(Send to your new lender)
Letter to Support a Credit Application:
From: Household - HSBC Watch, Consumer Support Division
Subject: Additional Support Documentation
Distribution: This document may be distributed by the recipient
Copies: Signed official copies provided upon request
Executive Summary:
HSBC-RS , HSBC Retail Services is a large “Private Label” credit provider. This means that store charges with Best Buy, Rooms to Go, CompUSA, and many purchases of appliances, carpet, exercise equipment, furniture, etc. are financed and reported by HRS. Generally the retailer is paid by HSBC-RS and all future payments made by the consumer are sent to the account and billing address provided by HSBC-RS .
Detailed Report:
Often, payments cannot be made directly to the retailer. HSBC-RS is not a charitable organization, and their profits come directly from their discount rate, service charges, interest and late fees and telephone payment fees charged to the consumer.
Past experience and our reports indicate HSBC-RS may randomly withhold statements during an interest free promotion, delay making requested address changes, or change a mailing address in order to prevent statements from being received in a timely manner.
We have many reports from consumers who did not receive their statements for the first months after purchases were made. As a result, they were penalized with late fees and higher interest rates. HSBC-RS statements are routinely mailed too near the due date to be effective in making payments on time, plus they may delay posting payments to consumer accounts. We also have reports of abuse of the HSBC-RS secure plan, insurance plans, billing for returned merchandise, and other abuses.
Our Background and Qualifications:
We currently have over 1600 similar complaints on file, and continue to receive complaint reports. Our web sites and our office staff process HSBC-RS complaint reports. Our staff of retired military members are volunteers. We fund our investigations with our own resources. We are not affiliated with any of the companies we investigate, nor are we non-profit. We pay our own legal defense fees, web site costs, web access, web hosting, toll-free lines and cell phone costs. We work with the Federal Trade Commission, State Attorney’s General and the consumer as we watch the trends relative to Household Retail Services.
Our FTC case reference number is 1782918. Others are encouraged to reference this case number in their correspondence so this trend can be clearly identified. We publish a book about consumer abuse from Household Retail Services, Household Finance, and the parent company Household Bank / HSBC Finance Corporation / HSBC USA.
Consumer and Personal Experiences:
(A) From first hand knowledge, HRS did not mail my statement. The deadline for an interest free promotion was due to expire. The payment could not be accepted by the retailer. I was charged $10.00 for their pay by telephone option, fortunately saving myself $280.00 for interest that would have been charged to my account.
(B) I was surprised when my Best Buy account was on my credit report as HRS. The statements came printed with a Best Buy logo.
(C) My credit report had three different spellings of their (HRS) name, with slight variations to their account number, and different credit limits. My report showed nearly $13,000.00 in available credit, much higher than the amount for which I was approved. This concerned my mortgage officer because it appeared that I had multiple lines of credit with HRS. Instead I had one, reported incorrectly three times.
(D) Over 1600 consumer complaint reports substantiate this trend and many other trends.
For the credit applicant, we are HSBC-RS Investigations
T. Blake for Household Watch
http://householdwatch.com/
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