Bank One decided that since I was married to the applicant of the credit card accounts, yes two accounts, that they would make them joint accounts.
In other words they entered me into a contract to pay my Xwifes credit card debt without having my signature.
When asked to produce my signature or remove the negative statements from my credit report they began to give me the run around or just ignore my calls or correspondance.
Bank One also started a fraud investigation on the account, supposedly because I said there was fraud on it.
I caught on to the damage to my credit after I applied for a auto loan and found FIVE credit card companies listing me as a joint account holder with the X-wife.
The others promptly removed their listings. For FOUR years they have taken my money and put negative listing on my credit reports due to making these accounts joint.
Its an industry standard to add a spouse as an obligator of an account if the other spouse gives the bank a social security number.
This is completley illegal. No ONE else can enter you into a contract, especially to pay their debt, married or not.
Bank One posted payments late, charged fees and interest and sent bills all while the account was under their own fraud investigation. All violations of the Fair Credit reporting Act.
In my investigation Ive found that most credit card companies routinly violate just about every consumer protection act out there. Here are some examples.
Charging compound interest without full disclosure at sign up of account.
Charging interest on Fees. Interest simply put is the cost of borrowing money. Has anyone ever borrowed a fee?
The outragous $29-$35 dollar late or over the limit fees are a multibillion dollar rip off. From the time the Magna Carta was signed in 1215 to 1960 any interest over 6% was considered usury (Loan Sharking) now we have cards that start at 25% with compound interest on top of that. Pay the minimum and you spend the next 40 plus years paying it off.
Not posting payment to accounts in the 24 hour time limit then charging you a late fee because they didnt post the payment in time. Their excuse of well it was late we will just count this as your next payment and it wont be late.
Ive also caught my checking account bank doing the debits first then the credits. While this is acceptable accounting it sets up accounts to bounce checks so the bank can charge a $31.00 overdraft fee.
READ YOUR STATEMENTS CAREFULLY. THE OFFICE OF THE COMPTROLLER OF THE CURRENCY REGULATES THE CREDIT AND CHARGE CARD COMPANIES. Thanks for your time Geo.
George
Elkton, Maryland