My wife and I are currently in the process of buying our first home and over the last year we have been doing everything possible to improve our credit ratings. We've had three reports pulled by our broker, one in march/2011, one in nov/2011, and the last in feb/2012. Everything was going well but on the Feb. report a new item popped up, a Paypal Smart Connect account owned by GECRB showing a 199.00 balance from 2004. Here's the good part, it is reported as a mortgage on a manufactured home to all three credit bureaus. This "mortgage" for 199.00 looks like a foreclosure according to our broker.
Wife says she had a credit card from them but closed it and paid it off back in 2006, and since then we've opened a Lowes card and JCPenny card that are both owned by GECRB. With this info we contacted GECRB regarding the account in question to find out what was going on. Started off by a long automated process and then an even longer hold time to finally talk to a Fred, call center loc. Juarez, Mexico, informed us the account was sold a long time ago to an outside collection agency as a credit card balance owed. When questioned about the item being reported as a mortgage by GECRB he denied the possibility and placed us on hold to speak to a supervisor, on hold for 23min and magically disconnected.
We've called back numerous times, totalling over 6 hrs of phone time, talking to people in Juarez, Mexico to Puerto Rico to Atlanta. We got as far as having a supossed dispute opened with their dispute dept. but the contact numbers given to us to check on the progress are either disconnected or require a "five digit extension to access the system". Nobody can give us any info to validate the account and now once I enter the account number in their automated system it puts me on hold and eventually disconnects. We've disputed the item through the credit bureaus and will have to wait to see how it works out with them.
Beware of GECRB, horrible customer service and improper reporting to the credit bureaus.