Household – HSBC Watch performs trend analysis based on customer input such as customer complaints and experiences. When data is received from one customer it is compared to previous reports. When specific areas of concern begin to surface they are flagged for investigation. Let’s use a simple example:

(1) 50 reports are received in a month, the general theme of which is payments were mailed with plenty of time to be posted to accounts, but all were posted as ‘late payments’ – obviously this item is flagged by investigators

(2) Reports of the same nature continue to surface. – now our investigators determine which credit card, subsidiary of HSBC, etc., is responsible

(3) Our investigators call or write letters to determine what is going on. Generally HSBC ignores us, while attorney’s general, regulators, and legislators are cooperative.

(4) When our investigation of a specific trend is detailed enough to establish a confirmed pattern we furnish the information to those who request it and those who wish to investigate further.

(5) When a suit is filed we contact the persons involved, requesting an interview while offering to provide supporting documentation based on our analysis.

(6) Other entities can take our information to conduct further investigations outside the scope of our limited staff at Household – HSBC Watch. They often request information under the freedom of information act, file court briefs, etc.

Household – HSBC Watch gives a solid foundation for those that form future actions based on facts, not speculation. HSBC, on the other hand, claims they have millions of customers and trend analysis only reflects a small number of people. Unfortunately for them we’ve been around long enough to set precedent in their $484 million nationwide settlement, their $11 million Shea vs Household settlement and more.

Popularity: 7% [?]

No related posts.