Household HSBC Watch

Effective June 2004, Household - HSBC is the third largest private label provider in the US with just under 15 billion in managed receivables, some 14.4 million active accounts, 60 merchant relationships and about 2,300 employees in seven locations.

Figures come from a special presentation on HSBC’s position in the US private label cards market given […]

GE Consumer Finance (GECF) has completed a succession of deals in the cards arena, agreeing last month (December 2004) to buy the assets of private-label credit card issuing bank Dillard National Bank for $1.25 billion and the retail card receivables of US retailer Target Corporation’s Mervyn’s business unit for $475 million, and entering talks to […]

Recent complaints sent to watchdog organization Household - HSBC Watch indicate poor sales figures for General Motors are linked in part to disgruntled customers who have a GM credit card. Backed by HSBC, which is the new name of former troubled predatory lender Household International, customers report that service is poor and attitudes are […]

The large volume of complaints to Household - HSBC Watch concerning transfer of accounts from GECF to HSBC (Household International) suggests lawsuits concerning the issue. It will not be the first time such transfers attracted the attention of regulators and attorneys. We reference the action cited below:

A class action suit filed against Heilig […]

(Note: A November 2007 update to this article is here)

Typically with mergers and acquisitions a 10 percent layoff is seen across the board immediately. We haven’t seen it at Household - HSBC yet. But the acquisition is now complete, names have been changed and the predator has been digested by HSBC. […]

Sandra L. Derickson, Vice Chairman, Household International is the title for Sandy shown on a “companies that care” website. The website article is for an event scheduled for October 13, 2004. “Why Invest — The ROI of Community Involvement” was Sandy’s speech.

Watchdog organization Household - HSBC Watch points out that Derickson is […]

LONDON, January 17 (newratings.com) - Analysts at Dryden Financial downgrade HSBC (HBC1.FSE) to “hold.” In a research note published this morning, the analysts mention that HSBC’s growth rate is expected to be under pressure in the forthcoming few quarters due to the company’s ongoing global expansion activities. The performance of HSBC’s consumer finance and […]

DES MOINES, Iowa, January 19, 2005 — Maytag Corp. said Wednesday it would no longer sell Maytag-branded appliances in Best Buy Co. retail stores, where sales have declined significantly in recent years.

Consumer advocacy organization Household - HSBC Watch reminds consumers that the Best Buy credit card is backed by predatory lender Household International, […]

Retired military, police officers, government officials and other professionals must form an alliance to work with US regulators while developing mechanisms to identify predatory lending. We need individuals that are devoted to getting to the truth as foreclosures and predatory tactics destroy the fabric of civilized society.

A well tuned scam has been rehearsed and […]

Household Auto Finance, a leader in non-prime auto financing, will change its name to HSBC Auto Finance effective January 17, 2005, company officials announced. Household Auto Finance’s name change is the final step of its March 2003 acquisition by HSBC, one of the largest banking and financial organizations in the world. HSBC Auto Finance is […]