stugotsv10 wrote:
ok interesting update.

Credit one bank REMOVED this AM. LVNV so far has NOT.........

and yes it was paid when it was NOT past due, was a min payment due of whatever and he paid it in full BEFORE the due date, never a moment late EVER on the account.

In this case then an ITS (intent to sue) letter should be sent to anyone reporting this and the party sending such letter should be prepared to sue for false credit reporting.