Majestic Visa ripoff St Cloud Minnesota

The Federal Trade Commission today announced the filing of a lawsuit charging CompuCredit Corporation and its wholly-owned debt collection subsidiary, Jefferson Capital Systems, LLC, with deceptive marketing practices in selling credit cards to consumers in the subprime market.

The FTC's complaint charges both defendants with violations of the FTC Act and Jefferson Capital with violations of the Fair Debt Collection Practices Act (FDCPA). Today's action is the result of a coordinated investigation of the defendants' marketing practices by the FTC and the Federal Deposit Insurance Corporation. In a related action, the FDIC has issued notice of administrative charges against CompuCredit and two banks that issued credit cards marketed by CompuCredit.

It is important for all consumers including those in the subprime market to have access to credit card products. But the marketing of these products must be truthful; it should not and cannot be misleading about the true costs and terms of the credit card, said Lydia Parnes, Director of the FTC's Bureau of Consumer Protection.

As stated in the FTC's complaint, CompuCredit markets credit cards, primarily through direct mail solicitations, under various brand names, including Aspire, Aspire A Mas, FreedomCard, Tribute, Imagine, Majestic, Aspen, Emerge and Fingerhut Credit Advantage. These cards generally fit into three categories:

Fee-based Visa with $300 limit. According to the FTC, CompuCredit marketed to consumers with subprime credit ratings a Visa credit card with a purported $300 credit limit, using solicitations that stated certain up-front fees that did not apply. Rather than provide consumers with $300 of available credit, CompuCredit immediately charged consumers as much as $185 in fees that it did not adequately disclose in light of the representations made. These fees left consumers with as little as $115 in available credit.

Visa with up to $3,250 limit. As alleged by the FTC, CompuCredit marketed to consumers with slightly higher credit scores its Visa credit card purporting to offer up to $3,250 in available credit. CompuCredit failed to disclose, or failed to disclose adequately, that half of the available credit would be withheld for the first 90 days. CompuCredit also failed to disclose, or failed to disclose adequately, that for the first 90 days, the company would monitor consumers' purchases, and might reduce their credit limit based on an undisclosed behavioral scoring model.

Debt-transfer Visa program. According to the complaint, CompuCredit and Jefferson Capital marketed a Visa credit card to consumers with charged-off debt. CompuCredit and Jefferson Capital represented that the consumers' old debt balance would be immediately transferred to the card and reported to consumer reporting agencies as paid in full. Consumers who accepted the offer, however, were immediately enrolled in a debt repayment plan and did not receive a Visa card until they paid 25 percent to 50 percent of their charged-off debt.

The FTC alleges that CompuCredit violated the FTC Act by misrepresenting the amount of credit that would be available immediately to consumers, failing to disclose up-front fees, failing to disclose that certain purchases could reduce a consumer's credit limit, and misrepresenting a debt collection program as a credit card offer. Jefferson Capital allegedly violated the FTC Act and FDCPA by misrepresenting a debt collection program as a credit card offer and using abusive collection tactics such as making debt collection calls to individual consumers more than 20 times per day, including before 8 a.m. and after 9 p.m., and on Sundays.

The Commission voted 4-0 to authorize staff to file the complaint. The complaint was filed in the U.S. District Court for the Northern District of Georgia.

This is NOT A SCAM IT IS A LEGITIMATE COMPANY WITH HIGH REGARD FOR CUSTOMER SERVICE, I WAS THERE AND THEY ARE TRULY TRYING TO HELP, WHEN I STARTED THERE I THOUGHT THEY DIDNT.

BUT I WAS SUPRISED BY THE AMOUNT THEY REALLY DO WANT TO HELP. AND DO!!!!!!!!!! so if you passed up this offer you screwed yourself, i wish someone would offer me this offer to me if i were in your situation. you were ignorant. Besides if you were paying your bills on time you wouldnt have to worry about any of this huh!? So No matter how much you dont like debt collectors they will still call you, because you cant just not pay your bills and get away with it. They will always call you. You are the one who gets yourself into bills you cant pay...So what does that say about you?

I put dont over DUE it for a reason, as she was past DUE on a bill. Guess you don't know what a pun is. OH WELL! Best of luck with your education.

I put dont over DUE it for a reason, as she was past DUE on a bill. Guess you don't know what a pun is. OH WELL! Best of luck with your education.

I put dont over DUE it for a reason, as she was past DUE on a bill. Guess you don't know what a pun is. OH WELL! Best of luck with your education.

I put dont over DUE it for a reason, as she was past DUE on a bill. Guess you don't know what a pun is. OH WELL! Best of luck with your education.

I am not sure I would want to do anything relating to credit in today's America, especially with a company that has employees that think the expression "Don't over do it" is spelled "due" as opposed to the correct "do" a true portrait of the people you would be dealing with.

I am not sure I would want to do anything relating to credit in today's America, especially with a company that has employees that think the expression "Don't over do it" is spelled "due" as opposed to the correct "do" a true portrait of the people you would be dealing with.

I am not sure I would want to do anything relating to credit in today's America, especially with a company that has employees that think the expression "Don't over do it" is spelled "due" as opposed to the correct "do" a true portrait of the people you would be dealing with.

This company will help you get all your debts in line. if you were late on your payment however per your terms and conditions thats why you didn't get the card. no use spouting off on the internet. call the company and resolve it like an adult. either that or stay curent on your bills and you dont have to worry about it.