HSBC Watch News Release Forum Index
Forum Name: - HSBC Finance Corporation
Topic Title: Reply to HSBC employee
Thu Jun 09, 2005 12:22 am
Quote:
HSBC NV is the new name of Household Bank. As to tblake saying it is the disgraced lender of Household International that is just your thoughts. Working for the company I would have to disagree.
I have to admit, tblake does quote the disgraced lender line a little more than I’d like to see. However it is a quote from other published sources in 2002 regarding the Household Finance Corporation $484,000,000 multi state class action suit. I believe the settlement should have been much higher. Household has a history of robbing Peter to pay Paul and I suspect was running the risk of imploding as a result of their greed and management. The $484 M settlement was the tip of the iceberg.
Quote:
Just like any business out there they have had problems. I am sure that even Citibank (Citicorp) has had their fair share of problems.
We don’t track Citibank (Citicorp) here, but I checked www.ripoffreport.com and found 23 Citi Bank complaints 21, Citi Financial complaints, and 23 Citi Card complaints, as opposed to more than 500 against credit issued by Household. The reports we receive are not declining after the acquisition by HSBC. That’s a bit staggering. A person has to wonder whether this is a calculated risk to push the envelope to charge more interest and fees or lack of internal controls.
Many visitors to this site search by the merchant name. Consider on-going compensation (kick-backs) the retailer receives from Household/HSBC. The merchant receives a percentage of the interest, fees from credit life, simultaneous credit card applications, and late fees. HSBC employees receive bonus pay for performance. Sell more for more, and you and your department gets a bigger bonus. It starts with the retailers and ends within the departments at HSBC. Everyone gets a cut. HSBC and the merchant split interest and fees, the borrower gets a cut in their credit score.
Quote:
Just keep in mind that everything is in the final stages of the transition from Household to HSBC so yeah depending on the phone number you call your info may not be found.
I hoped conditions for the consumer would improve under the control of HSBC. We were concerned when the acquisition of Household International by HSBC was first announced. HSBC was interested in acquiring accounts and operating procedures used by Household International and intended on using their operating platform to offer personal credit on a global scale. The model used by the worst predatory financier going worldwide is a scary thought. If nothing improves at HSBC with their implementation and timing, easy credit approval, vague disclosures, fees, and penalty rates the reports we receive will come in from around the world.
Quote:
As far as saying the customer service rep did not help out by not finding your info after a period of time accounts are not able to be pulled up and the best way to try to get this off your credit report is to file a dispute.
It doesn’t seem to have helped and most of the reports we get indicate P.R. and disclosures from HSBC aren’t adequately notifying the customers of the name change. Our site gets many visitors and calls asking “What is HSBC Retail Services (RS) and HSBC/NV. Our advice is “File a record of correction to the credit reporting agencies”. The CRA’s should remove the information, know which department to contact at HSBC, and if all else fails will at least start a dialogue between HSBC and the consumer.
In 1999 I had a private label credit card serviced by Household Retail Services. The card and statement had the name of the retailer. The payment instructions said to make checks payable to Retail Services Until I applied for a mortgage I was unaware of Household. The merged report (InstaMerge and True Credit Pro) had three entries for Household Retail Services. Each CRA had slight variations of the account number and name of creditor. The mortgage counselor asked “Why do you have three accounts with HRS”? I appeared to have three accounts with three times the available credit! I wrote a “Letter of Explanation” to get the mortgage. The way HRS reported the information possibly lowered my credit score by 50 points.
HSBC Watch News Release Forum Index - HSBC Finance Corporation
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