Fleet Credit Card
Deplorable, unethical, " Legalized loansharking" practices

I have just been denied refinancing under favorable terms. The reason given by the lender was because of a "late" payment entry on my credit report in 2000 by Fleet Bank. I have attempted to correct this erroneous entry since last year, but I have only managed to add "costumer billing dispute" to my report.

The negative entry comes from a dispute with Fleet in November 1999.in reading some of the horror stories posted here, I can see that this unethical behavior from Fleet is common practice.

In September of 1999 Fleet raised my interest rate from
16.65% to 26.99%. The new rate was then applied to my entire existing balance. When I first contacted Fleet, they responded by saying that they amended their cardholder agreement on August 1,1999 and through this amendment they have legally raised my rate by 61.7%. I explained to them that I had not received a copy of their amendment, and if I had I would have closed my account. Ironically, one of the amendment provisions was that if the cardholder or Fleet closes the account then they were permitted to raise the interest rate to 26.99%.

I wrote several certifed letters to Fleet. On January 5 I wrote to them requesting to be contacted by a customer service manager, and that I would be witholding my remittance pending the outcome of my dispute. I have all of my correspondence complete with signed receipts from Fleet. I also sent a letter to my Congresswoman, Barbara Mikulski in which she replied that she had been in touch with the FTC on the matter.

I have always believed that finance companies could not report a customer as late if a billing error is in dispute. I paid in full my Fleet account in October but I am still haunted by this unethical company that preys on unwitting consumers for the sake of corporate profits.

Company: Fleet Credit Card
Country: USA
State: Delaware
City: Wilmington
Address: P.O. Box 15480
Phone: 8004922500

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