Earlier this year, a woman in Chicago won what she likely thought was a small victory. She and her lawyer were able to convince Capital One that she had never had a credit card from the bank, and thus does not owe the $1867.18 Cap One had sued her for. But rather than remedy the situation, the woman says Capital One just made it worse.
Capital One Admits It Wrongly Tried To Collect On Credit Card, Then Continues Trying To Collect Anyway
Alyssa had a perfect credit score. Once. Not too long ago. Before Capital One. She has a card for her small business, and made a small charge around the time that her baby was born. She didn’t receive a statement from Capital One, didn’t remember that there was a charge in the fog of new-mom hormones and things to do, and didn’t pay the nonexistent bill. Months of unpaid bills caused a 200-point drop in her credit score, just as she happened to be applying for a mortgage. Now that one unpaid bill she never got will cost her thousands of dollars.
Between interest rates, rewards, balance transfers and fees, there are lots of places for banks to hide information that might drive a potential credit card customer away. But a new study looked at the country’s top 10 credit card issuers to determine which companies are hiding the least from consumers. And you might be surprised at who came out on top.
HSBC Really Wants Your Cellphone Number To Alert You To Suspicious Activity (Oh, And Also To Make Collections Calls)
The Consumer Financial Protection Bureau says the barbarians and/or vikings at Capital One went too far in pressuring and misleading the bank’s credit card customers into paying for add-on products like payment protection and credit monitoring. Thus, around two million Cap One customers will be sharing in a refund of $140 million.