Possible Securities Fraud

[2tim215]

Hello,

I'm a new member who's just joined. I have a question for some of you out there which has to do with possible bank violations with respect to Securities Fraud. A number of banks will change the credit card account numbers without authorization and without notifying the card holder. They justify this by claiming that the OCC authorizes them to do this and that they require this in order for them to be able to charge off an account. This seems as though this should be highly illegal, particularly when the account is in dispute. One of the things I've seen them do is to close out the disputed account with the CRA and replace it with a new discharged account. If you then dispute the new account and get the CRA to remove it again (it is now an account that you never had, the account that you may have had was the one previously removed) they will in many instances replace it with another new account. I believe they do this over and over again, i.e., everytime you dispute and they are forced to remove because your dispute is valid, they replace the account number in order to enable them to continue to damage your credid. I've scanned the posts around here and I've never seen this addressed anywhere. Look forward to your comments. I have more information if there are any questions.

Thanks,

2tim215

[Judge Roy Bean]

Originally Posted by 2tim215

Hello,

I'm a new member who's just joined. I have a question for some of you out there which has to do with possible bank violations with respect to Securities Fraud. A number of banks will change the credit card account numbers without authorization and without notifying the card holder. They justify this by claiming that the OCC authorizes them to do this and that they require this in order for them to be able to charge off an account. This seems as though this should be highly illegal, particularly when the account is in dispute. One of the things I've seen them do is to close out the disputed account with the CRA and replace it with a new discharged account. If you then dispute the new account and get the CRA to remove it again (it is now an account that you never had, the account that you may have had was the one previously removed) they will in many instances replace it with another new account. I believe they do this over and over again, i.e., everytime you dispute and they are forced to remove because your dispute is valid, they replace the account number in order to enable them to continue to damage your credid. I've scanned the posts around here and I've never seen this addressed anywhere. Look forward to your comments. I have more information if there are any questions.

Thanks,

2tim215

I recommend: http://www.budhibbs.com on credit matters.

[2tim215]

I'm familiar with the Bud Hibbs site. The question I have is as to the legality of the Credit Card Companies (banks) having the right to change account #'s at will in order to report them negatively on your Credit Reports. I do appreciate your response. This seems to be fraudulent to me (at least on the surface) but not being a legal professional, I was looking for someone with more knowledge and expertise who might be able to shed some light on this particular issue. Surprisingly, I've never seen it discussed anywhere.

Thanks for your response.

2tim215

[suijuris]

Originally Posted by Judge Roy Bean

I recommend: http://www.budhibbs.com on credit matters.

A request to the "judge":

If you have nothing to share that directly responds to the poster's request, please refrain from directing traffic away from this site.

Thank you!

[Ice]

Originally Posted by 2tim215

Hello,

I'm a new member who's just joined. I have a question for some of you out there which has to do with possible bank violations with respect to Securities Fraud. A number of banks will change the credit card account numbers without authorization and without notifying the card holder. They justify this by claiming that the OCC authorizes them to do this and that they require this in order for them to be able to charge off an account. This seems as though this should be highly illegal, particularly when the account is in dispute. One of the things I've seen them do is to close out the disputed account with the CRA and replace it with a new discharged account. If you then dispute the new account and get the CRA to remove it again (it is now an account that you never had, the account that you may have had was the one previously removed) they will in many instances replace it with another new account. I believe they do this over and over again, i.e., everytime you dispute and they are forced to remove because your dispute is valid, they replace the account number in order to enable them to continue to damage your credid. I've scanned the posts around here and I've never seen this addressed anywhere. Look forward to your comments. I have more information if there are any questions.

Thanks,

2tim215

This is one of the topics (securities) that I have brought to the attention of the members. There are some simple questions that I have in regards your situation. 1) have you been able to verify any law or been told of any law that directly allows this conduct? 2) Did you "agree" to such conduct?

Check your agreement with the CCC. Any further info that you can supply will insure more productive responses.

Ice

[2tim215]

Ice,

I do not believe that there is any "law" which does allow this conduct. The CCC's claim that they are allowed to do this according to the OCC rules. I didn't think that the OCC can make laws but regardless as to whether or not they can, I did do some research and found that there really is not any or regulations (at least not now) in the OCC that allows them (the Banks or CCC's) to do this. As to whether or not I agreed to this conduct, absolutely not. I even wrote them and told them so. However I'm more interested in this from a conversational standpoint (rather than dealing with my own personal situation on this Forum, I'm currently dealing with that myself) but am curious to know in general how this is viewed by some of the Forum members and what potential legal implications it might have. I am also curious as to how many people have run into this same issue (or are at least aware of it) and what their experience was in terms of being able to either get it fixed or what the end result turned out to be in their case. They may not even be aware of this (changing of their account numbers) unless they happen to be monitoring their credit reports on a fairly regular basis since the banks do not notify the cardholders of these changes as far as I can tell.

Thanks for your interest.

2tim215

[seeker]

I beleive there is something in the FDCPA or FCRA that expressly prohibits the "reaging" process. Don't have time to go research this right now, but I am pretty sure there is something in there regarding it.

Hope that is a starting point~!

Seeker

[2tim215]

I don't think that this has anythng to do with reaging.

2tim215

[Ice]

If there is no agreement and no law that supports it... then you have fraud.

If you give any entity the right to open an account it does not imply that you have given them the right to open several accounts or make any changes to the account other than those within the original agreement.

The very fact that you objected to this practice is relevant. If this practice was not a part of the original agreement then they are in breach of the original agreement or they are acting on your behalf without your express permission -- that is the same as "theft" if ya give it some thought. (They "stole" your right of decision making in regards your finances). Does anyone think this could be viewed as a "palpable damage"? Is the injury evident?

Your objection and their "non-response" to that objection puts them into dishonor -- and default. I would suggest a rebuttal of their defense that the OCC allows such practice and request they be more specific in their defense of such practice. But more info is still required in regards the laws and possible case cites that could be presented either for or against this practice and the ramifications of the practice must be clearly defined.

Ice

[truth4all]

Originally Posted by Ice

If there is no agreement and no law that supports it... then you have fraud.

If you give any entity the right to open an account it does not imply that you have given them the right to open several accounts or make any changes to the account other than those within the original agreement.

The very fact that you objected to this practice is relevant. If this practice was not a part of the original agreement then they are in breach of the original agreement or they are acting on your behalf without your express permission -- that is the same as "theft" if ya give it some thought. (They "stole" your right of decision making in regards your finances). Does anyone think this could be viewed as a "palpable damage"? Is the injury evident?

Your objection and their "non-response" to that objection puts them into dishonor -- and default. I would suggest a rebuttal of their defense that the OCC allows such practice and request they be more specific in their defense of such practice. But more info is still required in regards the laws and possible case cites that could be presented either for or against this practice and the ramifications of the practice must be clearly defined.

Ice

As I stated in another thread, MBNA changes the account number when they sell the account to Wolpoff and Abramson. The old/original account will show up as reported lost or stolen in MBNA's records.
Anyone reporting a lost or stolen card that ISN"T lost or stolen is falsifying records right? FRAUD !!
Are they doing this so they can change the account number to a new "fresh" "non disputed " account number?
If so,they are lying and THAT is fraud !
I suggest that you do what I did . Go right to the OCC website and they have a consumer complaint e mail address and tell them exactly what they are doing. Then go to the FTC and file a complaint.
It's suspicious, most likely illegal activity isn't it? I suggest you report all suspicious illegal activity to ALL of the proper authorities.
Tell them of the illegal activity that is occuring and Who is doing it.
They need to be stopped and the only way they will stop it is if enough people complain.