- Report: #64087
Complaint Review: Providian - Nationwide
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Providian
www.providian.com Nationwide, U.S.A.
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Providian - How they do it: They lowered your score with their fraudulent fraud reports and inquiries, thus increasing your APR. ripoff fraud business Nationwide
While searching another consumer info site, I found the following:
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"My credit card company, Providian, has attacked my credit rating. Providian faked a case of fraud against me in order to place inquiries on my credit report, which significantly lowered my credit score.
This happened in March of 2003, when Charles of Providian Fraud Department called me and told me a $300 charge from Hampton Inns of Florida would appear on my Get Smart Card at the end of the month. He asked me if he should send me a new card with new numbers. I took him seriously and agreed to the new card.
Not only was there no charge from Hampton Inns, but two inquiries were placed on my credit report. This to me is intolerable and shady business practices.
I found out shortly thereafter that the money I was sending to a relative for my Mother's funeral expenses was denied by Providian as a cash advance because it exceeded the daily limit. Again, a credit inquiry was placed on my credit report.
I know this may sound like small potatoes to you all, but it is my life on the line. I want you to add this complaint to the file here in the hopes that someone may be helped by my experience. "
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So for all of you who pay on time, and can't figure out why your "credit rating has suddenly gone bad" or "your account has been sold for being an increased risk", etc., etc. now know how your credit rating has been affected. The more inquiries on your report, the lower your score. This is why Providian sells your account. They lowered your score with their fraudulent fraud reports and inquiries, thus increasing your APR.
By the way, here is a reply to that report.
"Report this to the comptroller of the currency.
Providian got in a lot of trouble a couple of years ago and paid some heavy fines. Part of the settlement with the Gov was to promise to stop doing the things they did to you. They have not stopped. Providian preys on people with either NO credit or Poor Credit. (They also get some ordinary people too) Pay off their card and close the account as quick as you can.
But do file a complaint. "
Providian's history is well known. This tactic isn't.
S
w, Kansas
U.S.A.
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"My credit card company, Providian, has attacked my credit rating. Providian faked a case of fraud against me in order to place inquiries on my credit report, which significantly lowered my credit score.
This happened in March of 2003, when Charles of Providian Fraud Department called me and told me a $300 charge from Hampton Inns of Florida would appear on my Get Smart Card at the end of the month. He asked me if he should send me a new card with new numbers. I took him seriously and agreed to the new card.
Not only was there no charge from Hampton Inns, but two inquiries were placed on my credit report. This to me is intolerable and shady business practices.
I found out shortly thereafter that the money I was sending to a relative for my Mother's funeral expenses was denied by Providian as a cash advance because it exceeded the daily limit. Again, a credit inquiry was placed on my credit report.
I know this may sound like small potatoes to you all, but it is my life on the line. I want you to add this complaint to the file here in the hopes that someone may be helped by my experience. "
-------------
So for all of you who pay on time, and can't figure out why your "credit rating has suddenly gone bad" or "your account has been sold for being an increased risk", etc., etc. now know how your credit rating has been affected. The more inquiries on your report, the lower your score. This is why Providian sells your account. They lowered your score with their fraudulent fraud reports and inquiries, thus increasing your APR.
By the way, here is a reply to that report.
"Report this to the comptroller of the currency.
Providian got in a lot of trouble a couple of years ago and paid some heavy fines. Part of the settlement with the Gov was to promise to stop doing the things they did to you. They have not stopped. Providian preys on people with either NO credit or Poor Credit. (They also get some ordinary people too) Pay off their card and close the account as quick as you can.
But do file a complaint. "
Providian's history is well known. This tactic isn't.
S
w, Kansas
U.S.A.
2 Updates & Rebuttals
The Great Thorn - Rip-off Report Consumer Advocate
Bayville,New York,
U.S.A.
I posted more info for you all about the "Fair Issac Score" system
#2Consumer Suggestion
Mon, July 21, 2003
David Let me tell you some info about Credit scores, OK. First if you have any Derogatory you loose 29 points on your "Fair Isaac Score" and if you have any slow you loose 14 points. If you have 1 Satisfied line of credit you get 17 points added, If you have 2 satisfied lines of credit you get 24 points and if you have 3 you get 29 points added to your "Fair Isaac Score" Did you know that if you have lived at the same address for 2.5 up to 5.5 years you get 25 points. Say you have a credit card with a limit of $1000. You go shopping and you spend greater then 50% of your limit, you loose 18 points off of your "Fair Issac Score" Because you have less than 50% revolving available. The "Fair Issac score" goes up to 850. Too many people have no idea as to how it all works. Very soon you all will have access to much more info about the credit industry.
Dave
DetroitChicao,Illinois,
U.S.A.
Inquires Do lower your credit score, but not that much
#3Consumer Suggestion
Sun, July 20, 2003
Whle "Hard" Inquires (inquires made for the purpose of obtaining new credit or those made by a collection agency, as compared to "soft" inquires which are made for periodic account review or promotional reasons such as offers for new credit) do lower your score it is one of least important factors in your score. Carefull checking of my score should that even a large number of inquiries made in a short period (six months) only lowered my score by about 10 to 15 points. In comparison, a single 30-day late payment will take 30 to 50 points off your score. That said, if you feel Providian has made unathorized "hard" inquires without your permission or without permissible purpose (per the Federal Fair Credit Reporting Act (FCRA), which you can online at FTC.GOV) you can file a small claims suit against them for $1000 for each incident. While I have never had the pleasure of suing Providian for this I have sued a number of other companies for making unauthorized inquires and have pocketed a tidy little sum from them.
