Citibank - New Twist
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Posted by ikya
(216.99.240.26) on March 12, 2003 at 02:09:44:
After spending the last couple of weeks educating myself on my situation, I'd like to ask your opinion on my situation. I had a credit card with Citibank (I asked them to close the account just recently because of this situation) which still has a balance. I received my statment for February. I noticed the interest rate had been increased to a whopping 24.240%. I looked closer and found that they had included this message (normally where they advertise): "The Annual Percentage Rate on your account has been increased due to one of the following reasons stated in your Card Agreement with us: you failed to make a payment to us or any other creditor when due, you exceeded your credit line or you made a payment to us that was not honored by your bank." Since none of the above was true, I called them. They stated because of something on your credit report, the rate had gone up. She also told me I could not ask for a rate reduction on my account for 6 months. Needless to say, I wasn't happy with the idiots, and that is putting it mildly. So, I ordered a copy of my credit reports, and to my surprise a collection account had been placed on it. I immediately disputed it, since it wasn't mine. Credit Bureau said it was verified (yea, sure). Now, I'm disputing with the collection agency and asking for validation. (still ongoing) After reading the FCRA, this is my conclusion. (and I welcome all opinions on this) The section is: § 615. Requirements on users of consumer reports [15 U.S.C. § 1681m] (a) Duties of users taking adverse actions on the basis of information contained in consumer reports. If any person takes any adverse action with respect to any consumer that is based in whole or in part on any information contained in a consumer report, the person shall (1) provide oral, written, or electronic notice of the adverse action to the consumer;
(2) provide to the consumer orally, in writing, or electronically
(A) the name, address, and telephone number of the consumer reporting agency (including a toll-free telephone number established by the agency if the agency compiles and maintains files on consumers on a nationwide basis) that furnished the report to the person; and (B) a statement that the consumer reporting agency did not make the decision to take the adverse action and is unable to provide the consumer the specific reasons why the adverse action was taken; and (3) provide to the consumer an oral, written, or electronic notice of the consumer's right
(A) to obtain, under section 612 [§ 1681j], a free copy of a consumer report on the consumer from the consumer reporting agency referred to in paragraph (2), which notice shall include an indication of the 60-day period under that section for obtaining such a copy; and
(B) to dispute, under section 611 [§ 1681i], with a consumer reporting agency the accuracy or completeness of any information in a consumer report furnished by the agency. According to this, Citibank has violated the act. They did not tell me which CR they used (it's not on all of them)
They did not provide me notice of my rights Now, they did this to me back in 9/2001, but when I called them then, they said they would give me 3 months to get it corrected, which in fact I did, because the adverse information was inaccurate and it was deleted from my report. Although, again, at that time, they did not tell me which CR they had used, nor did they provide me notice of my rights. I believe they are in violation, but I'm not sure as to the amount of damages I can claim or the amount I can sue them for. Anyone have an opinion on this? I'm also quite angry at the fact that I have never once been late with them, nor anyone else. They have pulled my credit report almost every month, for the sole purpose of looking for anything adverse on it so they can raise my interest rate. Citibank's tactics or business practices STINK. Ok, I'm through rambling, anyone have any suggestions or opinions as to how I should proceed, or what I should do next? I haven't sent them a letter yet, but I am going to as soon as I know I'm proceeding correctly. Thanks.
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