Top Ten Creditors To Avoid And Why

BOA is the original creator of the Visa and the first commercial national bank.
They give credit cards to illegal aliens who have no Social Security card.
They make more mistakes in reporting than all the other banks in the top 5 and those mistakes are very difficult to remedy.
Since acquiring MBNA last year, there have been even more mistakes.
It is common for them to tack on higher interest rates, over limit fees, and other penalties when they review your FICO report.
They do not inform you of an interest rate increase.
Our research indicates that BOA hires bankers with no drug tests or credit checks, which potentially puts all of their clients at risk.
Finally, there is an internal ID theft issue at BOA. This is likely due to the afore mentioned hiring practices.
In sum, they tend to use their size to the detriment of their clients.

One of the more difficult cards to get, declining more than they accept (which is damaging on one’s credit).
Yet, it is a low vale card for credit scoring.
They have low limits compared to Visa and Mastercard.
They depict themselves as a valuable card anyone can get if they only apply.
They double the balances after charging them off.
They actively look for causes to raise interest rates and do so without informing clients.
They do not disclose their reasons easily,even when it is the FICO score. They add on additional fees whenever possible.

They suffer from too many charge off issues.
They are excessive with their fess.
They offer up to four credit cards to their clients, including those withrecent charge offs, in order to encourage more debt problems.
Excessive fees and punishment when clients are having financial problems, thus making their situations worse.
They have only recently started reporting credit limits like other revolving creditors do since we identified them as number one (in terms of poor quality) in October.
They charge off an account and maintain the paper until the right time to sell it off to a collection company and then there are duplicate items on the credit reports for the same items.
After nine years, they file a judgment regardless of the amount of the debt.

WFNNB (WORLD FINANCIAL NETWORK NATIONAL BANK) EXAMPLES OF STORES IN THEIR NETWORK ARE VICTORIA SECRET, PALAIS ROYAL, EXPRESS, THE LIMITED, NEW YORK & COMPANY, LANE BRYANT, FINA GAS, ANN TAYLOR, BATH AND BODY WORKS, SERVICE MERCHANDISE, NEWPORT NEWS, DRESS BARN, SPIEGEL, EDDIE BAUER, LERNERS, JESSICA LONDON.

They have very poor customer service.
Continuous charge off status.
They maintain collections within and later sell them off. However, it stays on the account even after they have been sold. This makes it very difficult to correct one’s records.

Unforgiving with late payments.
Have very high fees.
They encourage their credit card clients to get over extended and get in over their heads.
Poorly trained employees.
Charge off issues.
Resistant to correcting credit bureau reporting errors and mistakes.
Not likely to correct any items, including those that are their fault.

Don’t ever get on their bad side or you will have double or sometimes triple entries on your credit reports.
Reports charge off instead of a regular collection with multiple current late payments.
Continuous charge off status even if the account is paid off.

Ridiculously high interest rates for no reason.
Inconsistent credit bureau reporting missing many reporting periods.
Accounts have minimal scoring value in the models.
They sell your account off to collection companies, even if you go through a bankruptcy and continue reporting derogatory late payments after the account is closed.

They have many charge cards and only one or two revolving.
The charge cards show OPEN accounts with no real point value and no credit limits.
Very unforgiving for late payments and a very hard card to obtain.
They will close the account very easily and with minimal cause.

This account is a teacher’s credit union that does not report consistently every month.
It has unfair practices compared to other credit unions are in terms of how it reports!

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