chilton1

Bank of America Worngful Collections

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I had a Bank of America Corporate C.C. which was linked to my brothers business which was paid in full @ one point.  Later I used the C.C. to charge some $$ on it for about 6 months.  Later my other brother comes along & wanted to transfer it to his business name.  B of A requested that my brother to send them a form filled and signed with his Professional license copy, Business license copy & Tax I.D. # in order for B of A to switch the C.C. or (? add his business or his name as the main "Guarantor"), as I don't see B of A's reporting it on any of the Credit Bureaus, other than Equifax which say Revolving $ 0 Balance & in good standing.  Since then my brother paid some of the charges off (as he maxed the CC), thus later he Stopped paying.  B of A since the transfer occurred to my second brother, they have not reported the CC to the Credit bureau since I think it was transferred to my second brother, except for Equifax which showed Revolving but $ 0 balance & In Good Standing.  B of A tried to get my brother to settle with them but of course he keeps on ignoring them & ignoring me.  B of A told me we'll send you a "REQUEST TO ADD/SUBSTITUTE OWNER/AUTHORIZED OFFICER" form which on one side the form it's titled: "NEW OWNER/AUTHORIZED OFFICER (GUARANTOR)" & on second page it's titled: "EXISTING OWNER/AUTHORIZED OFFICER (GUARANTOR).  I've told them that the Account was switched to my brothers business & under his name; since the switch happened I've never gotten any statements to my address.  A banker (from a different bank) has called the fraud dept. at B of A & wanted to inquire about the procedure regarding TRANSPOSING A CC FROM SOMEONE TO SOMEONE ELSES BUSINESS, WHICH HE SAY'S IT CAN'T BE DONE IF THE ORIGINAL PERSON IS NOT PART OF THAT BUSINESS, IN ANY WAY, and SHAPE. IF THE C.C. WAS TRANSPOSED TO SOMEONE ELSES BUSINESS NAME, THEY WOULD HAVE TO BE THE MAIN GUARANTOR". The fraud dept. at B of A agreed. When I used contact B of A regarding any inquiries, they couldn’t have pulled my S.S. # nor under my name, I had to give them my sisters business name and/or address in-order them to pull the card up. The something happened with the fraud dept. when we (I & the banker that was helping me out with this issue) contacted them. Recently they've sent me the above referenced (with 2 sides) letter which I've ignored, as the banker told me they're trying to have you admit or to implicate you or to hold you responsible as well.  As the more people involved, as being the main Guarantors the better chance for B of A collecting.  WHAT SHOULD I DO NEXT?

 

1) SHOULD I IGNOR THE LETTER ?

 

2) SHOULD I SECK AN ATTORNEY THAT DEALS WITH SUCH ISSUES ?

 

Thank You, Your Input would be Very Appreciative



 

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I'll take a stab at deciphering this, as I'm not busy at the moment.

 

 

I had a Bank of America Corporate C.C. which was linked to my brothers business which was paid in full @ one point.  Later I used the C.C. to charge some $$ on it for about 6 months.

This CC was initially yours.  It was linked to brother #1 and his business.  You charged on the CC for about 6 months.

 

Later my other brother comes along & wanted to transfer it to his business name.  B of A requested that my brother to send them a form filled and signed with his Professional license copy, Business license copy & Tax I.D. # in order for B of A to switch the C.C. or (? add his business or his name as the main "Guarantor"), as I don't see B of A's reporting it on any of the Credit Bureaus, other than Equifax which say Revolving $ 0 Balance & in good standing.

Along comes brother #2, who wants to transfer the CC to HIS business name.  He did the paperwork for BofA to "switch" the CC and make him the main Guarantor on the account.  You assume the paperwork was done correctly since you have no negative reporting on your credit report.

 

Since then my brother paid some of the charges off (as he maxed the CC), thus later he Stopped paying.  B of A since the transfer occurred to my second brother, they have not reported the CC to the Credit bureau since I think it was transferred to my second brother, except for Equifax which showed Revolving but $ 0 balance & In Good Standing.  B of A tried to get my brother to settle with them but of course he keeps on ignoring them & ignoring me.

Since the time of the "switch", brother #2 paid some of the charges, then maxed out the CC and stopped paying on it.  Brother #2 is ignoring BofA and you.  You are still assuming that it was all transferred into his name because there is no negative reporting on your credit report.

 

B of A told me we'll send you a "REQUEST TO ADD/SUBSTITUTE OWNER/AUTHORIZED OFFICER" form which on one side the form it's titled: "NEW OWNER/AUTHORIZED OFFICER (GUARANTOR)" & on second page it's titled: "EXISTING OWNER/AUTHORIZED OFFICER (GUARANTOR).  I've told them that the Account was switched to my brothers business & under his name; since the switch happened I've never gotten any statements to my address.

Now, BofA wants YOU to do some paperwork for them, even though you've explained the account was "switched" to brother #2's business and is in his name.  Since the time of the "switch", you haven't received any statements on the account.

 

A banker (from a different bank) has called the fraud dept. at B of A & wanted to inquire about the procedure regarding TRANSPOSING A CC FROM SOMEONE TO SOMEONE ELSES BUSINESS, WHICH HE SAY'S IT CAN'T BE DONE IF THE ORIGINAL PERSON IS NOT PART OF THAT BUSINESS, IN ANY WAY, and SHAPE. IF THE C.C. WAS TRANSPOSED TO SOMEONE ELSES BUSINESS NAME, THEY WOULD HAVE TO BE THE MAIN GUARANTOR". The fraud dept. at B of A agreed.

Your banker called the fraud department at BofA to inquire about their procedures regarding transferring a CC from business #1 to business #2, when the primary guarantor on the account has no affiliation with business #2.  Your banker told you that this cannot be done at all, and the BofA representative in the fraud department agreed with your banker.  For this to happen, the owner of business #2 would have to be the primary guarantor on the account.

 

When I used contact B of A regarding any inquiries, they couldn’t have pulled my S.S. # nor under my name, I had to give them my sisters business name and/or address in-order them to pull the card up.

Now, this part I don't get?  You said it was brother #1 corporate card to begin with, and now saying they pulled your sister's info for inquiries?

 

The something happened with the fraud dept. when we (I & the banker that was helping me out with this issue) contacted them. Recently they've sent me the above referenced (with 2 sides) letter which I've ignored, as the banker told me they're trying to have you admit or to implicate you or to hold you responsible as well.  As the more people involved, as being the main Guarantors the better chance for B of A collecting.

Something happened since the initial inquiry with BofA.  Now, they're sending you a form that they would like for you to fill out for them, in which you would name yourself as a guarantor on the account so they can come after you for payment.  Wonder how often that works for them?

 

IMO, your banker is right.  They've probably checked you out completely and realized that they have a better chance of getting money from you than they do from your brother #2. 

 

 

WHAT SHOULD I DO NEXT?

 

1) SHOULD I IGNOR THE LETTER ?

 

2) SHOULD I SECK AN ATTORNEY THAT DEALS WITH SUCH ISSUES ?

 

Ignoring the letter would be probably be in your best interests, unless you just want to pay your brother #2's bills.  It appears that BofA is not suing you, just trying to get you to pay for this bill, is that right?

 

 

Thank You, Your Input would be Very Appreciative

 

 

Did I get it right? close?

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Thank your for deciphering, Yes you're absoulutly right.  I went & saw an attorney in-which he thinks "it's good that it is not being reported to the credit bureus", (only experian which shows: revolving, $0 bala, current).  He wants to contact BofA to inquire as to why I'm I being involved since the CC was transfered to my brothers business.  The attorney wants to reqeust what legal (BofA) documents did my brother sent them that was requested by BofA Corportate Department proior to swiching the card.  Also if there are any forged signatures or fales information provided to them about my self & the possibility of linking me to his business.  As one banker told me any bank can not transffer a business cc to another business cc with the original owner being involved in that business.  I'm not sure whether to have him persue this issue as it might trigger BofA to make me involved some how.

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Did you sign the application for the account? If not, you have no liability to the bank. The only liability you may have would be to your brother. This sounds like he opened the account and had them issue a card to you in your name. He is responsible for the account, it doesn't matter what changes were made after that. Any collections  law firm that pursues this against you can be sued under the FDCPA if this is what happened. They are supposed to know the law.

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