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Capital One and Amerix, fka Genus Credit Management (collectors in disguise)
Genus Credit Management and Capital One FRAUD and DECEPTION
For almost 3 years Katherine paid two Capital One charged off accounts through Genus Credit Management. She settled a third Capital One account when their collector NCO harassed her at work until she paid.
When Katherine thought that she must be about done paying, she found out that her payments barely covered the interest.
Apparently the Genus proposals were rejected by Capital One and their collectors, and nobody told Katherine.
When Capital One demanded another $1,000 to settle the accounts, Katherine complained with the Federal Reserve Bank of Richmond, their regulator.
While the Truth in Lending Act requires that statements are sent every month when interest is charged, Capital One did NOT send out a single statement since the charge-off over 3 years ago.
And that's just fine with the Federal Reserve Bank. We publish Katherine's and my efforts to resolve this dispute not only to let everyone know about the Capital One and Genus Credit Management deceptive business practices and their contempt for the law and ethics, but also because we are now looking for an attorney.
I am also going to send an open letter to the Federal Reserve President and I will request a criminal investigation of the Genus deceptive business practices by the Maryland Attorney General.
This FRAUD is much bigger than Enron.
From a recent Capital One press release:
"Capital One's subsidiaries collectively had 48.6 million accounts and $53.2 billion in managed loans outstanding as of June 30, 2002. Capital One, a Fortune 500 company, is one of the largest providers of MasterCard and Visa credit cards in the world."
The government doesn't care about this fraud because only the WORKING people get scammed and large corporations benefit.
These credit counseling "non profit" organizations are set up to COLLECT the debts for the banks and finance industry.
They are financed by the creditors who pay them a percentage of the payments made, just like any collection agencies.
10% of all the payments were withheld by Genus, in addition to the "voluntary contributions" they refused to refund upon our request.
And not only are they hurting the WORKING people who want to pay their bills, funneling all disposable income to creditors, but they also DESTROY their credit rating and credit scores.
Capital One never reported the payments, they report the accounts as currently delinquent charge-offs.
Subsequently, most people who pay their bills through "credit counselors" like Genus, Ameridebt, MyVesta and the literally hundreds of FAKE non-profits are forced to pay outrageous interest rates, higher insurance premiums and they may be declined outright for insurance due to low credit scores.
For a few hundred dollars I can send a press release to thousands of journalists and media organizations. If you agree that this fraud and deception must end:
Please DONATE a few dollars to pay for press releases.