![]() ![]() Instead, credit reporting, unregulated debit payments, and pseudo-loan like products play a role in the immediate enduring value of a card too. The public facing side of credit cards, like lifetime language, sign-up bonus terms, and which card has the worst design, aren’t the only aspects of a card and its impact on your finances. For most of you reading the blog, at face value there’s not much there other than as a mental insight into bank processes. 2 No annual fee and no Foreign Transaction Fees. 1 Get peace of mind with American Express purchase protection, ID theft insurance and more. Of course if you have bad credit or no credit, this is an enticing proposition. Card benefits Earn 2 unlimited cash back on purchases when you use the Bread Cashback TM American Express® Credit Card. With Comenity co-branded cards, if you add a dummy item or two to your shopping cart and then apply for the card during check-out, they’ll almost never perform a hard-pull of your credit report. What’s probably less obvious is that sometimes your account or credit profile will be impacted differently based on how you apply too. It’s probably already familiar to seasoned churners that sometimes you’ll get a better offer for an airline credit card when you’re making a dummy booking or when you’re applying for a card from an in-flight application. Specifically, today we’ll focus on the Comenity Shopping Cart Trick. You should consult with a consumer protection attorney in your area experienced in the FDCPA.Comenity Bank probably doesn’t qualify as a FinTech given that they’ve been around since the 1980s and have major co-branded card contracts like AAA, Victoria’s Secret, the Texans NFL card, and the Houzz (?) Mastercard, but they do provide an object lesson in how FinTechs and some banks can provide unique backdoors into the financial system. Like many other consumer protection laws, the FDCPA is what is called “fee shifting” – meaning that the obligation to pay the consumers attorneys’ fees shifts to the debt collector. If a debt collector is found to have violated the FDCPA, the consumer may recover up to $1,000.00 in statutory damages, plus actual damages (for example pain and suffering) and most importantly, your reasonable attorneys’ fees. The FDCPA includes a private right of action under which a consumer may sue a debt collector for FDCPA violations. Failing to honor the settlement, may be a violation of federal debt collection laws called the Fair Debt Collection Practices Act (FDCPA). There is a strong argument that Midland bought the debt subject to the settlement agreement. Under New York City debt collection rules, the debt collector must confirm any settlement agreement or payment plan in writing within five business days. Please help meĪ key here for you is whether the settlement agreement was in writing. Which is only dragging out the collections process and holding my money. ![]() ![]() However I made the agreement on April 20th so how come they didn’t show it was about to be sold off on the 27th ? Also they advised me the five payments of $50 Ive already made to Comenity Bank as per the agreement ,they will send out to the private collections agency sometime next month. Comenity Bank claims the day I made agreement they sold my account and there’s nothing they can do. Then I received another notice that they received the $200 but I still owe the rest. I received a letter in the mail that they sold it off on 04/27/20to a Midland Credit Management for $1,000.93. Ive made my five payments to them plus the initial payment of $200 to start the process. So on April 2020 we came to a settlement amount of $650 and they said they would not send off to private agency nor reflect on credit. All I received was a regular paper bill in mail never any collection.Due to loss of job in Dec 2019 I was unable to pay. ![]() On April 20th 2020 I attempted to make a payment on account which was already past due 8 months they claim. ![]()
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