• Report: #259258
Complaint Review:


  • Submitted: Sat, July 07, 2007
  • Updated: Wed, October 31, 2007

  • Reported By:fair oaks California
3950 JONS CREEK C, #100 SUWANEE, Georgia U.S.A.

CREDIGY RECEIVABLES - FIRST SELECT - METRIS Corporate crooks raking in millions with fraudulent claim of debt ripoff SUWANEE Georgia

*Consumer Suggestion: How to delete the file


*Author of original report: Just for grins!

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April 20-2005 received statement from Credigy Receivablesand First Select Inc. acct for $27,434. Disputed debt within 30days. Received letter dated June 10-2005 stating they mailed Acct. Validation letter (not true). They further stated they enclosed Acct. Verification Statement with new balance of $28,266. The "debt validation" letter was nothing more than a word document w/ my name and address as "acct. holder". They then listed the Credigy acct. # 10638997 and RE: Former First Select, Inc.#xxxxxxx16589796. The doc then listed Account History in bold type listing as follows; Original Creditor; Metris, Original Acct. #; xxxxxxx42751, Date Acct. Established: Oct 18, 1993 with original creditor address in Scottsdale, AZ. The next listing listed Date of Assignment: Jul 31, 2000, Original Creditor Balance at Assignment: $11,914.22, Assignee; First Select, Assignee Address; 201 Mission St., San Francisco, CA 94105. The final listing on this word doc indicated Current Owner of Account; Credigy Receivables, Balance at Purchase: $13,727.46, Current Owner Address: 2877 Paradise Rd., Unit 303, Las Vegas, NV 89109. And then finally, they showed the Current Balance $28,266.35 as of June 10, 2005.

I was extremely busy working the hurricanes when I let a letter dated 12/13/2005 from Credigy Services Corp. go without disputing. This time they listed it as Our Client/Current Creditor; Credigy Receivables, Inc., Original Creditor: Metris, Original Acct. #; xxxxx42751, and balance as of today $30,915.16. I received another Credigy Services Corp. statement/letter dated January 17, 2006 with the information as listed in Dec. 2005, however, the balance as of today; $31,387.78.
I am amazed that large corporations are allowed to have business practices which purposefully deceive, defraud, and attempt to ruin peoples credit. I have never had a Metris, Providian (my research shows they may have been purchased by Metris), First Select credit card(s). In the eighteen months it has gone from balance at assignment of $11,914.22 in Jul 2000 to a whopping $31,387.78.

I disputed the report item(s) with all 3 CRA's. Credigy did not validate the debt and the item was deleted from all 3 CRA's. Now...as I go back I can see that they have placed the item under different names, acct. #'s, and balances.

A huge sigh of relief that all CRA's deleted the fraudulent items and moved on with life. So wouldn't you know it those scoundrels are at it again.
I received letter/stmt. dated Jun 6, 2007 listing Metris (oddly not First Select) w/ balance as of today at $39,798.33.

On Equifax response on page 1 the item was deleted for Metris #6810001658, however, you go to pg. 3 and 1st Select (note not listed as First Select and location is Pleasanton, CA),#416810001658* was reported on 5/2003 for $549 showing date opened 4/2001 (recall the debt validation ltr stated date of assignment Jul 2000 with acct. #xxxxxx16589796 adding last 4 digits when they like) Equifax listed addtl info; credit card;acct transferred or sold, however, the only listed dollar amount is under category "Scheduled Payment Amt" No amount listed under category amt past due, nothing for date of last pymt, nothing for date of last activity, nothing for date maj. del. 1st rprtd, nothing for charge off amount. Odd at the very least.

Experian report listed item investigated Providian Financial #416810001658 deleted 4/29/2006. But a response letter from Experian report dated 4-28-2006 stated they investigated item Credigy Receivables 416810001658 and verified its accuracy. I have Transunion report dated 3/10/2006 w/ investigation results for item Credigy #4188100016589796 deleted. On this same report pg. 3 they list Providian #4168100016589796 date opened 4/2001 date closed 5/2003 high bal. $11,914 pay status unrated, remarks purchased by another lender.

You can see it's like a shell game w/ the acct. #'s, original creditor, and the dates. This I am certain is a violation for fair credit practice for SOL's.
How can they do this time and again in multiple states and get by with it???? I cannot understand the process. It is clear that they are going to attempt to reinsert the deleted invalid debt onto the CRA's and begin this whole wretched cycle of proving the inaccuracies. It is insane!!!

Fair Oaks, California

This report was posted on Ripoff Report on 07/07/2007 07:09 AM and is a permanent record located here: http://www.ripoffreport.com/reports/credigy-receivables-first-select-metris/suwanee-georgia-30024/credigy-receivables-first-select-metris-corporate-crooks-raking-in-millions-with-fraud-259258. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Suggestion

How to delete the file

AUTHOR: Bigl98 The Credit Slayer - (U.S.A.)

Go to your local police station tell them you want to report you have a fraud account make sure you have a copy of your report handy and get a report call Credigy and ask them for a fraud package and fill out all info and follow all instructions. once you have conformation from Credigy of the staus of your account hen you call the three major bureaus and dipute the info on file. This way you have proof of letter and also it will be removed faster. I also am a victim.
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#2 Author of original report


AUTHOR: Gwynn - (U.S.A.)

Conclusion: On June 15, 2004, the Court entered the Order by U.S. District Judge William H. Yohn Jr. approving distribution of the net settlement fund. Earlier, on March 27, 2002, the Court entered the Revised Stipulation of Settlement. The next day, the Court entered the Preliminary Approval Order by Judge William H. Yohn Jr., certifying the class action.

Further, on June 18, 2002, the Court entered the Final Judgment and Order of Dismissal and the case was closed. According to Providian Financial Corporations Form 10-Q for the quarterly period ended June 30, 2002, the Company recorded a settlement amount of $38 million which was funded by the Company's insurance carriers.

On or around February 22, 2000, the case was transferred to the U.S. District Court for the Eastern District of Pennsylvania.

The original Complaint charges that defendants violated the U.S. securities laws by issuing materially false and misleading statements and by omitting material facts required to be disclosed so as to make the statements issued not materially false and misleading throughout the Class Period.

Specifically, the complaint alleges that Providian improperly obtained revenues, and misrepresented the source of its revenues and income in public filings and press releases. Defendants are charged with improperly conducting its credit card business by, among other things, intentionally failing to post credit card payments on time in order to enable the Company to improperly record as revenues late fees and penalties, improperly enrolling new credit card customers without their permission, and improperly charging credit card customers for Providian's fee-based products not requested.

Once the facts concerning defendants' conduct became known and it was disclosed that Providian was the subject of an investigation by the San Francisco district attorney's office, the price per share of Providian's stock fell from a Class Period high of $131.63 to close at $78.43 on June 4, 1999, a fall of over 40%.

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#3 Author of original report

Just for grins!

AUTHOR: Gwynn - (U.S.A.)

I found the following article on Providian and First Select. As noted in my previous posting there was a Providian acct. deleted from 1 of the CRA's in the (oddly enough) same amount as the original debt listed as original creditor Metris. Check out this article and their mission statement. Love this crap!!

Providian Financial's First Select Corporation Achieves Billion Dollar Milestone in its First Year of Operation

SAN FRANCISCO, Oct. 13 /PRNewswire/ -- Providian Financial Corporation
(NYSE: PVN) announced today that First Select Corporation, its wholly owned
subsidiary, has completed its first year of operation and has secured more
than $1 billion in contracts with seven of the nation's top credit card
issuers. The agreements represent commitments from creditors to sell their
charged-off receivables to First Select. First Select, which specializes
in the rehabilitation of consumer debt, offers accountholders a range of
payment plans to help them pay off this debt as quickly as possible and
begin to rebuild their credit.
"Our success in achieving the billion dollar milestone in our first year
demonstrates that our operating philosophy is right on the mark," said
Roger Van Duinen, President of First Select. "Our goal is to bring value
both to the financial institutions from whom we purchased the accounts and
to our newly acquired customers by helping them to rebuild their financial
By selling charged-off debt to First Select, financial institutions can
improve their bottom lines and exit non-strategic markets. They can also
rely on First Select's consistency in the marketplace since First Select is
backed by the financial stability of Providian Financial. In addition,
First Select offers value to the customers whose accounts are purchased.
According to Robert J. Hanna, First Select's Senior Vice President,
Business Development, "First Select never loses sight of the fact that
every one of the accounts we purchase represents a valued customer," he
said. "With that in mind, First Select's mission is to treat all customers
with dignity, trust and respect, while working with each accountholder to
customize a payment plan for them." First Select also strives, once
customers fulfill certain repayment commitments, to assist them in
acquiring new credit.
"First Select fits well with Providian's mission of helping people build
or rebuild, responsibly use and protect their credit," said Shailesh J. Mehta,
Providian's Chairman and Chief Executive Officer. "And this business
represents an additional avenue of growth for Providian Financial."
San Francisco-based Providian Financial Corporation (providian.com) is
a leading provider of lending and deposit products to customers nationwide
and now offers credit cards in the United Kingdom. Providian serves a
broad, diversified market with loan products that include credit cards,
home equity loans, secured cards and membership services. With a commitment
to 100% customer satisfaction, Providian's mission is to help its customers
build or rebuild, protect and responsibly use credit by providing a quality
borrowing experience that leads to active and lasting customer
relationships. The sixth largest bankcard issuer in the nation, Providian
has $18 billion in assets under management and over 10 million customers.
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