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Beware The Credit Store
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Posted by Annoyed consumer
on October 17, 2000 at 15:08:57:
I recently got a couple of solicitation from an outfit
in South Dakota that calls itself "The Credit Store."
Its location makes me wonder whether it's affiliated in
some way with Citibank. At any rate, the solicitations
at first glance looked like offers for Visa cards. But
reading on a little more, I discovered that they were
attempts to collect on two Citibank credit cards that I
defaulted upon in 1990. What The Credit Store tries to
do is to get you to roll over your balance on the old
cards (including interest, of course) into new Visa cards.
Your credit lines on the new cards are equal to the
rolled-over balances, meaning you don't actually get any
new credit. And it also goes without saying that accepting
this offer reopens the
statute of limitations for
collection lawsuits. Oh, and to make things even worse,
I discovered that The Credit Store pays as little as
one-half of one percent of the face amount of each old
debt it acquires.
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