Household HSBC Watch

HSBC - North America announced on October 12, 2004 that its business solutions group, the commercial arm of HSBC’s retail services business, has signed an exclusive private label financing agreement with Northern Tool & Equipment Co

HSBC’s retail services business was formerly known as predatory lender Household International’s “Household Retail Services” aka HRS, aka “Retail Services.”

Consumer advocates “Household Watch” indicated that almost 2000 complaints are on file with their organization regarding HSBC’s retail services. Complaints led to suits for late processing of payments, predatory lending, erroneous late fees, improper past due fees, charges for telephone payments, and inability to pay one’s bill at the merchant’s location.

In addition, a nationwide aettlement in October 2002 was the result of home loans which resulted in foreclosures across the United States. Regulators with the SEC stated that HSBC wholly owned subsidiary Household International was re-aging accounts to hide bad loans.