A look back at 2005 shows HSBC Finance Corporation’s merchants for what they really are. Ever wonder why this bumbling group of merchants decided to align their customers with a predatory lender such as Household International? Through questionable credit card processing, first with Household International and now with HSBC Finance Corporation (they […]
Following a similar move by HSBC merchant Saks, General Motors said yesterday it will restate its financial statements for 2001 because they were overstated by about US$300 million ($444 million) to $US400 million.
Accounting errors led to the wrong figures for net income from continuing operations, which were overstated by 25 per cent to 35 […]
When considering recent issues with General Motors, identity theft and the GM credit card, combined with the high cost of fuel and slowdowns in the auto industry, one must ask if General Motors is considering the sale of General Motors Acceptance Corporation and GMAC’s residential mortgages. Intelligent minds conclude that GM would not turn […]
A new dedicated forum for HSBC NV was created on October 17, 2005 within the HSBC Watch forums. Many consumer complaints indicate HSBC NV is now on their credit reports as identity theft or credit card fraud. Although many reports about HSBC NV are found by searching our website, the problem with HSBC […]
“Balance transfers may not be used to make payments to any Beneficial or HSBC credit card including any GM Card, Corvette MasterCard, Union Plus Credit Card, Household Bank or Orchard Bank credit card, or to pay a loan made by any other HFC, Beneficial or HSBC company.” See their terms here. That […]
The national “do not call” list is welcomed by consumers and almost eliminates annoying interruptions at dinner. But Household International, and in one case their credit card merchant CompUSA fought consumer activists favoring “do not call” legislation in the early formative years. Examples:
“I received calls from Warrantech (an extended warranty company) after I […]
Still reeling from Household International’s GM Card data loss, HSBC must now contend with Bank of America’s acquisition of MBNA - the largest credit card operation in North America. Bank of America bought MBNA while HSBC is still trying to absorb their purchase of former disgraced predatory lender Household International. There is no […]
The 10 largest general purpose credit-card issuers ranked by market share at the end of 2004:
Bank of America/MBNA - 20.2%
JPMorgan Chase - 19.6%
Citigroup Inc. - 16.4%
American Express - 9.0%
Capital One - 7.5%
Discover - 6.5%
HSBC Holdings Plc - 3.2%
Providian (Wash. Mutual) - 2.6%
Wells Fargo - 1.9%
U.S. Bancorp - 1.5%
June 20, 2005 — Lately the trend in reports to Household – HSBC Watch has been “HSBC NV is on my credit report.” People are asking “What is this company and why are they checking my credit?” We can tell them the history of Household’s acquisition by HSBC, but we can’t tell why […]
To watch General Motors go from the heyday of muscles cars in the 1960’s to the troubled company they are now hurts diehard General Motors fans. Consumer advocates wrote to GM when predatory lender Household Retail Services was contracted to handle the GM credit card. GM didn’t care then, but they do care […]
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An open letter to HSBC, Knight Vinke and Stephen Green
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.
We use your individual HSBC complaints and merchant complaint reports to perform trend analysis.
We are not associated with HSBC, Household International, or their merchants.
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