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Have You Heard Of This Before?


retmar
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Our loan was recently assigned to another "Company". Today, we finally received our "Welcome" letter and our first Statement in a second envelope. What a welcome letter this is. No where does it say anything to the effect that they are glad to be handling our loan or any type of pleasant greetings. All that was in the envelope was Three (3) pieces of paper with printing on them. The first Two (2) are just another copy of the Notice of Assignment, which they are to send 15 days after, or whatever. The other one just blew me away.

The second "notice" is identical to an initial communication from a CA. It even has the Mini, the 30 days, a reference to FDCPA 809, and, since I am in California, it refers to the Rosenthal.

What is up with this?

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Our loan was recently assigned to another "Company". Today, we finally received our "Welcome" letter and our first Statement in a second envelope. What a welcome letter this is. No where does it say anything to the effect that they are glad to be handling our loan or any type of pleasant greetings. All that was in the envelope was Three (3) pieces of paper with printing on them. The first Two (2) are just another copy of the Notice of Assignment, which they are to send 15 days after, or whatever. The other one just blew me away.

The second "notice" is identical to an initial communication from a CA. It even has the Mini, the 30 days, a reference to FDCPA 809, and, since I am in California, it refers to the Rosenthal.

What is up with this?

It is becoming standard practice in the last 2-3 months because of FACTA, which requires creditors to notify you that negative credit information can be reported to the credit bureaus before they actually report the negative information to the credit bureaus.

Now, I think this is a total bastardization of the intent of FACTA, because I believe they meant that notification would be required immediately prior to such a negative report. But the large corporate creditors have taken this to mean "any time before", so now anytime you open a new credit account, they give every new customer this notification, along with those required by the state, upfront so they don't have to worry about who they gave it to if or when you default. I guess its kind of an "all bases covered" strategy. But I agree, its pretty unfriendly to the customer.

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Thanks for the reply, noquarter!

I'll look into this as I am going to call them this morning to see what is up with it. Also, FYI, in the state of California, the consumer must be notified, in writing, within 30 days before or after the negative info is reported. In short, this letter is worthless. If you want, read California Civil Code 1785.26(B).

Also, I like your screen name. It is part of the name of our treasured website for the casualty list from Vietnam. If you ever want to look at it, it is www.no-quarter.org. Then go to the the list and find the names L. T. Andrews and J. L. Hall. Both were killed on 4/1/69. I am one of Three (3) survivors from that day. Be proud of your name.

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Update!

I just got off of the phone with them. After unloading as to being insulted, offended, and can not believe someone would treat a consumer in this fashion regarding a current, clean account, blah, blah, here is the response.

They do this to all new customers. The purpose is to assure that the amount owed is the correct amount. And, according to their legal department, this is the right way to do it. I again asked why as the FDCPA refers only to delinquent debt, not a current, clean account with no problems. I then told them that their intent is proper, but, they are using the wrong laws. Told them it sounded like the FCBA would apply, not the FDCPA, mainly because in their "Notice of Assignment" letter, it mentions items one would find in the FCBA, but, references the RESPA. Nor, does it mention FACTA, or the FCRA.

The person I spoke to said they were going to turn it over to their legal to check into. If it is found they are in error, they will correct. Will keep everyone informed. I told them I would call back next week when the DW and I get back from Reno. We are leaving in about an hour.

Let's see what happens. The fun begins.

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Thanks for the reply, noquarter!

I'll look into this as I am going to call them this morning to see what is up with it. Also, FYI, in the state of California, the consumer must be notified, in writing, within 30 days before or after the negative info is reported. In short, this letter is worthless. If you want, read California Civil Code 1785.26(B).

Also, I like your screen name. It is part of the name of our treasured website for the casualty list from Vietnam. If you ever want to look at it, it is www.no-quarter.org. Then go to the the list and find the names L. T. Andrews and J. L. Hall. Both were killed on 4/1/69. I am one of Three (3) survivors from that day. Be proud of your name.

I've actually seen that site before, but it did not form the origin of my screen name. Actually I have to admit that it is a very, very old screen name I've used for almost 10 years and was originally taken from the LZ song by the same name. It translates into "No Mercy", so when I started posting on the credit boards it seemed appropriate to resurrect it.

Thank you very much for your personal sacrifice on behalf of our nation, and to say it once again, welcome home! Semper Fi!

NQ

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Thanks, noquarter!

Anti-something, yes, this is the OC. And no, you didn't miss anything. This is the purpose of the thread as I cannot believe an OC would use these laws. Something is not right with what is going on.

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